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The global electric vehicles market is expected to grow as consumers around the world are seeking to lower their fuel expenditure. Growing government initiatives, rising environmental concerns and availability of electric vehicles at affordable prices are some of the factors affecting market growth. In terms of revenue, the market for electric vehicles (on-road) was valued at USD 83.54 billion in 2012. Rising prices of fossil fuels coupled with the environmental impact of the petroleum based transportation vehicles has led to renewed interest in electricity operated vehicles. Government organizations worldwide are taking several initiatives in order to promote the electric vehicles adoption and awareness, so as to achieve their economic and environmental goals.
By product types, the global market for on-road electric vehicles has been categorized into four broad segments such as motorcycles and scooters, cars, buses and others. Others include vehicles such as neighborhood electric vehicles, bicycles, golf carts and trucks. In terms of revenue, electric cars are estimated to dominate the electric vehicles market throughout the forecast period, 2013 - 2019. In terms of volume, electric bicycles held the largest market share in 2012 and are expected to remain as largest market by 2019. Despite being environment friendly and cost effective, electric vehicles are expected to face challenges in achieving high volume sales, which is a major challenge hindering the market growth. This is due to high initial cost and limited performance in terms of driving range and heavy duty applications.