The Global Market for Electric Vehicles (EVs) is Forecast to Reach 3.5 Million by 2022

Growing Interest in Electrification of Powertrain Against the Backdrop of Rising Environmental Concerns Over Fossil-Fueled Automobiles to Drive Growth in the Electric Vehicles Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Electric Vehicles (EVs) market. The global market for Electric Vehicles (EVs) is forecast to reach 3.5 million by 2022, driven by the strong environmental concerns raised by the unsustainable, fossil fuel hungry automobile industry and the ensuing focus on developing alternatively fuelled powertrains.

With over 150 years of heavy dependence on gasoline and diesel driven automobile propulsion systems, the world is now on the brink of environmental destruction and ruin. The 21st century is now witnessing resurgence in interest in electric vehicles (EVs), which was a suppressed technology innovation that failed to the see the light of commercialization during the 20th century. With governments forced to address environmental issues related to vehicular emissions, political and economic support for EVs is steadily increasingly. The environmental and political benefits of EV are resulting favorable regulations for EVs. For instance, countries heavily dependent of oil imports have a huge political and economic benefit in promoting EVs as it reduces dependence on foreign oil. In the U.S., during the 1970s Electric and Hybrid Vehicle Research Development and Demonstration Act was legislated to further the development of batteries and electric motors which are vital for the success of EVs. Tesla Motors Inc., the industry’s most innovative start up named after Nikola Tesla, currently plays a vital role in the world’s quest to commercialize and mass market EVs. Several of the traditional automotive OEMs are now developing electric vehicles. Positive reinforcement for the development of support infrastructure for EVs such as recharging stations is additionally fueling commercial interest in EV development.

EVs have the potential to become a disruptive technology innovation with both positive and negative impact for the automobile industry. As EVs gain share they flaunt the potential to dislodge over US$1 trillion market capitalization of conventional auto makers dependent on the sale of ICE vehicles. . With significant energy savings, EVs can be disruptive to the petroleum industry as well. Currently EVs are a niche in the world automotive industry. Technology maturity is however now enabling the development of more cheaper and higher performing EVs, which is a major positive sign for the market. The transformation which started in the 1990s when the world’s first hybrid car was sold, is now completely underway with auto majors such as GM and Nissan launching commercially successful EV models into the market. Social and regularity pressure to improve the sustainability of automobile and their production methods continue to grow strong even as OEMs inject millions of dollars into R&D for addressing these issues. Few of the major market forces driving growth include stringent vehicular emission norms, government support through funding and incentive programs, advancements in Lithium-Ion battery technologies, and successful commercialization of plug-in hybrid electric vehicle long electric range (PHEVLER).

As stated by the new market research report on Electric Vehicles (EVs), Asia-Pacific ranks as one of the most important markets worldwide with a CAGR of 27.9% over the analysis period. The growth in the region is led by factors such as growing stringency of the hitherto lax environmental policies as a result of increasing international pressure to reduce pollution; falling battery costs and decline in overall cost of EVs; aggressive production and sales goals in China supported by the huge subsidies offered by the Chinese government; implementation of supportive policies such as provision of subsidies for electric vehicle purchases; and establishment of non-profit organizations like the Electric Vehicle Association of Asia Pacific (EVAAP) for the development, propagation and use of EVs.

Major players in the market include Bayerische Motoren Werke AG, BYD Company Limited, Daimler AG, DONGFENG ELECTRIC VEHICLE CO., LTD., Faraday Future, FDG Electric Vehicles Limited, Ford Motor Company, General Motors Company, Global Electric Motorcars (GEM), Groupe Renault, Honda Motor Co., Ltd., Hyundai Motor Company, Karma Automotive, Lucid Motors, Mitsubishi Motors Corporation, NEXT Future Transportation Inc., NextEV, Nissan Motor Co., Ltd., Tesla Motors Inc., The Geely Group, Toyota Motor Corp. and Volkswagen AG.

The research report titled “Electric Vehicles (EVs): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the USA, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Netherlands, Norway and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), and Rest of World. Electric Vehicles are analyzed by three major segments that include Battery Powered Electric Vehicles (BPEVs), Hybrid Electric Vehicles (HEVs), and Plug-in Hybrid Electric Vehicles (PHEVs).

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