The global electric vehicles market is extremely attractive, thereby garnering the interest of several new players, States Transparency Market Research (TMR). The report highlights the leading players operating within the electric vehicles market and also discusses the various important strategies implemented by these leading players in order to succeed in the market. The business and financial overview of these companies as well as their recent accomplishments are also discussed in the report. In addition to this, the degree of competition, the challenges faced by then, as well as information regarding mergers and Acquisitions, Partnerships, collaborations, and joint ventures are given. Names of the players studied in the report include: Nissan Motors, Tesla Motors, Renault, Mitsubishi Motors, Smith Electric Vehicles, General Motors, and , Toyota Motors.
According to Transparency Market Research, the global electric vehicles market will be worth US$271.67 bn by 2019. On the basis of geography, it is expected that North America will lead in the electric vehicles Market on account of the many initiatives taken by government with regards to curb greenhouse gas and carbon emission control. The government of the US is also facilitating the growth of the electric vehicles market by taking several initiatives with regards to construction of electric vehicle charging facilities.
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Growing Governments initiatives to Drive Growth
According to the lead author of this report, “the global electric vehicles market is predicted to grow tremendously on account of the need to lower fuel expenditure.” Majorly, it is the various initiatives taken by government which will play a huge role in driving the growth of this market. Governments are taking initiatives on account of the growing environmental concerns. The availability all electric cars at affordable prices will also be a key factor in boosting the uptake of electric vehicles in the years to come. Some of the other reasons behind the growth of this market include a surge in the price of fossil fuels, and the adverse impact on the environment on account of petroleum-based transportation vehicles.
Although extremely cost effective and of course ecofriendly, electric vehicles are estimated to not enjoy the fullest success and witness high volume sales. One of the challenges facing the market is too high initial cost. The limited performance in terms of driving range will be another restriction posed by electric vehicles which will act as an obstacle and limit the growth of the market. Apart from all these factors, the limitations in terms of heavy duty applications will also act as an obstacle for the complete growth of this market.
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Investments in R&D to Improve Battery Performance and Life
On a positive note however, market players are trying to overcome these challenges by investing extensively on research and development activities so as to improve the power source of electric vehicle, battery. Today lithium ion batteries are being used in electric vehicles and have expanded Savannah growth opportunities within the market. Lithium ion batteries offer improved battery storage capacity as well as high energy transfer. Advancements such as these brought about by investments in research and development boost the performance of batteries while reducing the price of production. If batteries can be made available at low cost, the cost of electric vehicles will reduce further and this in turn would encourage more consumers from buying electric vehicles.