The
emergence of electric vehicles as an alternative to conventional
on-road vehicles has proven its worth in a world wracked by global
warming, depletion of energy sources, mounting crude oil prices, and
rising levels of greenhouse gas emissions.
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Full Global On-road Electric Vehicles Market Research Report With
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The
global on-road electric vehicles market has developed owing to
growing ecological concerns and constant efforts by governments and
private bodies to curb environmental degradation. Manufacturers have
been focussing their attention on developing vehicles that are not
only cost-effective but also technologically advanced, to compete
with the conventional vehicles plying on the roads.
Favourable
Government Initiatives make North America Leading Regional Market
Of
the four major regional markets for on-road electric vehicles - North
America, Europe, Asia Pacific, and Rest of the World – North
America dominated the global market in 2012 thanks to supportive
government policies and initiatives encouraging the use of electric
vehicles. In 2012, this region accounted for a 38.3% share of the
overall market and is projected to maintain its leading position till
the end of 2019. Programs such as the Corporate Average Fuel Economy
make it mandatory for manufacturers to maintain the level of fuel
efficiency across the entire fleet. Initiatives taken to minimize the
dependency on fossil fuels, stronger and stricter efficiency
standards, and increased taxes on motor fuels are some of the steps
undertaken by North America to boost the market for electric
vehicles.
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Market
in China Providing Stiff Competition to Global Counterparts
The
Asia Pacific market for on-road electric vehicles has witnessed
impressive growth mainly due to the thriving market in China. Across
the APAC region, there have been numerous country- and state-level
programs and initiatives to encourage the adoption of electric
vehicles. Efforts such as tax incentives, aggressive short-term and
long-term goals, research and development activities, subsidies for
purchase of electric vehicles, and public and consumer education have
already begun bearing fruit in countries such as Japan, Korea, and
China. China is presently the largest electric vehicles market in
Asia Pacific and has presented stiff competition to players from
across the globe. Analysts believe that this country has the
potential to become one of the largest consumer markets for electric
vehicles. The need to reduce dependency on imported oil and mitigate
greenhouse gas emissions has helped put the China electric vehicles
market on the map.
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Electric
Cars Generate Maximum Revenue in 2012
The
on-road electric vehicles market is segmented on the basis of product
type into electric motorcycles and scooters, electric cars, electric
buses, and others such as electric trucks, golf carts, and bicycles.
Each of these segments is further divided into hybrid vehicles,
plug-in vehicles, battery vehicles, and fuel cell vehicles.
By
revenue, the segment of electric cars was the largest market in 2012,
accounting for 19.6% of the total revenue generated. The others
segment accounted for 28.5% of the electric vehicles revenue that
same year, making it the second largest segment market. In terms of
volume, electric bicycles held the largest share of the on-road
electric vehicles market and this segment is forecast to retain its
lead through 2019.
Emergence
of New Models to Impact Playing Field
Given
the incredible growth potential presented by the on-road electric
vehicles market and the underlying latent demand, the competitive
landscape of the global market has changed in recent years and the
emergence of new players has strengthened the playing field.
Presently, the on-road electric vehicles market is dominated by
General Motors Company, Nissan Motors Company, Honda Motors Co.,
Tesla Motors, and Toyota Motors, who together held over 50% of the
market in 2012. Other key players who have made a difference in the
on-road electric vehicles market are Volkswagen, Smith Electric
Vehicles, Daimler AG, Mitsubishi Motors Corporation, and Renault S.A.
With
new and innovative vehicle models emerging at local as well as global
levels, this market is estimated to achieve immense growth in the
coming years. Some of the popular electric vehicles operating around
the world are Nissan Leaf, BMW i3, Volkswagen e-Up!, Mitsubishi i
MiEV, BMW ActiveE, Porsche Panamera S E-Hybrid, Mitsubishi Outlander
P-HEV, Volvo C30 Electric, Renault Fluence Z.E., Tesla Roadster,
Chevrolet Volt, and Ford Focus Electric.
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