DUBLIN--(BUSINESS WIRE)--The "Automotive High-performance Electric Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Automotive High-Performance Electric Vehicles Market is anticipated to grow at a CAGR of 41.67%, during the forecast period, 2019-2024.
Some of the major factors driving the growth of the market are growing environmental concerns, owing to rising exhaust emissions; enactment of stringent emissions and fuel economy norms; and increasing government initiatives in terms of subsidies and benefits for increasing the adoption rate of electric vehicles, are expected to propel the demand for and growth of high-performance electric vehicles.
Initiatives taken by the governments of various countries across the world, to increase adoption of electric vehicles (EV), like that of building convenient charging stations, have added to the growth of the market studied. For instance, in North America, EVs are exempted from excise tax, which varies from 6-8% (depending on the vehicle weight).
Growing Demand for High-Performance Electric Commercial Vehicles
Truck manufacturers, such as Daimler, Tesla, and Navistar International Corp. are racing to overcome the challenges of replacing diesel engines with batteries, as international organizations have been improving and implementing stringent exhaust emissions and fuel economy norms. As a result, commercial vehicle manufacturers and logistics companies are manufacturing their battery-based commercial vehicles. For instance:
- In January 2019, Toyota Motor North America and Kenworth Truck Company announced that they are collaborating to build ten zero-emission Kenworth T680s powered by Toyota hydrogen fuel cell electric powertrains.
- The collaboration is part of a USD 41 million Zero and Near-Zero Emissions Freight Facilities (ZANZEFF) award from CARB, and is part of a larger USD 82 million program that will put fuel cell electric trucks, hydrogen fueling infrastructure, and zero emissions cargo handling equipment into operation in the ports and Los Angeles basin in 2020.
- In 2017, Daimler delivered its first electric truck to United Parcel Service would be the first US commercial customer for its new battery-powered eCanter truck.
- In 2017, German logistics group, Deutsche Post, designed and manufactured its own electric delivery van, the StreetScooter, and planned to double the annual output to 20,000 by the end of the year 2017
- In 2017, Mercedes announced that the company intends to mass produce its eTruck (an electric truck intended for urban transport) by 2020. In 2017, the company transferred 150 pre-series units to other companies and users, with the aim of sharing experiences and continuing to perfect the model.
- The truck is capable of transporting up to 25 metric tons and has a range of 200 kilometers on a single charge.
The United States Leading the North American Market
The United States is one of the potential markets for high-performance electric vehicles, and high energy Li-ion batteries and advanced powertrain parts also play a major role in propelling this market.
The most successful electric vehicle companies in the US are GM, Tesla, and Chevrolet. Recently, Tesla's biggest lithium-ion battery factory named Gigafactory situated in Nevada, United States started the production of electric motors for its Tesla models. The Gigafactory is still under construction, and Tesla plans on producing high-performance lithium-ion batteries and electric motors through it.
With the growing environmental concerns (due to a rise in exhaust emissions) and enactment of stringent fuel economy norms, the demand for fuel-efficient vehicles has been increasing. Additionally, to reduce IC engine sales and boost electric vehicle (EV) sales, the government in different US states are providing incentives and subsidies to the consumers for the faster adoption of electric vehicles.
The Energy Improvement and Extension Act of 2008 allowed tax credits for new plug-in electric drive motor vehicles. Most states in the United States provide additional incentives for electric vehicle owners. Following this announcement by the government, Charge Point, a market leader in EV charging announced a USD 20 million commitment towards the deployment of community charging and a nation-wide network of high-speed charging stations.
Initiatives, such as the Hawaii Clean Energy Program and Richmond Electric Vehicle Program, are expected to improve the EV adoption rates in the country. The Northeast Electric Vehicle Network, which was initiated in 2011, is expected to boost the adoption of EVs in Maryland, Delaware, Massachusetts, New Hampshire, New York, New Jersey, Vermont, Rhode Island, Connecticut, and communities in Maine.
In November 2016, Obama Administration passed a new rule, which wants a new hybrid and electric cars are required to make noise when traveling at low speeds so that pedestrians, especially those who are blind or have poor eyesight, will hear them coming. This new rule will aid in preventing about 2,400 pedestrian injuries a year.
- The rule requires hybrid and electric vehicles to make an audible noise when traveling in reverse or forward at speeds up to about 19 mph.
- However, the sound alert is not required at higher speeds as other factors, such as tire and wind noise, provide a warning.
- Manufacturers have until September 2019, to equip all new hybrid and electric vehicles with sounds that meet the new federal safety standard.
Tesla, Daimler (Mercedes-Benz), BMW, Hyundai, Nissan, and Chevrolet are the most prominent players in the high-performance electric vehicles market. OEMs are focusing on developing cost-effective electric vehicles that have better range.
Tesla pioneered the concept of EHPV (electric high-performance vehicle), supporting, and encouraging their development. The company is developing cost-effective, but high-performance electric vehicles to leverage the adoption of electric vehicles. The company hopes that the initiative will spur consumer acceptance and create a network of supporting businesses, such as EV charging stations and service centers. The high cost of ownership, coupled with lack of adequate charging infrastructure in many countries, and is one of the challenges that the market can face in the forecast period.
Key Topics Covered
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Current Market Scenario
4.2 Technology Trends
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.4 Market Drivers
4.5 Market Restraints
5 MARKET SEGMENTATION
5.1 By Drive Type
5.1.1 Plug-in Hybrid
5.1.2 Pure Electric
5.2 By Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BMW Group
6.2.2 Daimler AG
6.2.3 General Motors
6.2.4 Nissan Motor Company Ltd.
6.2.5 Ford Motor Company
6.2.7 Rimac Automobili
6.2.8 Telsa Inc.
6.2.9 Kia Motor Corporation
6.2.10 Mitsubishi Motors Corporation
6.2.12 Volkswagen AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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