Electric vehicles use a collector system by electricity from off-vehicle sources such as battery, solar panels, electric generators to convert fuel to electricity. Electric vehicles cover large range of vehicles such as road or rail vehicles, surface, underwater vessels, electric aircraft and electric spacecraft. These vehicles do not require gas, are ecofriendly, and requires less maintenance. Government incentives like grants, subsides, and tax exemptions is expected increase adoption of electric vehicles in Asia-Pacific region.
Major factors driving growth of the electric vehicle market are introduction of innovative products by well-established players in the market and increasing awareness towards environmental preservation among consumers. In addition, surging prices of petrol and diesel, depletion of fossil fuels, and increasing carbon footprint by conventional fuel vehicles is expected to further boost growth of the global electric vehicles market over the forecast period. However, limited availability of charging fuel infrastructure, limited driving range and speed, and increased time for charging is expected to hamper growth of the market.
The global electric vehicle market report has been segmented on the basis of propulsion, vehicle type, component, and region. On the basis of propulsion, the global electric vehicle market has been segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug in Hybrid Electric Vehicle (PHEV), Fuel cell Electric Vehicle (FCEV).
On the basis of vehicle type, the global electric vehicle market has been segmented into ground vehicles which are further divide into Plug-in electric vehicle, Hybrid electric vehicles, On- and off-road electric vehicles, Rail borne electric vehicles, Space rover vehicles. Electric vehicles also segmented into airborne Electrical vehicles, electrically powered spacecraft industrial, commercial and residential.
On the basis of components, the global electric vehicle market has been segmented into EV Battery, electric motor, hydrogen Fuel line channels, retail stores and industries.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia-Pacific region is expected to dominate the global market in terms of revenue over the forecast period, owing to increasing population, improvement of charging infrastructure, increasing environmental awareness and increased government support.
Key players operating in the global Electric Vehicle market include Players Daimler, Tesla Inc., BYD Co. Ltd., NISSAN Motor Co. Ltd., Proterra Inc., Japan Automobile Manufacturers Association, European Automobile Manufacturers Association, Canadian Automobile Association, Korea Automobile Manufacturers Association, Toyota Motor Corporation