Vehicle Electrification Market Report, Growth and Forecast Research 2 Vehicle Electrification Market Report, Growth and | Page 2

making electric vehicles a reality. Over 1.2 million electric vehicles were sold in the last
year, with more than 165 models available for sale. Market leader China holds
approximately 48% of the total electric vehicle market followed by Europe at
approximately 26%. Tighter emission norms followed by dropping prices of battery packs
is forcing the market to newer dimensions.
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Solid state battery which is the future of battery packs would further push forward the
electric vehicles market. More than 10 vehicle manufacturers in the last 6 months have
announced their plans to launch electric vehicle in the future. Tesla’s lithium-ion factory
which is called the tesla Gigafactory is only 35% operational, and plans to produce by the
year 2018, 50 GWh worth of batteries. When the factory becomes fully operational, it
claims to produce around 150 GWh of batteries which can power around 1.5 million
vehicles having 100KWh of battery pack. BMW, Fisker and Toyota are likely to be the
early birds to adopt the battery in its electric vehicles by the year 2023.
Supplementing vehicle production in the past few years is expected to drive the market
for vehicle electrification. Concerns regarding the depletion of fossil fuels, rising emission
related queries has forced the government and OEMs to take various steps in electrifying
the vehicle propulsion system which would help in curbing carbon footprint. However,
exorbitant prices of electric vehicle in the present market scenario owing to high prices for
batteries is somehow hindering the adoption of electric vehicle. Additionally, lack of
charging infrastructure or fueling stations is further going to hinder the market’s growth.
In terms of region the market has been segmented into Asia Pacific, Europe, North
America, Middle East and Africa and South America. Asia Pacific dominated the market
owing to the contribution of China. China alone contributes around 48% of the electric
vehicle market in the year 2017. Europe is expected to witness a prime growth rate owing
to the contribution or Germany and Norway. Various factors contributed, such as the and
increasing customer interest in electric vehicles and ongoing bans for diesel technology.
Germany encountered a huge momentum in the electric vehicle sales, where the market
increased more than double. Germany is now Europe’s second-largest electric vehicle
market, outpaced only by Norway.
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Some of the major players of this market are Tesla, BYD, Nissan Motor, Delphi
Automotive and VW among others.