Electric Vehicle Market Overview:
An electric vehicle uses an electric motor as its primary source of energy and uses electrical energy which is stored in rechargeable batteries. The main Function of electric vehicle is to convert electrical energy into mechanical energy, making the wheels to move the vehicle. Electric vehicle is commonly available in three main types, namely Battery Electric Vehicle, Hybrid-Electric Vehicle, and Plug-in Hybrid-Electric Vehicle. Charging an electric car is easy and can be done anywhere there is an outlet or charging station. Most EV owners charge their vehicle at home or at work. 480V is the defined as a Turbo Charger which is used by Nissan and Tesla at present. An Average time taken to charge the electric vehicle depends on the level of charging. The electric vehicles range can be increased by maintaining driving performance and the smart usage of vehicle. Electric vehicle batteries which are discharged completely will typically last between 300 to 500 cycles. The cost of EV batteries has dropped 80% in the last 6 years to below USD 230/kWh. Forecasts project to manufacture USD 100/kWh batteries by the year 2026. The purchase price of a new electric vehicle varies widely based on the vehicle make, model, type, package, and accessories. The electric motor has one moving part, the shaft, which is very reliable and requires little or no maintenance. The average electric vehicle can save a driver who drives 15,000 miles in a year about USD 850 annually on fuel. The Tesla Model S P100D electric vehicle went from 0 to 60mph in 2.28 seconds, faster than a Bugatti Chiron.
Electric Vehicle Market was valued at USD xx million in 2017 and projected to reach USD xx million by 2022 growing at a CAGR of xx% during the forecast period 2017 to 2022.
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Electric Vehicle Market Drivers and Restraints:
Drive motor runs faster than the internal combustion engine. The noise emissions from the vehicle are low. However, electric vehicles have limited range due to the battery size and construction. Since the government offering subsidies and tax benefits, the market likely to increase faster, which may lead to the increase in battery market also.
Electric Vehicle Market Geographical Segmentation:
The Asia Pacific is the largest market for electric vehicles due to government support in the form of grants, and tax benefits, and continuously improving charging infrastructure in countries such as Japan and China. The governments in both the major markets, i.e., Japan and China provide subsidies and other nonfinancial benefits, such as access to number plate, corporate lane access, and road tax exemptions for electric vehicles users. Continuously improving charging infrastructure and increasing vehicle range are the major factors which have contributed to the fastest growing market in the Asia Pacific. Japan and China have fueled the demand for zero-emission vehicles, thus creating a huge demand for EVs in this region.
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Key Players of Electric Vehicle Market:
The focused companies that are actively contributing to the global electric vehicles market are Ford, Toyota, Nissan, Tesla, BMW, Audi, Hyundai, Mini, Porsche, Mercedes-Benz and others.
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