Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- The global on-road electric vehicles market is forecast to record 64.4 million units volume sales by 2019. In terms of revenue, it is expected to reach a value of USD 271.67 billion by 2019, growing at a CAGR of 19.2% from 2013 to 2019. Increasing use of electric vehicles is due to rise in gasoline prices, growing environmental concerns, and government support/initiatives such as tax exemptions to promote use of eco-friendly products and services. Worldwide, governments are dedicatedly funding research and development centres to develop efficient lithium-ion batteries which are used in electric vehicles. These
advanced batteries offer improved energy transfer and better storage capacity at affordable cost. Regions such as Europe and North America are the pioneers in developing and adopting such technologies, with certain countries namely China, Japan, and South Korea, in Asia-Pacific region too, fast catching the trend.
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On the other hand, electrical vehicles can be driven short distances only, as they require to be charged very often, which is severely affecting the market for electrical vehicles in the global arena. In addition to this, their high purchasing costs also hamper the growth of this market.Electric cars, electric buses, electric motorcycles and scooters, and other electric automobiles are described as the key product segments of the global electric vehicles market in this report. In 2012, electric cars generated the highest revenue in the overall electric vehicles product market. The electric cars market is expected to maintain its dominance over the forecast period in terms of revenue.In terms of revenue, the market for other electric vehicles such as electric bicycles and trucks stood at the second position in 2012. The same year, the market for electric bicycles led the overall electric vehicles product market in terms of volume. The segment is likely to produce the highest number of units during the forecast period.
Regionally, the electric vehicles market in North America dominated the global market with a 38.3% share in 2012 owing to various initiatives such as corporate average fuel economy program (CAFEP) by several governments of this region. The government of the U.S., in particular, is taking significant initiatives such as constructing charging facilities for electric vehicles to enable them to cover long distances.In Asia Pacific, several programs and initiatives such as government support for research and development, subsidies for electric vehicle buyers, tax incentives, and public education programs to spread awareness regarding the benefits of electric vehicles. On account of these efforts, the electric vehicles market in Asia pacific is expected to report significant growth over the forecast period. Additionally, the initiatives taken by European governments supporting green technologies in the automotive industry is expected to fuel the electric vehicles market in this region, as per the report.Tesla Motors, General Motors, Nissan Motors, Mitsubishi Motors, Renault, Volkswagen, Smith Electric Vehicles, Toyota Motors, and Daimler are some of the key players in the global electric vehicles market profiled in this report and according to it, General Motors, Nissan, Honda, Tesla, and Toyota collectively held a majority share of the overall market in 2012.
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The global electric vehicles market is segmented into
- By Product
- Electric Cars
- Hybrid electric cars
- Plug-in hybrid electric cars
- Battery electric cars
- Electric motorcycles and scooters
- Electric motorcycles and scooters
- Plug-in hybrid electric motorcycles
- Battery electric motorcycles
- Electric Buses
- Hybrid electric buses
- Battery electric buses
- Fuel cells electric buses
- Electric bicycles
- By Region
- North America
- Asia Pacific
Rest of the World (RoW)
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