Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Electric Vehicles Market | Page 2

promoting the growth of the market. Governments across the globe are offering monetary and
non-monetary subsidies such as 'Electric Vehicles (EV) only' parking, access to bus lanes, public
bus electrification, free public charging and subsidies on the purchase of EVs to encourage the
purchase of Electric Vehicles (EV). The adoption of EVs among corporate fleet owners also spurs
the growth of the market. Furthermore, technological advancements and cost reduction across
the Electric Vehicles (EV) value chain aid market growth. Declining battery prices of EVs also
acts as a driver. The availability of charging infrastructures such as battery swapping, induction
charging, and wired charging has catalyzed the growth of the market. Another potential threat
to the growth of the market might be the availability of rare earth metals as a raw material for
batteries. Depletion of such materials would place the market in a troublesome situation.
Despite the positive outlook, the Electric Vehicles (EV) market faces potent economic
development challenges. The high price of EVs and poor aftermarket services are constraints to
the market. Lack of proper charging infrastructure
for EVs is a potential threat to the growth of the market. Other restraining factors include
limited electronic vehicle range, limited knowledge, and awareness of the benefits of Electric
Vehicles (EV) and reluctance for adoption. Nevertheless, there are a lot of favorable factors
which aid the growth of the market.
Segmentation
The global Electric Vehicles (EV) market has been segmented based on technology, and vehicle
type. By technology, the market has been segmented into Battery Electric Vehicles (EV), Hybrid
Electric Vehicles (EV), and Plug-In Hybrid Electric Vehicles (EV). The battery Electric Vehicles (EV)
attained USD 54.7 Bn and accounted for 51.40% share of the market in 2016. The segment is
expected to grow at a CAGR of 19.95% over the forecast period. By vehicle type, the market has
been segmented into Passenger Cars, Commercial Vehicles, and Two Wheelers. Passenger cars
segment recorded market share of 68.20% in 2016 and attained USD 72.6 Bn. The passenger
cars segment is foreseen to grow at a CAGR of 19.95% over the forecast period.
Regional Analysis
The key markets of the global Electric Vehicles (EV) market are North America, Europe, Asia-
Pacific and the Rest of the World. Asia-Pacific dominates the market owing to the massive sale