LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global high-performance electric vehicle (HPEV) market is expected to grow at a CAGR of close to 38% during the forecast period.
This research report titled ‘Global High-Performance Electric Vehicle Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Siddharth Jaiswal, a lead analyst at Technavio for automotive manufacturing research, “Countries around the world are coming up with stringent emission norms to curb the levels of GHG emissions from vehicles, and thereby control global warming. The development and adoption of green vehicles are proving to be a major solution to reducing greenhouse gases to acceptable levels.”
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The market research analysis categorizes the global high-performance electric vehicle market into three major product segments. They are:
- Premium vehicles
- Luxury vehicles
- Entry-level vehicles
- Sport utility vehicles (SUVs)
Global HPEV market by premium vehicles
Premium HPEVs are transition-state vehicles between the entry-level and luxury segments. Premium electric vehicles are more popular in the US and some Europe countries, where global wealth distribution is high, and most consumers can afford premium vehicles costing USD 60,000.
Currently, the most popular premium electric cars include BMW i3 and i3EREV, Kia Motors' Soul EV, Volkswagen eGolf, and BYD e5 and e6. More models are going to be launched in 2017, which include General Motors' Chevrolet Bolt EV, Hyundai Motor's Ioniq, and Ford Motor's Focus Electric. The launch of these new models is likely to have a positive impact on the premium HPEV market globally, especially in North American and European countries.
Global HPEV market by luxury vehicles
Most luxury HPEVs find wide adoption in the US and certain European countries such as the Netherlands, Norway, and France. BMW, Mercedes-Benz, Tesla Motors, and Audi are some of the major OEMs that have luxury HPEV portfolio with limited region-specific sales. In 2016, all luxury HPEV manufacturers witnessed an increase in their production by 50-100 units per model due to the increased global demand. New models such as Audi R8 e-tron, Tesla Motors' Model 3, and Honda Clarity are expected to be launched in the market in 2017.
Global HPEV market by entry-level vehicles
Most new technology buyers tend to purchase entry-level HPEVs owing to their lower cost. Entry-level vehicles are widely preferred by consumers belonging to both middle-class and upper-class segments, thereby fueling the market's growth.
Currently, Nissan LEAF is the primary mass-produced entry-level vehicle with a market presence in North America, Europe, and Asia. Realizing the growth potential of this segment, other OEMs like Ford Motors, Renault, Honda, and Hyundai Motors are also planning to launch affordable entry-level vehicles to increase their sales. The increase in the number of models available will in turn fuel the demand among end-users and increase the sales.
Global HPEV market by SUVs
Even though the price of high-performance electric SUVs ranges close to luxury sedan HPEVs, their sales are currently low, which can be attributed to the limited availability of high-performance electric SUV models in the market. Tesla Motors' Model X is the only high-performance electric SUV available in the market at present.
However, these vehicles are preferred more because of their superior off-roading capabilities with an extra row for passengers and a robust, powerful built. This segment of the global market is expected to witness high growth from 2017, owing to the scheduled launch of new future electric car models such as Honda Fit EV, BMWi5, and Audi Q6 e-tron.
“Due to the high consumer preference for SUVs, top OEM brands such as Audi, Daimler, and Toyota Motor have been focusing on the introduction of high-performance electric SUVs. This market is expected to grow at a CAGR of more than 151%,” says Siddharth.
The top vendors highlighted by Technavio’s automotive market research analysts in this report are:
- General Motors
- NISSAN MOTOR
- Tesla Motors
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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