Electric Vehicles Market Anticipated To Reach US$ 596.56 Bn By 2030

The report tabled by Persistence Market Research titled “Electric Vehicles Market:
Global Industry Analysis and Forecast, 2016–2030”, talks about the global and
regional market behavior and also gauges the change in the eco-system of the global
electric vehicles market within the assessment period.
Electric powered cars are the future of the transport industry and it will change the
face of the global transport segment in the forthcoming years. The worth of the global
electric market is predicted to touch US$ 99.88 Bn by the end of 2016 and the market
will grow manifold within the stipulated period and will touch the estimated value of
US$ 596.56 Bn by the end of 2030. As per the report, the market will expand its
periphery in terms of CAGR of 15.6%. The global population is gasping for fresh air.
The alarming rise in pollution has challenged the entire socio-economic structure and
even impacted the hike of the global economy and healthcare. The global transport
and communication network is highly dependent on gasoline-powered vehicles which
not only pollutes the air, but these vehicles are a major cause of sound pollution. The
environmental safety is a major concern for government bodies.
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Several strict policies have been framed in the past few years to arrest the blatant rise
of sound and air pollution. Revamped government policies targeted to encourage the
manufacturing and use of green and soundless electric vehicles is a major push to the
global width of the electric vehicles market. Some of the biggest and the most
advanced economies of the world such as China and US has implemented a plethora
of steps to promote the use of electric driven vehicles. US has issued special grants
and to lure more customers in the electric vehicles market China has offered free
number plates to the owners of the electric vehicles. Steep rise in the petrol prices has
pushed the customers towards advanced electric vehicles.
There are some of the key factors that are clamping down the global expansion of the
electric vehicles market. The electric led vehicles are losing their market relevance
because of their performance. The market for electric vehicles is still at a nascent
stage in some developing economies of the world. The apt infrastructure needed to
back the growth of electric vehicles market in those regions is thin. This massive
intercontinental gulf is further creating a stalemate condition in the market. The
electric backed vehicles are mostly consumed for large scale commercial use and by
deep-pocketed consumers. The high price tags are also limiting its market outreach
and restricting the organic development of the global electric vehicles market.
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The market is exploding with a slew of new technologies. The major manufacturers
of this industry are experimenting with cutting-edge technologies to enhance the
market expansion of the vehicles. The global electric vehicles market is fragmented
into three major sects. The battery electric cars is steadily dominating one of the
largest markets of the world, China, as the sale of the battery driven two wheelers are
maximum in this country. The other two segments such as plug-in hybrid vehicles
and hybrid electric powered cars are also expected to show promising results within
the estimated period of growth. The plug-in hybrid vehicles fraction of the market
will surge at an approximate CAGR of more than 16% by the end of 2030. The
external and internal charging support available in this crop of vehicles will further
pull up the market.
The electric vehicles market is also segmented by vehicle type. The surge of the
electric vehicles market is massively impacted by the surge in the demand of the
passenger vehicles. The passenger vehicles segment will occupy almost 54% of the
market share by the end of 2016 and the CAGR will bloom within the period of
study. Apart from the passenger car segment the two wheelers segment will also
contribute significantly to the market share of the global electric vehicles market.
This segment is projected to stretch at a CAGR of 11.7% by the end of 2030. The
commercial vehicles segment will crawl up the ladder but the segment needs
adequate time to meet the expectations of the market, according to the report.
The major shareholders of the global electric vehicles market are burning the
midnight oil to come out with innovative measures to enhance the relevance of
electric vehicles in the global market. The advanced technologies and smart measures
are chipped in to get rid of some of the core issues which are stalling the expected
expansion of the global electric vehicles market. The bigwigs of the market such as
Toyota Motor Corporation, Bayerische Motoren Werke AG, Nissan Motor
Corporation Ltd, Honda Motor Co., Ltd., Ford Motor Company are pumping in funds
into the market to revamp the infrastructure of the Global Electric Vehicles Market.
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