DUBLIN--May 3, 2012: Research and Markets (Research and Markets Global Electric) has announced the addition of the "Global Electric Vehicle Market 2011-2015" report to their offering.
One of the key factors contributing to this market growth is the increasing need for energy independence. The Global EV market has also been witnessing increased awareness of the need to reduce emissions from vehicles. However, limited performance could pose a challenge to the growth of this market.
Key vendors dominating this market space include Toyota Motor Corp., Honda Motor Co. Ltd., Ford Motor Co., and General Motors Corp.
Commenting on the report, an analyst from TechNavio's Clean Tech team said; The recent surge in the production of EVs in various countries is one of the most significant trends observed in the Global EV market. For instance, in its twelfth five-year plan, the Chinese Government mentioned its plans to increase the production of EVs in the country to boost the growth of the Renewable Energy industry. The EV market in the US, on the other hand, is witnessing the formation of partnerships aimed at expanding the market at a rapid pace. The limited oil supply in the US is also forcing the Government to rely on EVs.
According to the report, the scarcity of oil reserves is one of the major factors inducing the growth of the Global EV market. The main reasons for oil scarcity are the rapid oil demand from the emerging economies and a simultaneous decline in the oil supply. This shortage of oil reserves and the increasing demand for vehicle fuels are inducing various countries to discover alternative ways to reduce dependence on oil. As a result, various governments are funding and subsidizing EV and equipment manufacturers to increase the adoption of EVs. Consequently, this increase in the scarcity of oil becomes one of the major driving factors for the Global EV market.
Companies Mentioned
- Toyota Motor Corp.
- Honda Motor Co. Ltd.
- Ford Motor Co.
- General Motors Corp.
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