In the Report “Electric Vehicle Market: By Types (BEV, HEV, PHEV); By Modules (Body & Chassis, Powertrain, Infotainment, Safety & Security); By Geography (Americas, Europe, Asia Pacific, RoW) – Forecast (2018 to 2023)”,published by IndustryARC, the market will be driven by development and advanced batteries in the coming decades.
Electrification is the most viable way to achieve clean and efficient transportation that is crucial to the sustainable development of the whole world. The present division of year says, the electric vehicle technology including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and pure battery electric vehicles (BEVs) will dominate the clean vehicle market.
Asia-Pacific Dominates with Major Growth in the Electric Vehicle Market
Geographically, the Electric Vehicle Market is present in regions of North America, Europe, Asia-Pacific and rest of the world. The new plea of cars has increased by 70% from 2016. In 2016, over 550,000 vehicles were adopted globally which include both battery electric vehicle and plug-in hybrid vehicle.
Sales Analysis Done in Electric Vehicle Market Report:
The higher capacity batteries sales have increased. It is noticed that direct re-use is always cheaper than batteries under similar productivity environment. The PHEV is mapping towards sale and expected to come up with best price deal. The pricing concept gives you an idea about the estimation price of the present market, as the advancement in electric motor transmission batteries are under major development. The expansion and product launch will elucidate establishment cost and electric automobiles to sustain for longer period of time.
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Excerpts on Electric Vehicle Market Growth Factors
• After the diesel emission scandal, in the city of California,$44 million investment was made by Electrify America to bring hundreds of electric vehicles to the city. The project includes 260 electric vehicles. The vehicles can locate nearby cars with an app and drive them anywhere within a 13 square mile radius.The vehicles will be available in early 2019.
• ISRO announced to start its major project on lithium-ion cell technology to bring the adoption of non-exclusive basis for usage in automobiles. This initiative will accelerate the development of indigenous electric vehicle industry.
• The growing adoption of electric cars is creating new opportunity for Volkswagen. It says that quantum computing technology could help to build customized batteries, with a chemical blueprint that will speed up development and production of electric vehicles batteries. This will build a specialized and customized car battery for future green cars.
Key players of the Electric Vehicle Market
At present, progress is the key strategy that drives the market, accounting for around 44% of total strategies adopted by key players. The major players profiled in this report include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Dailmer AG, and Energica Motor Company S.P.A.
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