Global electric vehicle market was estimated to be USD 103.2 billion in 2016

Global electric vehicle market was estimated to be USD 103.2 billion in 2016

According to GMI Research report, “Global Electric Vehicle Market By Component and By Geography – Opportunities & Forecast 2016–2024”, the global electric vehicle market was estimated to be USD 103.2 billion in 2016 and is projected to reach USD 480.1 billion by the end of 2024, exhibiting a CAGR of 21.2% during the forecast period. The major reasons stimulating the market growth are favorable government policies and regulations, rise in demand for environment friendly vehicles by the consumers and increased focus of OEM’s towards the development of technologically advanced components.

On the basis of components, battery pack is anticipated to corner the market exhibiting the highest CAGR during 2016–2024

On account of soaring demand for electric vehicles worldwide the battery pack segment is expected witness the highest CAGR during the forecast period. Battery packs constitute a major share in terms of cost of an electric vehicle, and thus dominated global electric vehicle market in 2016. The battery pack segment has further been bifurcated into lithium-ion battery, nickel metal hydride battery and others. Lithium-ion battery is projected to grow at the highest CAGR during 2016–2014 due to characteristics, such as safety, life-span, performance, specific energy and specific power. However, the cost of manufacturing a lithium-ion battery is quite high; hence, it is predicted that increase in production volume will lead to steep decline in the cost over the coming years.

Asia-Pacific controled the largest share in the market in 2016

Asia-Pacific held the largest share in global electric vehicle market in 2016 due to the government support in terms of subsidies, tax rebates, grants as well as through improved changing infrastructure. China and Japan are leading countries in the region where the adoption rate of electric vehicles is high. There were around 336,000 and 24,850 new registrations of BEV and PHEV in 2016 in China and Japan, respectively. The BEV constitutes 75% of Chinese electric car stick share in 2016. North America and Europe are the other two most important regions in global electric vehicle market. United States is the key country in North American region, which registered the highest number of electric vehicles in 2016.

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