Electric Vehicle Industry Experiencing a Boom
The global market for electric vehicle power sources is continuing to grow in most market sectors, according to “Electric Vehicle and Fuel Cell Power Sources: Technologies and Global Markets,” a recent report from BCC Research. The foundation for much wider electric vehicle (EV) use is now well established, and private and government-backed plans are well-financed for the introduction of large numbers of next-generation vehicles. As the market for battery-powered vehicles flourishes, the emerging market for fuel cell-powered vehicles is just beginning.
The global EV power sources market in 2013 was worth more than $11.9 billion at the manufacturers’ level. This market is expected to spread at a compound annual growth rate (CAGR) of 11.1% between 2014 and 2019.
The largest segment of the EV market (at least based on number of units) is mainly the Far Eastern lead-acid battery-powered eBike and eScooter market. It was worth $2.4 billion in 2013, contracted slightly, and will grow from $2.2 billion to more than $6.1 billion between 2014 and 2019. This will occur as Chinese sales continue to increase and the market spreads throughout the Far East, especially into India.
“After eight years of commercial pilots and technological improvements, the fuel cell vehicle is poised for wide introduction, hefty buyer subsidies, and most importantly, growing hydrogen fuel availability,” said Donald Saxman, analyst. “Under a consensus scenario, this market could approach a half billion in annual sales by 2019.”
For more information, visit www.bccresearch.com.