Electric Vehicle Market Witnessing Emergence of Zero Emission Vehicles

A recently released report by Technavio, specialists in emerging technologies market research, reveals that the Global Electric Vehicle market is expected to grow at a CAGR of 30.1 percent.

The report, which covers the Americas, the EMEA region, and the APAC region (especially China) indicates that the market is being driven by rising oil prices.

According to Technavio’s industry analyst, “With oil prices continuing to rise, the commuting cost is also likely to go up. Thus, automobile buyers are showing interest in buying vehicles with cheaper fuel options that will help them bring down costs. Moreover, electricity is fast gaining popularity as an economic and environmentally friendly option for vehicles.”

The report also highlights that the high price and limited driving range of electric vehicles is hindering the growth of this market. However, the push by various governments to encourage the adoption of green technology is expected to keep driving this market. There is also a trend in this market of vendors focusing on zero emission vehicles.

These are just some of the important findings presented in the report that will enable companies to fully understand the potential in this market and formulate their own strategies.

Technavio’s report, Global Electric Vehicle Market (BEVs, PHEVs, HEVs) 2010–2014, is based on extensive research conducted with industry experts, vendors, and end-users. It examines the key trends, drivers, and challenges impacting the evolution of this market. The report also contains incisive insights and SWOT analyses regarding the key vendors in this market, including Toyota Motors Corp., Honda Motors Co. Ltd., Ford Motor Co., and General Motors Co.

Media Contact:
Ludmila Berkesova
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Technavio
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