EV Market Grows Strongly as Technology Advances – Reliance on Government Support and Weak Infrastructure However Remain Strong Challenges

In July 2017 Volvo announced that from the year 2019 all cars that it manufactures will be either fully electric or hybrids. Volvo would as such become the first large automobile manufacturer to so boldly embrace the electrification of cars, and yet in a fast growing market where brand names like Tesla are increasingly becoming well recognized brands, Volvo's move does not come as a complete surprise.

Key Questions Answered

– How fast is the EV market growing?

– Why is the EV market growing?

– What are the main challenges facing the EV market?

– Does growth in the EV market mean pollution levels will decline?

Scope

– In the past several years, the car stock growth of the EV market has consistently been above 50%.

– In March 2017 scientists were able to invent a new battery which has three times the energy density of lithium-ion batteries.

– States have sought to b

Reasons to buy

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Table of Contents

Table of Contents

Overview 2

Catalyst 2

Summary 2

Electric Vehicle market growing rapidly 6

Electric car stock grew by 60% in 2016 6

As Tesla”Ÿs popularity grows Volvo and Jaguar Land Rover decide to go completely electric 7

Reasons for growth of EV Market 9

Improving technology and infrastructure making EV”Ÿs a viable option 9

Battery technology improving, but charging stations need further development 9

Governments encouraging growth via subsidies and prohibitions 10

Rising climate change awareness boosting demand for eco-friendly policies 11

Challenges facing the EV market 12

Over-reliance on government support and subsidies 12

Decline in crude oil prices making fossil fuel-run vehicles competitive again 13

Lack of developed infrastructure hurting image of EV 14

Growth in EV market will not necessarily cause a strong decline in pollution 15

The largest EV market generates most of its electricity from fossil fuels 15

Construction of EV batteries not eco-friendly 16

Conclusions 17

Move towards EV dominance will hit a stumbling block if state-level support ends 17

Appendix 18

Sources 18

Further Reading 19

Ask the analyst 20

About MarketLine 20

Disclaimer 20

List of Tables

List of Tables

Table 1: Electric Cars (including plug in hybrids) market share by country, 2016 6

Table 2: Top 5 global battery electric vehicles and passenger car”Ÿs markets, 2017 12

List of Figures

List of Figures

Figure 1: Tesla Motors, Net Income and Total Cost of Revenue, $ millions, 2012-2016 7

Figure 2: Number and Types of Electric Charge Stations in the US, 2017 10

Figure 3: Price of Crude Oil, Dollars per Barrel, 2011-2017 13

Figure 4: Price of unleaded petrol in the UK, $ per liter, 2011-2016 14

Figure 5: Power generation segmentations in China by source, 2011-2015 15

Figure 6: Power generation segmentations in the United States by source, 2011-2015 16

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