Electric Vehicle Market to be more than USD 419 Billion by 2024 on account of non polluting fuel consumption, low maintenance and silent ride

October 11 20:20 2018

Electric Vehicle Market is expected to surpass US$ 419 Billion by the end of year 2024. Due to decreasing cost of EVs Batteries, Increasing public and private charging technology & infrastructure, government support, subsidies from government and tax rebate.
Renub Research study titled “Electric Vehicle Market, Volume Global Analysis by (Plug-in, Battery, Hybrid, Fuel Cell) Cars, Countries (Denmark, Finland, Iceland, Norway, Sweden, Netherlands, India, China, Japan, Korea, Canada, United States, France, Germany) Companies (Tesla, BMW, Toyota)” provides a comprehensive assessment of the fast–evolving, high–growth electric car market. This report also studies separate sales analysis of three companies: Tesla, BMW and Toyota.

The 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.


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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.


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Market Summary

a)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.

b)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.

c)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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Key Topics Covered

1. Executive Summary

2. Global Electric Vehicles Market & Volume (2010 – 2024)
2.1 Global Electric Vehicle Market
2.2 Global Electric Vehicle Volume

3. Market Share – Global Electric Vehicles
3.1 By Vehicle Technology
3.2 By Countries – Battery Electric Vehicle (BEV)
3.3 By Countries – Plug-in Hybrid Electric Vehicle (PHEV)

4. Volume Share – Global Electric Vehicle
4.1 By Vehicle Technology

5. Technological Segments – Global Electric Vehicles Market & Volume (2010 – 2024)
5.1 Plug – in Hybrid Electric Vehicles (PHEV)
5.2 Battery Electric Vehicles (BEVs)
5.3 Hybrid Electric Vehicles (HEVs)
5.4 Fuel Cell Electric Vehicles (FCEV)

6. Region – Plug-in Hybrid Electric Vehicle (PHEV) Market and Volume (2010 – 2024)
6.1 Asia
6.3 North America
6.4 Europe

7. Region – Battery Electric Vehicle (BEV) Market and Volume (2010 – 2024)
7.1 Asia
7.3 North America
7.4 Europe

8. Countries – Plug-in Hybrid Electric Vehicle (PHEV) Market & Volume (2010 – 2024)
8.1 Denmark
8.2 Finland
8.3 Iceland
8.4 Norway
8.5 Sweden
8.6 Netherlands
8.7 China
8.8 Japan
8.9 Korea
8.10 Canada
8.11 United States
8.12 France
8.13 Germany
8.14 United Kingdom

9. Countries – Battery Electric Vehicle (BEV) Market & Volume (2010 – 2024)
9.1 Denmark
9.2 Finland
9.3 Iceland
9.4 Norway
9.5 Sweden
9.6 Netherlands
9.7 India
9.8 China
9.9 Japan
9.10 Korea
9.11 Canada
9.12 United States
9.13 France
9.14 Germany
9.15 United Kingdom

10. Company Sales Analysis – Electric Vehicles
10.1 Tesla
10.2 Toyota
10.3 BMW

11. Growth Drivers
11.1 Decreasing Cost of EVs Batteries
11.2 Environment Friendly
11.3 Economic Benefits
11.4 Tax Benefits on Electric Cars in Norway, USA, Canada, Belgium & France

12. Challenges
12.1 Charging Infrastructure
12.2 Price


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