The global electric vehicle market at a CAGR of over 31% during the forecast period
15 November 2019
Global Electric Vehicle Market: About this market
This electric vehicle market analysis considers sales from multi-speed transmission and single-speed transmission types. Our study also finds the sales of electric vehicle in APAC, Europe, North America, South America, and the Middle East and Africa. In 2018, the multi-speed transmission segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as high adoption in HEVs. will play a significant role in the multi-speed transmission segment to maintain its market position. Also, our global electric vehicle market report looks at factors such as growing demand for fuel-efficient and low-emission vehicles, stringent rules and regulations, and increasing government support. However, insufficient charging infrastructure, low fuel economy, and high manufacturing cost of EVs may hamper the growth of the electric vehicle industry over the forecast period.
Global Electric Vehicle Market: Overview
Growing demand for fuel-efficient and low-emission vehicles
The adoption of electric vehicles (EVs) is rising among consumers focusing on purchasing fuel-efficient vehicles. EVs increase energy security, improve fuel economy, and reduce fuel cost emissions. In addition, growing fuel prices and increasing demand have prompted automotive manufacturers and consumers for adopting alternatives to conventional vehicles running on gasoline and diesel. Furthermore, other factors such as the dynamic developments in policies, implementation of guidelines, and advances in technology are stimulating the demand for EVs. This demand for demand for fuel-efficient and low-emission vehicles will lead to the expansion of the global electric vehicle market at a CAGR of over 31% during the forecast period.
Technological advances in EVs
Various stakeholders in the automotive industry including system integrators, vehicle manufacturers, engine manufacturers, and component providers are witnessing new opportunities for boosting the adoption of EVs. In addition, vendors are investing more time and energy in R&D to launch electric vehicles with long-range features. Moreover, reduction in the prices of lithium-ion batteries is likely to reduce the overall cost of producing electric vehicles, which in turn, will boost the electric vehicle market growth during the forecast period.
Competitive Landscape
With the presence of several major players, the global electric vehicle market is moderately fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric vehicle manufacturers, that include AISIN SEIKI Co., Ltd., BorgWarner Inc., Eaton, GKN (Melrose Industries PLC), OC Oerlikon Management AG, and ZF Friedrichshafen AG.
Also, the electric vehicle market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05826759/?utm_source=PRN
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Source: prnewswire.com