Climate change is a reality which no one can deny at present, and with the natural resources declining at a rapid rate, it is affecting various industries drastically. The manufacturing industry, especially the automotive sector which is growing at the fastest rate, is exhibiting its technologies which can adapt to the demand of a cleaner environment which is the need of the day. This rising concern has led to the governments of several nations, environmental agencies, and automobile manufacturers to develop an alternate means and mode of transport, which does not run on fossil fuels, of which electric vehicle is the most desirable option currently.
The idea of the electric vehicle was conceived in the 19th century and this has been used for mass commercialization over the last few decades. Automakers across the world are now putting their time and efforts to make Electric Vehicles available in all the economic ranges. Over the last five years, the automotive industry has witnessed a steep rise in the sales of electric vehicles which has resulted in over 2 million electric vehicles on the road at present, which is huge as compared to a few thousand back in 2012.
Various governments have taken important initiatives towards achieving an electric future, such as Electric Vehicle Initiative in 2010. Among all the countries, China is moving towards this goal aggressively to achieve 100% electric vehicle transport system by 2022. France and the United Kingdom announced to ban the sale of petrol and diesel completely in their country by 2040, however, China went a step ahead and announced towards the end of September 2017, that it is proposing to implement aggressive new quotas for the production of New Energy Vehicles (NEVs), which include battery electric vehicles (BEVs), plug-in hybrids (PHEVs) and fuel-cell cars. China is by far the largest market for electric vehicles at present. The global automotive electric vehicle market, by volume, is expected to reach 10.8 million units by 2026.
A company that has made a mark in the automotive industry by contributing significantly to the electric vehicle market is the U.S-based automobile manufacturer Tesla Inc. Being a global leader in vehicle sales, Tesla has made it possible to commercialize the electric vehicles market for the common masses with the development of battery-operated luxury vehicles, SUVs, and roadsters. Other companies such as Volkswagen and Toyota are following the suit by expanding their product portfolio in the electric vehicle segment, which will generate a healthy competition in the market. The range of cars available in the market have attracted consumers and with the constantly deteriorating climate, it is imperative that the consumers will choose an eco-friendly alternative.
Our research team has conducted an extensive research on global electric vehicles market, and compiled the observations and insights in a report titled ‘Global Electric Vehicles Market – Analysis and Forecast (2017-2026)‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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Source: ASDReports - Market Research
Date: Feb 20, 2018