According to a new market research report published by Credence Research “New Energy Vehicles (NEVs) Market (By Energy Type– Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs) and Fuel Cell Electric Vehicles (FCEVs); By Vehicle Type: Passenger Cars, Buses, Industrial Vehicles, Scooters and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”, China is playing a crucial role in driving the overall NEV market.
The complete report is available at https://www.credenceresearch.com/report/new-energy-vehicles-market
With rising dependence on oil and environmental hazards of running countless conventional vehicles, there has been a growing need to shift to new and alternative fuel sources for general commute in several countries. Factors such as rising pollution in some of the major cities especially in countries including China and India have led to growing investments towards new energy vehicles in the recent years. In addition, favorable government initiatives and policies have led to the increasing production of these vehicles leading to a reduction in production costs and availability. Furthermore, strategic steps towards providing sustainable infrastructure to run new energy vehicles in regions including North America, Europe and Asia Pacific have led to the growing adoption electric vehicles.
The global new energy vehicles (NEV) market is fairly consolidated with few of the leading providers of all electric vehicles attributing to major share of the overall NEV market globally. Some of the leading NEV companies included Renault-Nissan Alliance, Mitsubishi Motors Corporation, General Motors Company, Toyota Motor Corporation, Ford Motor Company, BMW Group, Zhejiang Geely Holding Group Co., Ltd., BAIC Motor Corporation, LTD., Volkswagen Group, BYD Auto Co., Ltd., Tesla, Inc., SAIC Motor Corporation Limited, China Anhui Jianghuai Automobile Co., Ltd. (JAC Motors), Motrec International, Inc., Taylor-Dunn Manufacturing Company, Karrior EV and Bradshaw Electric Vehicles. However, with the growing entrance of existing traditional car manufacturers into the NEV segment, the competition is expected to rapidly intensify during the forecast period from 2017 to 2025.
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- Market primarily driven by positive government initiatives and public awareness
- China is expected to continue its dominance in the global NEV market
- Fuel cell electric vehicles are expected to witness strong demand in the consumers segment
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