Environmental Concerns and Quest for Alternative Powertrains to Drive the Global Electric Vehicles Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Electric Vehicles markets. Global market for Electric Vehicles is projected to exceed 4.6 million units by 2018, driven by growing environmental concerns, and the quest for alternative powertrains. Major factors driving growth include growing environmental concerns as a result of deteriorating air quality, and emphasis towards increased alternative fuel consumption to minimize heavy dependence on oil. Strong policy initiatives, including legislations, benefits and rebates from various Governments in a bid to curb further damage to the environment, are further favoring the penetration of Electric Vehicles.

Electric Vehicles: A Global Strategic Business Report

Follow us on LinkedIn – The recent years have seen a remarkable activity in the global electric vehicle industry. Growing environmental concerns and an increase in oil prices have provided manufacturers as well as consumers with ample thrust to accelerate the transition towards electric vehicles (EVs). Several major as well small manufacturers are venturing to manufacture electric vehicles. However, compared to conventional Internal Combustion Engine Vehicles (ICEVs), EVs have not made any major inroads to the mass market. This is primarily due to several reasons such as high vehicle costs, performance predicaments, and safety issues. However, technological breakthroughs have expanded the scope of electric vehicles considerably. These developments are expected to result in widespread acceptance of electric vehicles across mass markets.

Though the electric vehicles market is significantly under-penetrated, the pace of transition towards electric vehicles in the next few years is expected to be slower than what many advocates of climate change have anticipated. Mass-commercialization of certain types of electric automobiles such as Plug-in Electric Vehicles for example has not yet taken off, and the initial costs of an electric car still remain appreciably higher than petrol/diesel cars. However, the winds of change are apparent and the impact of such a transition will be profound on manufacturers, utilities, grid companies and battery manufacturers, as had been the case in the recent years.

After many false starts, the global Battery Powered Electric Vehicles (BPEVs)/Extended Range Electric Vehicles (EREVs) market is beginning to take off. With Government support through subsidies and tax credits, electric vehicles are increasingly finding favor among car buyers. Almost all major automakers presently have a BPEV/EREV in the market or plan to launch a model in the near future. Additionally, increasing range, and performance are enabling EVs to emerge as mainstream cars. Growing acceptance of Hybrid Electric Vehicles (HEVs) reflects a shift in emphasis from zero emission to low emission standards. HEVs are increasingly being considered as a temporary solution for curbing air pollution levels and oil consumption.

Though the use of electric vehicles provides numerous advantages, significant groundwork needs to be accomplished for the market to achieve critical mass. To enable widespread adoption, considerable amount of private and government investment in the supporting infrastructure is required. In order to promote mass-market uptake of electric vehicles, governments are required to ramp up their power generation, distribution capacity, and provide charging equipment. To power an electric vehicle, consumers must have the ability to connect their vehicle to a source of electricity, and the utility must have the capacity to transmit and distribute this additional power, and adequate power generation capacity must exist. While urban residents are more likely to purchase an electric vehicle than rural dwellers, a large number of urban dwellers do not own garages and hence, lack of on-street charging could be a key deterrent to purchasing electric automobiles.

As stated by the new market research report on Electric Vehicles, the market is presently concentrated mainly in the US and Japan. European market for electric vehicles is relatively small compared to the US and Japanese markets, since hybrid electric vehicles have not made a mark in the European market, when compared to the US and Japan. Asia-Pacific holds the highest growth potential for electric vehicles, primarily owing to the efforts of the Chinese Government to promote electric vehicles in the region. Segment-wise, Hybrid Electric Vehicles segment accounts for the lion’s share of electric vehicles market. However, Battery Powered Electric Vehicles (BPEVs)/Extended Range Electric Vehicles (EREVs) are projected to witness high growth in future owing to increasing efforts from manufacturers as well as Governments worldwide.

The global Electric Vehicles market is representative of the automotive market. As such, players in the conventional motor vehicles segment are also the leading players in the electric vehicles segment, barring a few pure play electric vehicle players such as Tesla Motors, and BYD Company. Major players in the global marketplace include AB Volvo Group, Bayerische Motoren Werke G.m.b.H., Chrysler Group LLC, Daimler AG, Daimler Trucks North America LLC, Fiat S.p.A, Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., Hyundai Motor Company, Isuzu Motors Ltd., Mazda Motor Corp., Mitsubishi Motors Corporation, Nissan Motor Co. Ltd., PSA Peugeot Citroën S.A, Renault SA, Suzuki Motor Corp., Toyota Motor Corporation, Daihatsu Motor Co. Ltd., and Volkswagen AG.

The research report titled "Electric Vehicles: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Electric Vehicles (in units) by Battery Powered Electric Vehicles (BPEVs)/Extended Range Electric Vehicles (EREVs), and Hybrid Electric Vehicles (HEVs) segments. Geographic markets analyzed include the United States, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Electric_Vehicles_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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