Published Date: 2019-07-22 | Pages: Ongoing | Tables: Ongoing | Report ID: 7313
Industry: Automation & Transportation
The global electric vehicle market is foretold to rise at a considerable CAGR because of the growing demand for low-emission, high-performance, and fuel-efficient automobiles. Government tax incentives provided to encourage the use of electric vehicles could be another factor creating lucrative growth prospects in the global market. Furthermore, the need to reduce vehicular emissions is foreseen to strengthen the demand for electric vehicles.
Increasing installation of fast charging stations for electric vehicles, especially in developed countries, is expected to augur well for the global market. In June 2019, GreenWay Polska, a Polish network of fast charging stations, completed its target of installing 100 electric vehicle fast charging stations in Poland.
Implementation of Stringent Carbon Emissions Regulations to Drive Demand
The global electric vehicle market is expected to gain growth in both developed and developing countries. In emerging regions such as Asia Pacific, manufacturers could achieve growth on the back of government initiatives taken to reduce air pollution levels. Leading OEMs are anticipated to build new facilities in Asia Pacific due to the decent growth potential of the regional market. On the other hand, developed regions such as Europe could offer rewarding opportunities because of the availability of advanced infrastructure for electric vehicles.
Furthermore, implementation of strict emissions regulations, global warming concerns, adoption of sustainable methods, and need to preserve non-renewable resources such as petroleum are other factors predicted to augment the demand for electric vehicles.
● Rising pollution levels to create more demand for electric vehicles in future
● The fuel cell electric vehicle (FCEV) segment to take lead in the global market
● Supercharging station to secure a larger share of the global market
● North America to take charge of the global market in terms of share
Manufacturers to Launch New Safety Enhancement Features for Electric Vehicles
Some of the leading manufacturers of global electric vehicle market are Tesla, Nissan Motor Corporation, BYD, BMW, and Volkswagen. Manufacturers are foreseen to concentrate on sustaining their market position by adopting key business tactics, which include signing strategic agreements and collaborations and introducing new products.
Players are also anticipated to focus on increasing the safety of electric vehicle drivers. In May 2019, Tesla launched a couple of advanced safety features related to its Autopilot advanced driver assistance system. Emergency Lane Departure Avoidance and Lane Departure Avoidance features help Tesla electric vehicle drivers to avoid collisions by staying in the lane and maintaining engagement when using Autopilot.
By Charging Station
Among propulsion segments, FCEV is projected to rise at a higher CAGR due to advantages such as short refueling time and improved fuel economy. Among charging stations, supercharging station is forecast to expand at a leading growth rate because of the rising demand for electric vehicles and presence of popular providers such as Tesla in the market.
North America is prophesied to account for a substantial share of the global electric vehicle market due to the presence of top charging infrastructure players including Leviton and ChargePoint and prominent electric vehicle manufacturers such as Ford and Tesla. Asia Pacific could grow at a faster CAGR as the need for decreasing carbon emission levels increases.
The analysts authoring this research study have touched on important pricing strategies such as value pricing, competitive pricing, sandwich pricing, versioning, psychological pricing, promotional pricing, price skimming, premium pricing, economy pricing, and penetration pricing. The pricing analysis provided in the report will help players to avoid experiencing a shrinkage in profit margin, undercutting their value, and confusing customers with price changes. According to the analysts, competitor price point and competitor pricing model are key factors influencing pricing strategy. The report also focuses on other important pricing strategy influencers.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
The automotive industry has undergone myriad changes over the past century. It has stirred a revolution, setting in motion trends that have completely transformed the transportation industry. Digitalization has drastically helped business models evolve by leaps and bounds. Major developments in the emerging economies have provided the automotive and transportation industry is a massive boost in recent years.
Increasing investments in automobile manufacturing, especially in the developing countries, strengthening trade and business opportunities, and growing e-commerce has all made its contribution towards shaping the automotive and transportation industry. Our reports take a detailed look at the various factors driving this industry and assess the lucrative opportunities for the players in the near future. The reports discuss the future of artificial intelligence, Internet of Things, vehicle-to-vehicle communication, and autonomous vehicles with utmost objectivity. The next-generation technological advancements and changing outlooks of the players have been studied with unbiased scrutiny for a clear picture of the trajectory of the industry.
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