Electric vehicle market seems to get enlarged with the inception of production of electric vehicles all across the globe. It witnesses several lucrative opportunities such as improved features of the vehicle, development and rise in number of charging stations and consumer awareness for environment is likely to pave the way for market development of electric vehicles. But with the overall buzz for electric vehicle, the market growth is still slow yet unbalanced in some regions. But make no mistake, car markers are on a full swing to produce and market electric vehicle as an efficient and robust product.
According to a report published on Upmarketresearch, the market is majorly driven by factors such as massive production of automobiles with an eco-friendly approach, improved features and mileage. Government in several countries have already begun with go green initiatives to curb environmental pollution in several countries, which in turn positively impacts the production of electric vehicles. China being at the forefront for manufacture of electric vehicles enjoys a strong market position in terms of manufacture and selling.
The technological segment for electric vehicle market is inclusive of plug-in vehicle, hybrid vehicle and battery electric vehicles. At present, the market share for plug-in vehicles is small as compared to market share of hybrid vehicles. However, the plug-in vehicle segment is anticipated to grow at faster pace in the near future due to surging demands and consumer preference.
Product segment for electric vehicle market comprises passenger electric vehicle, commercial electric vehicle and two wheelers. Two wheelers dominate the market scenario in China owing to rise in demand. Passenger electric vehicle is expected to dominate the global market owing to enhancement in interior features and improved mileage. Consumer demand for aesthetic look and feel of the vehicle also contributes as a catalyst to the product development in APAC region.
Regional segments for electric vehicle market include North America, South America, Eastern Europe, Western Europe, Asia-Pacific, Middle East and Africa. North America electric vehicle market witnesses a positive traction in the near future due to presence of EV manufacturers and availability of consumer pool. Whereas, APAC market is a booming market with India and China being the promising markets for electric vehicles.
China electric vehicle market is anticipated to witness lucrative opportunities in terms of demand for two wheelers and passenger vehicles. Also, rise in consumer disposable income is another major factor responsible for the electric vehicle market development in China.
Indian market for electric vehicle market turns out to be a potential market in the near future as the market captures certain automobile trends from the west. Rising concerns for environment and air pollution is another big reason for electric vehicles to mark as a viable yet eco-friendly alternative in India.
European regions have already embraced the concept of electric vehicles and the market is set to witness a positive traction with rise in consumer inclination towards eco-friendly alternatives.
Middle East, Latin America and African electric vehicle market on the other hand register a moderate growth in the near future owing to slow adoption of the concept.
Prominent players operating in the electric vehicle market include Tesla Motors Inc, Ford Motor Company, Honda Motor Co Ltd, Nissan, General Motor Company, Toyota Motor Corporation, Daimler AG, Bayerische Motoren Werke AG and Volkswagen AG.