Global electric vehicle market to reach $271.67 billion by 2019

Transparency Market Research estimates that the global electric vehicles market would have a compounded annual growth rate of 19.2 percent from 2013 to 2019, reaching $271.67 billion in revenue. As regards volume, the market is expected to sell 64.4 million electric vehicles by the end of the said period.

Global demand for electric cars is growing at a fast pace. In 2014, there were more than 320,000 new electronic vehicle registrations, with the total global market reaching 740,000 vehicles, according to the Centre for Solar Energy and Hydrogen Research.

Playing a major role in driving growth are a few car manufacturers, including Mitsubishi, Tesla, Chevrolet and Nissan. Nissan and Renault sold more than 250,000 electric cars worldwide since their launch of the Nissan Leaf in 2011. It was said to be the best-selling electric car to date, and one of two all-electric automobiles from the Japan car company.

The Electric Vehicles Initiative, in its outlook on what the electric vehicle landscape could be through 2020, reported that plug-in hybrid electric cars seem to have more market momentum as compared to battery electric versions. The reason was that consumers want fuel flexibility for greater range. In addition, factors such as being more environment-friendly and the high operating cost of fuel-run vehicles are attracting customer interest in electric vehicles.

Indeed, electric vehicle ownership continues to increase worldwide, with the US, Japan and China leading all regions in terms of growth in 2014. The Centre for Solar Energy and Hydrogen Research analysis showed that the US and Japan had a 69 and 45 percent growth rate, with total electric vehicles reaching 290,000 and 110,000 units, respectively. China was revealed to have the biggest gain at 120 percent with 100,000 units. To keep this trend going and stay atop the electric vehicle competition, manufacturers from China are releasing smarter and more functional cars. These show that the industry is on track in the coming years and that big opportunities await electric car manufacturers stayingin line with and aiming to start new trends.

See a comparison table of electric car suppliers on GlobalSources.com