New Energy Vehicle Market Scope
The new energy vehicle industry will show highly lucrative growth over the forecasted period due to increasing consumers spending on battery enabled vehicles, hybrid plug-in vehicles and technological advancement. New Energy Vehicles/Automobile allows users to generate an energy-efficient vehicle which offers one of the ideal solutions as compared to fuel-based automobiles. Over the past few years, government-aided assistance and increasing reimbursements in developing electrical vehicles will help in maximizing business growth. There has been a significant rise in the number of people adopting electric vehicle with figure stood up to 57% in the United States alone in 2018, the future for new energy automobile looks promising. This results in the rising popularity for highly efficient vehicles may trigger demand and help in industry expansion.
The market study is being classified by Type (HEV (Hybrid Electric Vehicle), PHEV (Plug-In Hybrid Electric Vehicles) and EV (Electric Vehicles)), by Application (Commercial Vehicle and Passenger Vehicle) and major geographies with country level break-up.
Research Analyst at AMA predicts that Asian and European Vendors will contribute to the maximum growth of Global New Energy Vehicle market throughout the predicted period.
Toyota Motor Corporation (Japan), Nissan (Japan), Tesla, Inc. (United States), Mitsubishi Motors Corporation (Japan), General Motors Company (GM) (United States), Ford Motor Company (United States), Bayerische Motoren Werke AG (BMW), Group Renault (France), Volvo Cars (Sweden) and Daimler AG (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Volkswagen AG (Germany), Honda Motor Company (Japan), Fiat Automobiles (Italy), BYD Auto Co., Ltd. (China), Chery Automobile Co., Ltd. (China), Zotye Auto (China), Zhengzhou Yutong Bus Co., Ltd. (China), BAIC Group (China) and King Long United Automotive Industry Co. Ltd. (China).
AdvanceMarketAnalytics has segmented the market of Global New Energy Vehicle market by Type, Application and Region.
On the basis of geography, the market of New Energy Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Powertrain, the sub-segment i.e. Series Hybrid, Parallel Hybrid, Combined Hybrid will boost the New Energy Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Power Source, the sub-segment i.e. Stored Electricity will boost the New Energy Vehicle market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In May 2019, Volkswagen has announced pre-booking in Europe for the first model of its new fully-electric ID. The first special edition, which has been configured specially for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles. In addition to this, on 1st April 2019, BYD has launched six new electric vehicles and plug-in hybrid models at its spring launch event in Beijing. it will use for all its plug-in hybrid and pure electric vehicles, which will now include 3 more pure electric vehicles and three more “dual-mode” vehicles (or rather, PHEVs – plug-in hybrids).
- Upsurging Demand for Hybrid Electric Vehicles across Developing Nations
- Addition of Technologically Advanced Features such as Autonomous Vehicles
- Increasing Demand for Highly Advanced Electrical Vehicles
- Growing Government Reimbursements in Environmental Pollution Free Automobile Development
- Increasing Pollution Has Upsurged the Demand from Developing Economies
- Rising Awareness about Environmental Friendly Automobile Products
- Comparatively Higher Prices for New Energy Vehicles than the Conventional Automobile Products
- Upsurging Raw Material Prices might Stagnate the Global Demand
- Increasing Distribution Overheads across the Global Automobile Industry
- Lack of Availability and Automobile Infrastructure from developing Economies
Key Target AudienceNew Energy Vehicle Manufacturers, New Energy Vehicle Distributors and Suppliers, Automobile Industry Associations, Research and Development Institutes, Government Agencies, Upstream and Downstream Buyers and Others
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