LONDON--(BUSINESS WIRE)--The global electric vehicle market size is expected to post a CAGR of over 31% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing demand for fuel-efficient and low-emission vehicles is one of the key factors expected to drive the electric vehicle market growth in the forthcoming years. 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.
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As per Technavio, technological advances in EVs will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Electric Vehicle Market: 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.
“Apart from the technological advances in EVs, other factors such as the availability of new mobility modes, increasing shift toward sustainable and energy-efficient modes of transport, increasing government support, and stringent rules and regulations are expected to boost the electric vehicle market growth during the forecast period,” says a senior analyst at Technavio.
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Electric Vehicle Market: Segmentation Analysis
This market research report segments the electric vehicle market by type (battery electric vehicles (BEVs) and plug-in hybrid electric vehicles(PHEVs)) and geography (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA, respectively due to the increasing government initiatives for encouraging the use of EVs. In addition, global vendors are gradually introducing new models and opening production facilities in emerging economies including China, Indonesia, and India. Furthermore, growing concerns pertaining to emissions affecting air quality and better safety standards set by regional governments are key factors driving the growth of global EV market in APAC region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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