Electricity as an alternative to conventional transportation energy is becoming a near-term reality for several countries worldwide. Electric vehicles are expected to promote sustainable energy development at the same time addressing the climate and air quality changes. Rising prices of fossil fuels coupled with the environmental impact of the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles.
However, challenges for widespread adoption of these electric vehicles include consumer acceptance for this new technology, high initial purchase cost and lack of charging infrastructure. Electric vehicles are propelled by one or more electric motor and powered with the help of rechargeable battery packs.
The electric vehicles market is segmented on the basis of product type and region. On the basis of product type, the market is segmented into cars, motorcycles and scooters, buses and others. Of these, electric cars segment is expected to dominate the global market in terms of revenue over the forecast period.
While bicycles segment is dominating in terms of volume and expected to continue its dominance over the forecast period with a larger share over the forecast period. The factors such as cost-effectiveness and rising fuel prices are augmenting the growth of the electric cars segment.
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On the basis of region, the global electric vehicles market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, in 2016, North America dominated the global market for electric vehicles owing to high government initiatives including the Corporate Average Fuel Economy program.
The US government is taking steps to decrease the dependency on the fossil fuel and promoting usage of some of the alternatives to the conventional fuel sources. Owing to the aforementioned factors, in 2012, North America accounted for the 38.3% shares in the global market for electric vehicles. However, increasing demand from the emerging countries from the Asia Pacific and Latin America are creating lucrative opportunities for growth over the forecast period.