According to Karan Chechi, Research Director at TechSci Research, “growing pollution, rising crude prices, depleting crude oil stock reserves, increasing environment awareness, will push electric vehicle sales to rise as the nex-gen breed of clean and efficient vehicle on the global roads.”
Despite the rapid economic and monetary growth of China and India, the United States is by far the world’s largest consumer of crude oil, accounting for more than 20% of the average of 87.9 Million barrels per day (bpd) used around the planet. United States of America’s high dependence on oil has contributed to a set of economic, security, geopolitical, and environmental problems, and, thus, there is a growing national interest in reducing petroleum use.
According to the recently published report by TechSci Research, a global management consulting firm “Global & United States Electric Vehicles Market Forecast & Opportunities, 2017”, sales in the global electric vehicle passenger car market are estimated to witness manifold jump in the years to come. Global electric passenger cars are anticipated to contribute the majority share to the global electric vehicle market sales with over 3.6 Million units being sold by 2017. The outlook for electric vehicle market globally and in the United States seems very promising due to increase in overall consumer spending, growth in population, increasing demand for environment friendly vehicles and growing government support. These factors are expected to drive the electric vehicle market to new heightened figures in the near future.
Global and United States EV markets are growing at a much faster pace than anticipated previously. The EV market globally and in United States is forecasted to grow at an excessively elevated CAGR due to increasing adaptability across the globe. Nevertheless market share trends are expected to stumble upon strong changes from the current trend by 2017 which would lead the market dynamics to new pinnacles. Global electric vehicle industry clocked a turnover close to USD 54 Billion in 2011, while electric two wheelers became the dominating vehicle category for the whole segment. United States electric vehicle market during the same period clocked USD 14.9 Billion in terms of revenue with growing number of sales in the nation.
Almost double or triple mileage, less fuel consumption, lower running cost, silent operation, and almost zero tail pipe emissions are some of the salient features of the electric vehicles (EV) available these days. Economic and environmental factors are hence the key factors for considering switch to electric-powered alternatives from passenger vehicles that run on conventional fuels such as gasoline, propane and diesel.
“Global & United States Electric Vehicles Market Forecast & Opportunities, 2017” has evaluated the future growth potential of global and United States electric vehicle industry and provides statistics and information on market structure, exports and imports trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.