Past few years have been noteworthy as the sale of electric vehicles has increased considerably across the globe. Present trend suggests, these products are becoming a more commonplace in the transportation field in recent times. Unlike traditional internal combustion engine, battery charged vehicle runs entirely based on electric battery and motor. Factors such as technology advancements, positive change in customer perceptions coupled with greater involvement of private firms and governments for the development of this industry support the market growth. For instance, MG Motor planned to launch its first electric SUV named eZS in India by the end of December 2019.
Furthermore, growing focus on the reduction of carbon emissions could further strengthen the product demand. In terms of economy, electric vehicles accounted for less operating cost owing to its superior efficiency. As per the research, this product can save up to 70% where ICE vehicles have efficiencies in the range of 30% to 40%. Manufacturers are also anticipated to introduce battery electric vehicle (BEV) owing to its different advantages. According to a press release in July 2019, Turkish commercial vehicles manufacturer, Karsan unveiled a BEV edition of its shuttle “Atak”. Likewise, in June 2019, Toyota planned to make a $2 billion investment in the development of battery drive vehicle in Indonesia. Launch of ultra-powerful electric drive units is foreseen to bode well for the global market.
On contrary, resistance to new technology adoption in developing regions will hamper the industry growth. For example, even after the potential benefits, the electric vehicles market share as a percentage of the worldwide automotive industry is not more than 1-2 percent.
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MARKET, BY TYPE
Plugin Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Hybrid Electric Vehicle (HEV),
FCEV is growing with promising growth rate during the study period. As the name suggests, this type of vehicles uses fuel cells to produce electricity through chemical reactions.
MARKET, BY REGION
Norway accounted for the significant share and is projected to grow with strong growth rate during the study period. One of the strongest catalysts for EV attractiveness in the country is the presence of monetary and non-monetary government subsidies. The latter can be observed with the measures such as free parking and nationwide access to bus lanes.