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Technavio’s market research analysts predict the global high-performance electric vehicle (HPEV) market to grow steadily at a CAGR of almost 38% by 2021.One of the key factors responsible for the growth of this market is the stringent regulations on emissions and fuel efficiency. The development and adoption of green vehicles are considered as major solutions to reduce greenhouse gas (GHG) levels in the atmosphere to an acceptable level. These vehicles run on alternative sources of energy such as only electricity, hybrid energy, and other power sources such as solar, wind energy, or biofuels. In an attempt to control global warming, countries around the world are coming up with stringent emission norms to curb the levels of GHG emissions from vehicles. For instance, the European Union regulations, known as Euro norms, have set emission standards and fuel consumption levels that new vehicles being launched must meet. Currently, the Euro 6 norms that are effective have been in place since 2014. Such norms by governments across the globe have made it is compulsory for automakers to comply with this stringent emission and fuel consumption regulations, automakers are compelled to develop zero emission vehicles (ZEVs) or nearly zero emission vehicles, this, in turn, will propel the growth of the HPEV market during the forecast period.
One of the latest trends gaining traction in this market is the development of fuel cell vehicle (FCV) technology for range extension in HPEVs. Instead of an engine, this variant uses a fuel cell to extend the range of battery by charging through an electric vehicle motor. Fuel cells generate electricity using oxygen (from the air) and compressed hydrogen. FCVs that use hydrogen are zero-emission vehicles and emit only water and heat. Also, an increasing number of governments are promoting the adoption of FCVs; this will consequently augment the growth of the global HPEV market in the coming years.
The global HPEV market has limited vendors and is characterized by rapid technological innovations. The market is highly consolidated due to the presence of few players holding major parts of the market share. Major manufacturers are, focusing on increasing their geographical presence and product portfolios. Also, an attempt to enter into new emerging markets will be the key focus area for HPEV manufacturers to increase their market shares during the forecast period.
Leading vendors in the market are –
Other prominent vendors in the HPEV market include Audi, BYD, Ford Motor, Honda, Hyundai Motor, and Volkswagen.
During 2016, the premium segment dominated the HPEV market and accounted for a major part of the overall market share. Premium HPEVs are transition-state vehicles between the entry-level and luxury segments. Premium HPEVs are more popular in the US and some Europe countries, where global wealth distribution is high, and most consumers can afford premium vehicles. With rising income levels in few developing countries, the market share of this segment is expected to increase in the coming years.
In this market study, analysts have estimated North America to dominate the HPEV market during the forecast period. The increasing emphasis on government and private sector companies on battery-operated electric vehicles (EVs) and other eco-friendly modes of transport is the key contributor to the dominance of the HPEV market in the region.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by vehicle type
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Market challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
PART 14: Explore Technavio
Tags: auto electric, ev battery, automotive components, auto accessories, automotive industry size, automotive industry outlook,
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