Global Electric Vehicle Market - Opportunities & Forecast 2016-2024 Global electric vehicle market was estimated to be | Page 2

On the basis of components, battery pack is anticipated to corner the market
exhibiting the highest CAGR during 2016–2024
On account of soaring demand for electric vehicles worldwide the battery pack
segment is expected witness the highest CAGR during the forecast period.
Battery packs constitute a major share in terms of cost of an electric vehicle,
and thus dominated global electric vehicle market in 2016. The battery pack
segment has further been bifurcated into lithium-ion battery, nickel metal
hydride battery and others. Lithium-ion battery is projected to grow at the
highest CAGR during 2016–2014 due to characteristics, such as safety, life-span,
performance, specific energy and specific power. However, the cost of
manufacturing a lithium-ion battery is quite high; hence, it is predicted that
increase in production volume will lead to steep decline in the cost over the
coming years.
Asia-Pacific controled the largest share in the market in 2016
Asia-Pacific held the largest share in global electric vehicle market in 2016 due
to the government support in terms of subsidies, tax rebates, grants as well as
through improved changing infrastructure. China and Japan are leading countries
in the region where the adoption rate of electric vehicles is high. There were
around 336,000 and 24,850 new registrations of BEV and PHEV in 2016 in China
and Japan, respectively. The BEV constitutes 75% of Chinese electric car stick
share in 2016. North America and Europe are the other two most important
regions in global electric vehicle market. United States is the key country in
North American region, which registered the highest number of electric vehicles
in 2016.