LONDON, March 3, 2016 /PRNewswire/ -- Global High Performance Electric Vehicles market is expected to grow at a CAGR of 38.75% during the forecast period and would reach 0.52 million units by the end of 2020. Tesla pioneered the concept of EHPV and supported and encouraged their development. The company hopes that this initiative would spur consumer acceptance and create a network of supporting businesses, such as, EV charging stations and service centers. During the forecast period, new EHPVs by Audi, Porsche, and Aston Martin are expected to enter the market. By the end of 2015, North Americas would account for the majority of the market share, followed by European and APAC countries. The market is segmented by electric vehicle type, by power range and by geography (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa). Some of the key players in this market are BMW, Daimler, and Nissan Motor.
An electric high performance vehicle (EHPV) is propelled by electricity and is equipped with advanced electric vehicle powertrain components and Li-ion batteries with high energy density. These battery electric vehicles have top speeds exceeding 90 miles per hour and driving range exceeding 80 miles per single charge. These types of vehicles have been introduced recently and its technology is still in its development stage. However during the forecast period, electric vehicle is expected to gain significant momentum, which is poised to propel the growth of the high performance electric vehicle market, as well. Growing awareness of vehicle emissions, lower operating and maintenance cost aided by increase in Government initiative to encourage the use of electric vehicles, would also drive the growth of high performance electric vehicles.
Electric high performance vehicles can be differentiated from other EVs with regard to certain aspects, which include longer range of distance i.e. over 90 miles in single charge. EHPVs also have high acceleration and can attain speed of over 90 miles per hour with shorter 0 to 60 miles per hour acceleration, unlike that of EV, which can range at speeds varying from 40-65 miles per hour. These vehicles have advanced electric vehicle powertrain components (electric motors and converters) which are relatively light weight, giving them a much higher energy efficiency compared to other commercially available EV. Additionally, cost of fuel used for propulsion is also significantly lower (estimated to be less than one third) than high performance ICE vehicles. High cost of ownership coupled with limitations in account of the charging infrastructure in many countries, would affect the growth of the market in the forecast period.
What the Report Offers
1) Market Definition along with identification of key drivers and restraints for the market.
2) Market analysis with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies.
4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
5) Identification and analysis of the Macro and Micro factors that affect the high performance electric vehicles market.
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