Automakers Expanding their Electric Vehicles Market in Emerging Economies

23 Jan 2018
Electric Vehicles Market

The electric vehicles market is gaining momentum with the passing time as the world is heading towards a green and environmentally friendly future. The depleting natural resources, especially fossil fuels, have created a wide pool of opportunities for the electric vehicles market. Support from government agencies in various countries is helping the market growth and expansion on a global scale and encouraging the sales of these vehicles. The price range for EVs has also widened over the past decade and affordable EVs are being manufactured by the automotive manufacturers.

One of the leading market players, Ford, announced on January 15th, 2018, that it will increase its investment in electric vehicles to $11bn by 2022 and will have 40 hybrid and fully electric vehicles in its model line-up.1 Bill Ford, Ford's Chairman, has also mentioned earlier in December 2017, "When I think of where E.V.s are going, it's clearly the case that China will lead the world in E.V. development." Ford Motor Company announced that it has planned to introduce 15 battery electric or plug-in gasoline-electric hybrid car models in China by 2025. Other automakers like General Motors, Volkswagen, Daimler, etc. are also eyeing the market in China.2

Another lucrative market for the automakers is India where the government is targeting to switch to all-electric cars by 2030. But the month of December 2017 has witnessed several developments in the electric vehicles market. The homegrown automobile marketplace Droom announced plans to enter the country's electric vehicles segment. Okinawa Autotech launched its second electric two-wheeler Praise and is gearing up to introduce an electric motorcycle. Toyota is all set to launch 10 EV models in emerging markets like India and China by early 2020s.3

In a big step towards electric future, the United Parcel Service Inc. announced in December 2017 that it is buying 125 Tesla Inc. all-electric semi-trucks, as the package delivery company expands its fleet of alternative-fuel vehicles. This order is the biggest one so far for the big rig. The Tesla trucks will cost around $200,000 each for a total order of about $25 million.4

Acknowledging the growing and expanding market of electric vehicles in various parts of the world, BIS Research has prepared an in-depth market intelligence report titled ‘Global Electric Vehicles Market, Analysis & Forecast – 2017-2026'. According to the analyst, "the global electric vehicles volume is estimated to reach 10.8 million units by 2026, growing at a CAGR of 28.3% over the period of 2017 to 2026. The market is driven by a number of factors such as stringent governmental regulations in terms of emissions and fuel economy, growing demand for fuel-efficient vehicles, and governmental initiatives such as tax benefits and subsidies to promote the sales of electric vehicles."

References:

1 The Guardian

2 The New York Times

3 Inc42

4 Daily Mail

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