Mankind is progressing towards future and hence science is flourishing at its best. The electric vehicle is one of such innovations of science. These vehicles are also known as electric drive vehicles. The concept of electronic vehicles was introduced owing to increasing air pollution, decreasing fuel resources, and a need to have something new. Electronic vehicles use electric motors or traction motors for the purpose of propulsion. Prominent players in the market are producing electronic vehicles which can cater to users providing them with numerous benefits. Various types of vehicles such as trains, airplanes, tractors, and city transport vehicles including buses are making the use of this technology in order to provide better performance along with lesser cost. Other examples of electronic vehicles are road and rail vehicles, surface and underwater vessels, electric aircraft and electric spacecraft, and so on.
Electric vehicles are becoming popular day by day owing to their eco-friendly nature, modern designs that are more attractive than traditional structure, and the cost efficiency provided by these vehicles. Hence, end-users are attracted to buy these vehicles. These factors may act as the growth driving factors of the global electric vehicles market in the near future. On the other hand, these vehicles are getting cooperated by Internet of Things, which makes them more future-friendly comparatively; this in turn also acts as other major factor impacting the growth of the global market.
On the basis of type, the global electric vehicles market is segmented as hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery-electric vehicles (BEV). Hybrid electric vehicles are powered by both petrol and electricity, and battery electronic vehicles are fully electric vehicles. Based on the applications, the global market is further segmented as ground electric vehicles, airborne electric vehicles, and seaborne electric vehicles. Apart from personal use, electric vehicles are majorly used for public transport and cargo commutation. Geographically, the global electronic vehicle market is further segmented as the United States, the Middle East, Asia, Africa, China, and Europe.
The United States and Europe are experiencing high demand for electronic vehicles. Developing countries such as China, India, and few African nations are showing potential for increasing demand in this sector. European countries such the United Kingdom are anticipated to take a step forward in this technology in the near future. Owing to increase demand for electronic vehicles globally, the market is expected to witness high growth in the coming years.
Major players dominating the electronic vehicles market are Nisan, Telsa, BMW, General Motors, and Ford. Other key players influencing the global market are Daimler, Toyota, and Volks Wagon. Companies are making efforts and are investing in R&D to produce more likable and easy-to-operate electronic vehicles at affordable prices.
Electric Vehicles Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa