Electric Vehicle Market Insights | Key Players: Tesla (US), Nissan Motor Corporation (Japan), BYD (China), and BMW (Germany), and Volkswagen (Germany).
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.
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According to MarketsandMarkets analysis, the number of electric vehicle charging stations are estimated to reach 560,823 units in 2018 and is projected to grow at a CAGR of 37.86% during the forecast period. The major factors driving this growth are increasing Electric Vehicle sales, investments by OEMs and governments, and the availability of grants for the establishment of charging stations.
Players Profiled in the Report are:
• Tesla Motors, Inc. (US)
• Nissan Motor Corporation (Japan)
• BYD Company Limited (China)
• BMW (Germany)
• Volkswagen (Germany)
• Toyota (Japan)
• Ford (US)
• Volvo (Sweden)
• Daimler (Germany)
• Hyundai (South Korea)
• Honda (Japan)
• Continental (Germany)
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.
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• Where will all these zero-emission vehicles take the industry in the long term?
• Will the start-ups continue to explore new avenues for electric vehicles?
• How do you see the demand for BEVs in the Nordic countries?
The Chinese policy favors zero-emission vehicles. BEVs (fully battery-operated electric vehicles) account for the three-fourths of the total number of electric vehicles sold in China.
The North American region is the fastest growing market for electric vehicles. The increasing electric vehicle sales along with the existing subsidies and rebates have opened new opportunities for global electric vehicle manufacturers. The improving charging infrastructure, positive government policies, declining battery prices, and increasing range of electric vehicles are boosting the growth of the electric vehicle market in this region.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall electric vehicles market and their subsegments. This report will help stakeholders to understand the competitor landscape better and gain more insights to position their businesses better and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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