Governments across the globe are going that extra mile to encourage the uptake of electric cars among people rather than rending limited support. They are increasingly allotting significant funds and grants to encourage innovation and investment to accelerate the uptake of Electric Vehicle (EV)s.

Post 2027, accelerating demand for Electric Vehicle (EV)s attributing to advance battery technology, government mandate and initiatives for speedy uptake of electric cars coupled with the sunken battery cost and significantly lowered prices of Electric Vehicle (EV)s will phenomenally drive the market growth. At present, high cost of Electric Vehicle (EV) and high charging time of vehicle are the factors which are hindering the growth of Electric Vehicle (EV) Market.

Key Players

Nissan motors (Japan), Tesla Corporation (U.S.), General motors (U.S.), Mitsubishi Motors (Japan), Volkswagen (Germany), Daimler AG (Germany), Smith Electric Vehicle (EV) (U.S.), Bosch GmbH (Germany), and Delphi Automotive plc. (U.K.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Electric Vehicle (EV) Market.

Segmentation

The Electric Vehicle (EV) Market can be segmented in 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation By Types          : Comprises HEVs (Hybrid Electric Vehicle (EV)), BEVs (Battery Electric Vehicle (EV)) and PHEVs (Plug-in hybrid Electric Vehicle (EV)s).

Segmentation By Component              : Comprises Battery, Automotive parts, Sub-assembly.

Segmentation By Manufacturing Process       : Comprises Raw material, Design, Quality control, Assemblies, and others.

Segmentation By Regions                        : Comprises Geographical regions - North America, Europe, APAC and Rest of the World. 

Regional Analysis

North-America dominated the Global Electric Vehicle (EV) Market with the largest market share due to growing trend of low operating cost and sustainable development of Electric Vehicle (EV) in the region, and therefore accounting for astronomical amounts and is expected to grow further over its previous growth records by 2027. Electric Vehicle (EV) Market in European market is expected to grow at a substantial CAGR during 2016 to 2027. The Asia-Pacific market for Electric Vehicle (EV) Market is expected to grow at a considerable CAGR (2016-2027). 

In US, the tax plan - The $7,500 per vehicle tax credit that has boosted sales of EVs in the U.S. is drafted to be repealed after the 2017 tax year. This is likely to affect the EV sales in the US.

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