ELECTRIC VEHICLES MARKET TO REACH USD 477.3 BILLION BY 2024 | CAGR 22.8% – FORENCIS RESEARCH

Global Electric Vehicles Market: Key Highlights

• According to the new market research report “Electric Vehicles Market by Type (Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicles (FCEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)), by Material (Metallic, Non-metallic), by Battery Type (Lead Acid Batteries, Nickel Metal Hydride Batteries, Lithium Ion Batteries, Other), by Charging Type (Rapid, Fast, Slow), by End-User ( Heavy Commercial Vehicles, Light Commercial Vehicles), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global Electric Vehicles market is estimated to reach USD 477.3 Billion by 2024 at a CAGR of around 22.8% during the review period.
• Increasing number of regulations in various countries in order to control the CO2 emissions has expected to boost the electric vehicle market
• According to International Energy Agency (IEA), the global CO2 emission in 2019 was around 33 gigatonnes (Gt). Rising environmental concerns has expanded the use of renewable energy sources, thus expected to surge the market demand
• However, high price of electric vehicles remains a major restraining factor for the growth of the electric vehicles market

Global Electric Vehicles Market: Key Market Dynamics

• Favorable government policies and subsidiaries along with tax benefits on electric car loans has expected to surge the electric vehicle market
• Higher cost of fast charging systems and higher price of electric vehicles as compared to conventional vehicles are some of the factors which may hinder the growth of the product market

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Global Electric Vehicles Market: Regional Overview

• North America

The electric vehicles market in the North America region is projected to witness high demand due to the high production of aircraft in the region.

The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. In the same year, the aerospace and defense exports of the country were USD 151 billion, which was an increase of 5.81% as compared to 2017. Moreover, extensive R&D spending in the aerospace & defense industry is likely to propel the demand for electric vehicles in the coming years.

• Europe

Owing to the rapid growth of the aerospace & defense industry in Europe, the demand for electric vehicles is expected to increase. According to the Aerospace & Defense Industries Association of Europe, the total turnover stood at USD 281.67 billion in 2018. The country invested USD 21.76 billion in aerospace & defense R&D.

Global Electric Vehicles Market: Key Players Overview

• Honeywell International Inc.:

Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. It operates through major business segments, i.e., aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions. In January 2018, the company came into agreement with a metal additive manufacturing company, Sintavia, to manufacture aerospace components. These components include gas turbine auxiliary power units (APUs), turboshaft engines, turbofan engines, and engine control valves, among others.

• Eaton:

Eaton is a diversified power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: electrical products, electrical systems and services, hydraulics, aerospace, vehicle, and eMobility.  The company has a global reach with its services in around 175 countries. In June 2019, the company announced the use of additive manufacturing to supply the aluminum housing and valve for the ram air valve assembly on Aerospace Industrial Development Corporation’s advanced jet trainer.

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