The global market for electric vehicles is forecast to reach 2.6 million units by the year 2015. Major factors driving growth include growing environmental concerns as a result of deteriorating air quality, and emphasis towards increased alternative fuel consumption to minimize heavy dependence on oil. Strong policy initiatives, including legislations, benefits and rebates from various governments, in a bid to curb further damage to the environment, are further favoring the penetration of electric vehicles.
ELECTRONICS.CA PUBLICATIONS, the electronics industry market research and knowledge network, announces the availability of a new report entitled "Electric Vehicles - A Global Strategic Business Report".
The global market for electric vehicles is forecast to reach 2.6 million units by the year 2015. Major factors driving growth include growing environmental concerns as a result of deteriorating air quality, and emphasis towards increased alternative fuel consumption to minimize heavy dependence on oil. Strong policy initiatives, including legislations, benefits and rebates from various governments, in a bid to curb further damage to the environment, are further favoring the penetration of electric vehicles.
The recent years have seen a remarkable activity in the global electric vehicle industry. Growing environmental concerns and an increase in oil prices in 2007-2008 provided manufacturers as well as consumers with ample thrust to accelerate the transition towards electric vehicles (EVs). Several major as well small manufacturers ventured into the manufacture of electric vehicles, while a few others announced plans for the same. However, compared to conventional Internal Combustion Engine Vehicles (ICEVs), EVs have not made any major inroads to the mass market. This is primarily due to several reasons such as high vehicle costs, performance predicaments, and safety issues. However, technological breakthroughs have expanded the scope of electric vehicles considerably. These developments are expected to result in widespread acceptance of electric vehicles across mass markets.
The US presently constitutes the largest regional market for electric vehicles, accounting for more than 50% of the global market, as stated by the new market research report on Electric Vehicles. Nevertheless, growth is expected to emanate mainly from Asia-Pacific, with countries such as China and Japan setting aggressive production and sales goals. Sales of electric vehicles in Japan are projected to reach 433 thousand units by 2012. Meanwhile, the ability to manufacture EVs cost-effectively is expected to benefit China in expanding domestic as well as international sales.
In terms of different types of electric vehicles, the global electric vehicle market is primarily driven by Hybrid Electric Vehicles, which accounts for more than 95% of the global market. With almost all major vehicle manufacturers entering the HEV market, the sector is expected to surge ahead in future. On the other hand, Battery Powered Electric Vehicles represent a slowly developing category, thus far, plagued by limitations in vehicle range, and several other constraints. However, the market is expected to gather significant momentum during the analysis period, albeit from a lower base. Fuel Cell Electric Vehicles, the third class of EVs, are still in the prototype stages with a majority of manufacturers slated to commercialize their models during the next decade.
A recent trend in the EV market has been the growing use of Small Electric Vehicles (SEVs) or Neighborhood Electric Vehicles. SEVs are appropriate for short drives within city limits or gated communities. As majority of the human populace in the world resides in cities and close communities, SEVs are being accepted by city dwellers. With this growing acceptance of SEVs, the segment has emerged into a niche market.
Major players in the electric vehicles market profiled in the report include AB Volvo Group, Daimler AG, Ford Motor Company, General Motors Corp., Honda Motor Co., Ltd., Mitsubishi Motors Corp., Nissan Motor Co., Ltd., Renault SA, Toyota Motor Corp., and Volkswagen AG.
The report titled “Electric Vehicles - A Global Strategic Business Report”, provides a comprehensive review of the electric vehicles market, impact of recession on the industry, current trends, growth drivers, new product introductions, recent industry activity, and focus on major and niche global market players globally. The study analyzes market data and analytics in terms of unit sales for the global market by the following regions - US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Product segments analyzed include Battery Powered Electric Vehicles (BPEVs) and Hybrid Electric Vehicles (HEVs).
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' web site. View the report: Electric Vehicles - A Global Strategic Business Report.