Selbyville, Delaware, May 16, 2019 (GLOBE NEWSWIRE) --

The growing size of electric vehicle market over the forthcoming years is driven by rising concerns pertaining to vehicular emissions. In 2018, carbon emissions were at an all-time high, with the automotive industry being a major contributor. Emissions from cars and trucks using fossil fuels continue to grow at an alarming rate in all parts of the world. A common factor among both developed and developing economies on these grounds has been the continuous rise in the use of oil in the transport sector.

Over the last few years, electric vehicles have nearly gone mainstream, at least in the key global markets. Now having accomplished a small but significant share of the passenger-car market, the electric vehicle market has been eying the public transit sector. Companies are now manufacturing battery-electric buses and selling them to cities interested in reducing their carbon footprint. Major manufacturers active in the electric-bus business comprise Canada-based New Flyer, China’s BYD and the US-based startup Proterra.

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The heavy-duty electric vehicle market size will showcase a significant growth rate of over 9% from 2019 to 2025. This growth can be attributed to the adoption of electric trucks owing to rising pollution concerns from such vehicles. Industry players are focused on launching electric powertrain for trucks with focus on high driving range to attract a wide customer base. For instance, in October 2017, Volkswagen Group announced a funding of around USD 1.7 billion to develop electric drivetrain and cloud-based fleet management systems, thereby providing a positive outlook for the market expansion.

The Class 8/Long Haul trucks will account for a considerable share in the electric vehicle (EV) market. This can be attributed to the increasing adoption owing to the benefits offered by the technology including lower maintenance and operating costs, reduced noise and vibrations along with smoother driving experience. In addition, industry players are currently offering trucks with improved features for attracting a wide customer base. For instance, in 2017, Tesla unveiled its Semi Truck with automated driving technologies.

Asia Pacific electric vehicle market is expected to observe momentous growth owing to the prevalence for government policies and subsidies. For instance, in September 2018, Seoul announced a budget amounting to USD 16.2 million for enabling increasing adoption of electric cars. Additionally, the city also announced its plans to provide subsidies for supporting the purchase of around 80,000 electric cars by 2022.

Browse key industry insights spread across 210 pages with 218 market data tables & 9 figures & charts from the report, “Electric Vehicle (EV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

North America electric vehicle market will account for a considerable share on account of favorable government incentives and tax policies. Additionally, governments across the region are focusing on developing charging infrastructure to support the growing demand for such vehicles. For instance, the government in British Columbia offers discounts and rebates of up to USD 5,000 for electric vehicles under its Clean Energy Vehicles for British Columbia - Point of Sale Incentive Program.

Few of the key players in the electric vehicle (EV) market include BYD company Ltd., BMW, Daimler AG, Volkswagen AG, Ford Motor Company, Toyota Motor Corporation, Nissan Motor Corporation, Hyundai Motor Company, and Tesla Inc. Industry participants are focusing on introducing a new range of electric vehicles for increasing their revenue generation. For instance, in December 2018, BMW introduced the Vision iNEXT fully electric concept car, incorporating new generation electric drive trains for offering enhanced mobility experience to its customers.

Electric vehicle market players are continuously investing in R&D for developing advanced battery solutions. For instance, in October 2017, Toshiba unveiled its advanced battery for electric vehicles that can enable around 320 km range coupled with ultra-fast charging technologies. Additionally, advent of graphene and zebra solid state batteries are further providing a positive outlook for the industry expansion over the forecast timeframe.

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