Electric Vehicles Market Is Expected To Grow At A CAGR Of 17.27% By 2024

Pune, India, September 19, 2017 /MRFR Press Release/- Market research future published a cooked research report on global electric vehicles market. The electric vehicles market is expected to grow over the CAGR of around 17.27% during the period 2017 to 2024.

Market Highlights

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The global electric vehicle market is a very dynamic and is expected to witness significant growth over the forecast period. The growth of the electric vehicle market is majorly influenced by the surge in demand of electric vehicle worldwide, increasing fuel prices, and expansion of global auto-manufacturers into new emerging markets and government initiatives and among others. On the other hand, emerging economies seeks more opportunities for electric vehicles will create ample scope for market growth. However, high prices of electric vehicles and underdeveloped aftermarket services could hinder the market growth.

Global automakers are increasingly introducing the electric cars to tackle the vehicle emission problems and reduce pollution. This has resulted in electric cars being increasingly affordable and commercially competitive with the conventional gasoline cars. One of the major drawbacks of the electric cars is the complexity of its drive and power train systems. The manufacturing of the individual components of these systems is highly costly and requires more time to test and implement the technology.

Market Dynamics

Market Research Analysis:

Geographically, Asia-Pacific is the leading market for electric vehicle which has consumed the market share of 53.2% in 2016. Presence of China, Japan and South Korea is one of the major factors that is driving the electric vehicles market. China is the largest market for electric car and electric two wheeler. Since 2015, the sales have been grown massively in China. However, it has created an ample scope for the automakers to cover the region. Moreover, the automakers such as Tesla, Tata Motors, Hyundai and other have decided to initiative the electric car production in India as well, which is quiet a profitable decision as the government has also taken various steps to make more investment in these countries.

As per MRFR analysis, China is the largest market for electric vehicles production and has produced around 40% of the total electric vehicle build globally in 2016. Overtaking the US, China is now the most attractive country for electric vehicles. China has stretched its industry leadership by making profits across all scopes of the supply side of electric vehicles containing current and projected production of electric vehicle and their components, such as electric motors and lithium-ion battery cells.

Global Electric Vehicles Market 2017-2023

Scope of the Report:

This study provides an overview of the global electric vehicles market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric vehicles market by technology, by vehicle type and by regions.

By Technology

• Battery Electric Vehicles


• Hybrid Electric Vehicles


• Plug-In Hybrid Electric Vehicles

By Vehicle type

• Passenger Cars


• Commercial Vehicles


• Two Wheelers

By Regions

• North America 


• Asia Pacific 


• Europe


• Rest of the World  

Key Players:

The key players of the global electric vehicles market are Nissan Motor Company, Tesla Inc, Toyota Motor Corporation, Ford Motor Company, Volkswagen, BMW, General Motors, Daimler AG, Hyundai Motor Company, Mitsubishi Motors Corporation and among others.

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