New energy vehicle (NEV) is term coined in China for electric vehicles, which includes vehicles that are either partially or fully powered by electricity. New energy vehicles are zero or low emission vehicles, which include battery operated electric vehicles, plug-in hybrid vehicles, hybrid vehicles and fuel-cell vehicles. NEVs do not emit exhaust gases, unlike conventional IC engine vehicles that emitted exhaust gases, comprising constitute carbon monoxide, hydrocarbons, particulates matter, and other highly harmful gases, which are hazardous and harmful to human health.
Growing environmental pollution from conventional vehicles is a major concern that is projected to boost the NEV market during the forecast period. Further, rising government support through incentives and subsidies offered on zero-emission vehicles and consistent increase in fuel prices are other factors that are projected to boost the NEV market during the forecast period. Additionally, governing bodies around are the world are forming alliances and enacting stringent emission norms to counter the temperature surge caused primarily due to vehicular emission. However, introduction of NEVs is projected to eliminate conventional vehicular pollution. These factors are expected to offer lucrative opportunities to the NEV market during the forecast period. Lack of recharging infrastructure facilities, especially in developing and underdeveloped countries, and its higher initial investment are major factors that are likely to restrain the NEV market during the forecast period.
The global NEV market can be segmented based on type, vehicle type, and geography. Based on type, the market can be divided into battery operated electric vehicle, plug-in hybrid vehicle, hybrid vehicle, and fuel-cell vehicle. Battery operated electric vehicle is a highly attractive segment of the market, and the adoption rate of these vehicles is significantly high across the globe. This is majorly attributed to government incentives and growing awareness toward adoption of zero-emission vehicles, as they do not emit any pollution. They utilize a battery as a power source to power the electric motors, which drive these vehicles. The battery operated electric vehicle segment is projected to dominate the market during the forecast period.
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In terms of vehicle type, the global new energy vehicle market can be split into passenger vehicle and commercial vehicle. The passenger vehicle segment is projected to lead the NEV market during the forecast period. This expansion of the segment is primarily due to rising awareness and implementation of stringent norms resulting in significantly higher sales of passenger vehicles of the NEV market. The segment is projected to maintain its leading position in the market during the forecast period.
Based on region, the NEV market can be bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a dominant share of the global NEV market. Well-developed charging infrastructure, presence of electric vehicle manufacturers in the region, government subsidies, increase in fuel rate, decline in new energy vehicle cost, surging emission awareness, and stringent emission policies have driven the NEV market in Asia Pacific. China leads the NEV market in Asia Pacific. Besides China, Japan, South Korea, and India are also anticipated to be highly lucrative markets for new energy vehicle in Asia Pacific region, during the forecast period.
Key players operating in the global NEV market include BYD Company Limited., Tesla, Inc., Volkswagen AG, Daimler AG, BMW AG, AB Volvo, Hyundai Motor Company, Motor Development International SA, Tata Motors, Honda Motor Co., Ltd., Toyota Motor Corporation, Nissan Motor Corporation., Ford Motor Company,Groupe Renault, General Motors, Mitsubishi Motors Corporation, Mahindra & Mahindra Limited, SAIC Motor Corporation Limited, London EV Company Ltd., Chongqing Changan Automobile Company Limited, and BAIC Motor Corporation.