Electric vehicles are a renewable alternative to fuel cars, that uses one or more electric motors, rather than an internal combustion engine that produces energy by burning a mix of gases and fuel. Owing to the stringent emission regulations, there is an increasing demand for electric vehicles as it reduces emission and lowers fuel cost. Under the Energy Policy Act of 1992, hydrogen is considered an alternative fuel and eligible for alternative fuel vehicle tax credits. Increasing consumer awareness regarding greener alternatives has led to the adoption of electric vehicles. As per the International Energy Agency (IEA), the global electric passenger car stock surpassed 5 million in 2018, which represented a rise of 63% from 2017.

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In 2018, China accounted for the largest share of nearly 45% in the global electric cars on the road, which is 2.3 million, followed by Europe (24% of the global fleet) and the US (22% of the global fleet). With the rise in the demand for electric vehicles and stringent emission norms, the automakers have shifted their focus towards the development of electric vehicles as an opportunistic approach to growth within a defined area. Hyundai Motor Group, a South Korean automotive company is focusing on electric vehicles powered by hydrogen fuel cells. In addition, Honda Motor Co. Ltd. and Toyota Motor Corp. are also focusing on hydrogen FCEVs.

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Industrial Segmentation

Battery Electric Vehicles
Plug-in Hybrid Electric Vehicles
Hybrid Electric Vehicles

Impact of COVID-19 on major economies

North America
United States
Canada

Europe
UK
Germany
Italy
Spain
France
Rest of Europe

Asia-Pacific
China
India
Japan
Rest of Asia-Pacific

Rest of the World
Middle East & Africa
Latin America

Company Profile
AB Volvo
Audi AG
BAIC Automotive Group Co., Ltd.
BMW AG
BYD Auto Co., Ltd.
Daimler AG
Ford Motor Co.
General Motors Co.
Groupe PSA
Honda Motor Co., Ltd.
Hyundai Motor Co.
Kia Motors Corp.
Nissan Motor Co.
Tesla, Inc.
Volkswagen AG

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