Electric Vehicles Market: Key Growth Factors and Forecast 2019

Transparency Market Research (TMR) has published a research report on the global electric vehicles market, determining the overall revenue generated in the market in 2012 at US$83.54 billion and estimating the development of this market at a CAGR of 19.2% between 2013 and 2019. The global electric vehicles market is projected to attain US$271.67 billion by 2019 in terms of revenue.

In terms of volume sales, the market is predicted to trade 64.4 million units of electric vehicles by the end of the forecast period.According to the report, titled "Electric Vehicles Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the high operating cost of conventional vehicles has shifted consumers’ interest towards electric vehicles.

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Apart from this, electric vehicles are eco-friendly, as they do not pollute the air, unlike their conventional counterparts. These factors are driving the global electrical vehicles to a great extent.

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.

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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.

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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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