Global Electric Vehicle Market is expected to be more than USD 419 Billion by 2024
by Renub Research Renub Research is a Market Research and ConsultingThe revolutionary shift
from traditional gasoline powered vehicles to electric vehicles (Evs) is driving the Global Electric vehicles
significantly and is expected to do so in forthcoming years. With
advancement in the technology and rising awareness regarding environment is
also expected to drive Electric vehicle market positively over the coming years.
Electric Vehicle is sleeker, safer, comfortable and more exciting to drive than
gasoline powered vehicles which again attract vehicle lovers to go for electric
vehicles over gasoline powered vehicle and ultimately boost electric vehicles
market to touch new leap in the forthcoming years. Global Electric
Vehicle Market is
expected to be more than USD 419 Billion by the end of year 2024.
Crowing the features
like silent ride, immediate torque and excellent performance, electric vehicles
have zero fuel consumption and minimum maintenance costs. Owing to the
mentioned reasons and many more, electric vehicles have caught the attention of
commuters and car-lovers to go for electric vehicles over traditional vehicles.
Electric Vehicles like
Electric Bus for road transport improve energy efficiency as it only relies on
electricity and does not require any direct fuel consumption, making electric
buses most varied energy carrier, thereby contributing to a broad range of transport
policy goals. These include advanced energy security, less noise, reduced
greenhouse gas & carbon emission and better air quality. In addition, as
one of the best clusters in the automobile sector, electric buses or vehicles
have ample potential to improve economic and industrial competitive
capabilities and to attract investment where major markets need to be
developed. Global Electric Bus Market is an opportunity of more than USD 400 by 2024.
Electric Vehicles has
seen rapid development in the recent years due to ongoing governmental and
non-governmental support and commitments. Automotive industry opinion leaders
and policy makers predict that this ongoing trend is not going to abate in the
coming decade. With increasing sales volumes coupled with growing rivalry in
the development of innovative technologies by the manufacturers like Tesla,
BMW, Toyota and other players are likely to contribute to continuous reductions
in the cost of electric vehicles in the forthcoming years. In addition,
reduction in the cost of electric vehicles technologies will further help
electric vehicles to capture more market than to its counterpart internal
combustion engine vehicles. Encouraging policies and cost reductions are
expected to lead considerable growth of electric vehicles market in the near
future.
Cost and Savings
Owing an electric vehicle
is more efficient than that of the gasoline powered vehicles. For instance:
consider a person drives 15,000 miles a year and the vehicle’s
average is 25 miles per gallon, with the cost of gasoline US$ 3.5/Gallon, which comes out to US$ 2,100 for a year, which is just fuel cost.
While, for same 15,000 miles with an electric vehicle which has the
efficiency of 3.5 miles per kWh would need some 4,300 kWh, at the price of 11 cents per kWh, it would cost nearly US$ 475 for a year. Need not to mention the
expenses on oil changes, transmission repairs and other maintenance costs for
gasoline powered vehicles. Thus, comparing saving, electric vehicle is far more
efficient than to its counterpart and also several countries offer incentives
on almost all type of electric vehicle models, which indeed drive electric
vehicle market to flourish beyond any limits.
Market Summary
- Technology-wise report provides the market of Plug–in Hybrid
Electric Vehicles (PHEV),
Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs) and Fuel Cell Electric Vehicles (FCEV). As per the analysis of Renub Research
Battery Electric Vehicles (BEVs) controls the Global Electric Vehicle Market.
- Country-wise report captures the Battery Electric Vehicle and
Plug-in Hybrid Electric Vehicle Market of 15 countries Sweden, Denmark,
Finland, Norway, China, Korea, Netherlands, India, Iceland, Japan, Canada,
Germany, United States and France.
- Government initiative, rules and regulations of all the 15 countries with regard to Electric Vehicles has been duly covered in the report.
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Created on Feb 23rd 2019 00:53. Viewed 326 times.