Persistence Market Research has recently published a report titled “Electric Vehicles Market: Global Industry Analysis and Forecast, 2016–2030” offering structured insights and in-depth research on the growing electric vehicles market on a worldwide scale. The report study covers the most prominent factors driving the growth of electric vehicles, provides potential opportunities for the manufacturers to harness its growth, changing trends and developments shaping the dynamics of the market and relevant insights covering important key segments.
Prominent strategy adopted by major electric vehicles manufacturers is by leveraging on the disadvantages caused by conventional vehicles thereby using it as a medium to aggressively advertise the electric vehicles as the vehicles of the future to the customers. The market is categorically divided into six segments based on Technology, Power Source, Vehicle Type, Powertrain and Region. The market value of electric vehicles is presented in terms of US$ Mn across all the segments. However, from the perspective of powertrain segment, it does not represent the overall market numbers i.e., market volume and market value, owing to the fact that the battery powered electric vehicles do not require the capabilities of a powertrain, which is usually limited to vehicles that have both the internal combustion engine and electric motor to run the wheels. This holds true for all the regions as well. The report also presents important drivers as well as roadblocks affecting the market growth over the forecast period. Ever changing trends and buying patterns of the customers are also taken into account and scrutinized, which is thus integrated in the study to provide the client with relevant comprehensive information about the dynamics of the market leading to better decision making of the client. Other important parameters such as macrocosmic factors, comparative study between the conventional vehicles & electric vehicles, regulations affecting its usage in prominent regions and forecasting factors are also added in the report to provide more value-added intelligence to the client.
The market segmentation presented in this report study is given below:
By Power Source
By Vehicle Type
Both the production and sales statistics of electric vehicles on a yearly basis are taken into consideration for the purpose of research on the market, however, for the calculation of market volume per year, only sales statistics of electric vehicles are taken into account. The market volume based on the sales of electric vehicles are inferred through the secondary sources and confirmed through primary respondents to achieve a near accurate count. Average selling prices of electric vehicles in different regions is incorporated only in the vehicle type segment, which is used to calculate the total market value.
The electric vehicles market is forecasted for a period of 15 years taking 2015 as the base year for the market numbers calculation and forecasted till 2030. The current size of the market, as well as the information obtained from the supply and demand side and sales pattern of electric vehicles provided by the dealers shaping the market.
The forecasts incorporated in the report is presented in terms of Compound Annual Growth Rate or CAGR, while other decisive parameters namely year-on-year growth and absolute dollar opportunity are also included in the report to present the client with clearer insights and extensive knowledge on the aforementioned market.
Last but not the least, essential parameters such as market attractive index and impact analysis of the drivers and restraints for all the regions are presented in the report providing insights about the dynamics, growth, performance and untapped opportunities in the electric vehicles market. Exhaustive profiling of prominent electric vehicles manufacturers is included in the concluding section of the report detailing the strengths, weaknesses and competitive strategies of each manufacturers.
Infrastructure starved market:
The global electric vehicles market is presently devoid of proper structure. The massive absence of infrastructure is fracturing the normal surge of the market. Developing economies around the globe such as India and China still lack a proper framework that can expedite the expansion of the market. Public awareness about electric vehicles are also minimal amongst a large chunk of the population present in the developing nations of the globe. A rise in awareness along with reduction of prices of electric vehicles will curate the destiny of the market.
Baby boomers to cement the base of the market:
Stricter government regulations to promote the use of electric vehicles and a swelling geriatric population is likely to impact the demography of the global electric vehicles market. Women are also potential buyers of light weight electric vehicles.
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