Electric Vehicles

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REPORT DESCRIPTION
Electricity as an alternative to conventional transportation energy is becoming a near-term reality for several
countries worldwide. Electric vehicles are expected to promote sustainable energy development at the same time
addressing the climate and air quality changes. Rising prices of fossil fuels coupled with the environmental impact of
the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles. However,
challenges for widespread adoption of these electric vehicles include consumer acceptance for this new technology,
high initial purchase cost and lack of charging infrastructure. Electric vehicles are propelled by one or more electric
motor and powered with the help of rechargeable battery packs. Electric vehicles offer different benefits compared
to ‘internal combustion engine’ (ICE) powered vehicles such as fuel economy, zero emission of pollutants including
nitrogen oxide, carbon monoxide and hydrocarbons among others. They enhance performance and offer greater
energy efficiency. Operating and maintenance cost associated with the electric vehicles is also low compared to
conventional vehicles.
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According to the report, the global market for electric vehicle stood at US$83.5 bn in 2012. The high operational cost
associated with traditional vehicles has prompted consumers to shift towards electric vehicles, which is far more
cost-efficient. Apart from this, the eco-friendly nature of electric vehicles is also supporting their adoption among
consumers. However, the huge purchasing price as well as limited movement range of electric vehicles is hampering
the growth of this market to a certain extent.
The report further states that innovation and technical advancements are likely to propel this market over the
forecast period. As of now, manufacturers are focusing on developing durable and highly efficient batteries in order
to extend the driving range of these vehicles.
Electric cars, buses, motorcycles, scooters, trucks, and bicycles are the major products available in the global
electric vehicles market. In 2012, the electric cars segment led the overall product market in terms of revenue and
was closely followed by electric bicycles and trucks. The electric cars market is expected to remain the highest
revenue generating segment over the forecast period. In terms of volume, the electric bicycles segment dominated
the overall market in 2012 and is anticipated to maintain its position in the coming years, says the market study.
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Regionally, the global electric vehicles market is distributed among North America, Europe, Asia Pacific, and the Rest
of the World. North America emerged as the market leader in 2012, with a share of 38.3% in the overall market.
Various regulation to curb fuel consumption as well as initiatives to promote the adoption of electric vehicles by
several North American governments have stimulated the demand for these vehicles extensively in this region,
notes the market study.
The Asia Pacific electric vehicle market is expected to be fueled by the increasing regulatory as well as monetary
support from governments for R&D activities in this field. Various subsidies and tax rebates offered by APAC
governments on buying electric vehicles are also projected to trigger the demand among consumers. Additionally,
various public education programs have also been launched in this region in order to spread awareness about the
benefits provided by electric vehicles. All these factors are likely to boost the Asia Pacific market for electric vehicles
during the forecast period.
Analysts at TMR predict that the initiatives taken by the governments in Europe supporting green technologies in the
automotive sector will stimulate the Europe electric vehicle market significantly.
Tesla Motors Inc., General Motors Co., Nissan Motors Co., Mitsubishi Motors Corp., Renault S.A., Volkswagen, Smith
Electric Vehicles, AND Daimler AG are some of the major players operating in the global electric vehicles market,
states the report.
The global electric vehicles market is segmented into:
By Products
> Electric Cars
> Hybrid electric cars
> Plug-in hybrid electric cars
> Battery electric cars
> Electric motorcycles and scooters
> Hybrid electric motorcycles
> Plug-in hybrid electric motorcycles
> Battery electric motorcycles
> Electric Buses
> Hybrid electric buses
> Battery electric buses
> Fuel cells electric buses
> Others
> Electric bicycles
> Trucks
By Region
> North America
> Asia Pacific
> Europe
> Rest of the World (RoW)
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and analyze information.
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The global electric vehicles market is expected to grow as consumers around the world are seeking to lower their fuel expenditure. Growing government initiatives, rising environmental concerns and availability of electric vehicles at affordable prices are some of the factors affecting market growth. Rising prices of fossil fuels coupled with the environmental impact of the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles.

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