Electric Vehicle Market worth 10.79 million Units by 2025

According to the new market research report "Electric Vehicle Market by Propulsion (BEV, PHEV, FCEV), Vehicle (PC, CV), Charging Station (Normal, Super, Inductive), Charging Infrastructure (Normal, Type-2-AC, CHAdeMO, CCS, Tesla SC), Power Output, Installation, and Region - Global Forecast to 2025", published by MarketsandMarkets™, Global electric vehicle sales is projected to grow at a CAGR of 32.57% from 1.50 million units in 2018 to 10.79 million units by 2025.

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The global electric vehicle market is driven by government support in the form of subsidies, grants, and tax rebates. Improving charging infrastructure, increasing vehicle range, and reducing cost of batteries have fueled the demand for EVs across the globe.

Electric passenger car segment: Expected to dominate the electric vehicle market

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 OEM’s 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.

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BEVs: Expected to dominate the EV market

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.

Asia Pacific: Largest market for EVs

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.

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Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany) are among a few major players in the Electric Vehicle Market.

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