Electric Vehicle Market by Propulsion, Vehicle, Charging Station, Charging Infrastructure, Power Output, Installation, and Region

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Electric Vehicle Market by Propulsion, Vehicle,
Charging Station, Charging Infrastructure, Power
Output, Installation, and Region - Global
Forecast to 2025
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The global Electric Vehicle Market is projected
to grow at a CAGR of 32.57 during the forecast
period, to reach 10.79 million units by 2025,
from an estimated 1.50 million units in 2018.
Government support in the form of subsidies,
grants, and tax rebates, improving charging
infrastructure, increasing vehicle range, and
reducing Electric Vehicle battery cost has
resulted in the sales growth of electric vehicles
globally. The FCEV segment (zero-emission
vehicles) is set to register the highest growth
rate in the electric vehicle market followed by
BEVs and PHEVs, because of the availability of
better subsidies and support from governments.
Increasing vehicle range and improving charging
infrastructure have fueled the demand for BEVs.
Nissan Leaf and Tesla Model S were the most
successful and highest selling BEV models in
2016. The growth of BEV sales is projected to
continue during the forecast period because of
decreasing battery prices, increasing
environmental awareness among consumers, and
decreasing charging time. It has been projected
that the invention of super-fast chargers would
enable EV to be fully charged in less than an
hour. PDF Brochure https//www.marketsandmarket
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An electric passenger car is the largest segment
in the global electric vehicle market. The growth
can be attributed to the growing demand for
fuel-efficient vehicles, increasing environmental
awareness among consumers, and competitive
pricing in comparison to the ICE passenger cars.
The increasing support from governments in China,
Japan France, Norway, and the US, and the OEMs
efforts to improve the existing EV models would
drive the sales of electric vehicle passenger
cars during the forecast period. Major OEMs have
also announced the launch of the EV variants of
their most successful IC (internal combustion)
engine models. Asia Pacific is the largest
market for automotive Electric Vehicles. China is
the largest market because of the government
support and the availability of strong charging
infrastructure. The alarming pollution levels in
these countries have forced their governments to
announce various kinds of financial and
nonfinancial benefits to promote the sales of
EVs. Request for Sample https//www.marketsandm
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Government support is considered to be the most
crucial factor affecting the EV sales as the
availability of subsidies, grants, and tax
rebates help in pricing EV cars competitively as
compared to ICE cars. The global electric
vehicle market is dominated by major players such
as Tesla (US), Nissan Motor Corporation (Japan),
BYD (China), BMW (Germany), and Volkswagen
(Germany). Request for Customization
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Government funding, subsidies, and incentives
growing demand for electric vehicles increasing
concern of environmental pollution, and huge
investments by automakers in electric vehicles
are driving the growth of the electric vehicles
market Battery Electric Vehicle (BEV) BEVs are
preferred by several governments due to their
zero-emission nature. Various governments around
the world support the sales of BEVs through their
higher subsidy and tax rebate structures in
comparison to HEVs and PHEVs. BEVs are also the
most preferred vehicles in China. With steadily
improving charging infrastructure and reducing
charging time, BEVs are expected to register the
highest growth rate among all EV propulsion
systems. Increased range and reduced cost play an
important role in increased sales of BEVs.
Cumulative sales of BEVs may soon cross one
million units worldwide. BEVs are available in
multiple segments including sedan, SUV, and
hatchback. Many OEMs are launching electric
vehicles to cater to the market demand. BYD
(China) and Tesla (US) are the pure electric
vehicle companies topping sales while OEMs such
as Nissan, Toyota, and GM are also giving tough
competition to electric vehicle manufacturers.
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Fuel Cell Electric Vehicle (FCEV) Fuel cell
vehicles have better fuel economy and can travel
around 300400 miles with a full fuel tank. The
refueling time for fuel cell powered vehicles is
around 3 to 5 minutes. This makes fuel cell
electric vehicles (FCEVs) an ideal option for
transportation on definite or fixed route.
However, the availability of infrastructure such
as hydrogen refueling stations and hydrogen
production facilities, which support fuel cell
technology, is very limited worldwide due to the
heavy cost of fuel cell stack and system.
Moreover, hydrogen is difficult to store and
transport, which also adds to the cost of the
system. However, governments of various regions
are increasingly investing to develop
hydrogen-powered vehicles and hydrogen
infrastructure. For instance, in January 2018,
the Government of Canada announced an investment
of USD 120 million to expand the electric vehicle
charging and alternative refueling stations
including hydrogen refueling stations.
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Plug-In Hybrid Electric Vehicle (PHEV) Increasing
number of charging stations in countries such as
China, US, and the UK would positively affect the
demand for PHEVs. The demand for PHEVs would also
rise due to various tax benefits and incentives
provided by the governments of different
countries. For instance, the Japanese government
is providing subsidies up to USD 8,500 for PHEVs.
China is leading the market for PHEVs in the Asia
Pacific owing to the availability of advanced
technology and increased government incentives on
purchase of PHEVs. Hybrid Electric Vehicle
(HEV) Globally, many countries are now providing
various incentives and tax rebates on the
purchase of HEVs, which is ultimately driving the
HEV market. Moreover, policies such as exemption
from road tax, crowding charge waiver, and free
car parks at various places have encouraged
consumers to adopt hybrid vehicles. As a result,
the adoption of HEVs is increasing, particularly
in the Asia Pacific region. China, India, and
Japan are investing a huge amount of money to
encourage the adoption of HEVs.
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