New York City, NY, 18 September, 2019/ 24 Market Reports: As per the research sources of 24 Market Reports it is estimated for the global electric vehicle market to reach around 26 million units by 2030 from an estimated figure of 04 million units in 2019 at a CAGR of 21% in the forecast period of 2019 to 2030. Encouraging investments by the governments across the globe in the electric vehicle market is creating opportunities for OEMs to expand their global presence. The Asia Pacific is the highest fastest-growing market for electric vehicles owing to the major electric vehicle manufacturing OEMs in the region. At the same time, the European market is projected to witness steady growth due to the well-developed infrastructure for electric vehicles.
With mid-price segment expected to be the highest growing one, the companies like Great Wall Motors, BYD, and Smart are manufacturing mini-vehicles in China. China is one of the leading countries for mid-priced vehicles in the Asia Pacific region. Also, established automotive manufacturers such as Hyundai, Honda, and General Motors are manufacturing mid-priced electric vehicles to achieve a greater share in the market.
FCEV can travel 300-400 miles with a full fuel tank as they have a better fuel economy. 3 to 5 minutes is the refuelling time for fuel cell-powered vehicles. This makes FCEV ideal for transportation on fixed routes. However, minimal availability of hydrogen refuelling stations, hydrogen production facilities, and supporting fuel technology across the world is restricting the growth of this segment. However, countries like Japan and South Korea are investing in the development of FCEVs.
The electric vehicle market can be classified based on type, vehicle type, and geography. Plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and battery electric vehicle (BEV) are the segmentation based on type. Two-wheeler, commercial vehicle, and passenger car are the categories for the vehicle type. The geographical segmentation includes North America, Europe, Asia-Pacific, and LAMEA.
Followed by Europe and North America the Asia Pacific market is expected to witness the fastest growth in the electric vehicle market. The strong presence of electric vehicles manufacturing OEMs such as SAIC, BAIC, BYD, and Geely is boosting the growth of the market. Moreover, the region has high technology adoption rate. The increasing growth for advanced fast charging vehicles is expected to boost the growth of the market.
Download a Full Report on Electric Vehicles Market, Click Here