Electric Vehicle Market Projected to reach 10.79 million units by 2025 | Key players include Tesla, Nissan Motor Corporation, BYD, BMW and Volkswagen

"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", The global electric vehicle sales are estimated to grow from 1.50 million units in 2018 to 10.79 million units by 2025, at a CAGR of 32.57%.

Government subsidies and tax rebates, a variety of EV models, increasing vehicle range, and improving charging infrastructure are the factors responsible for the growth of the sales of EVs. Lack of standardization is a major restraint for the growth of the electric vehicle market.

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“North America is the fastest growing market in terms of sales”

North America is the fastest market for electric vehicles followed by the Asia Pacific. Existing grants and subsidies, tax rebates, and availability of charging infrastructure are contributing to the growth in EV sales in this region. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The OEMs in North America such as Tesla and GM have focused on the development of faster, cleaner, and high-performance electric vehicles.

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"BEVs: Expected to dominate the EV market"

Governments prefer BEVs as they are zero-emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. BEVs were also the most preferred vehicles in China in 2017. It is expected that the continuously improving charging infrastructure, reducing charging time, and existing government support would help the BEV segment to dominate the other EV propulsion systems such as PHEVs and FCEVs.

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)

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

The models in the electric passenger car segment such as the Tesla Model S, Nissan Leaf, BYD Tang, and Mitsubishi Outlander are some of the top-selling electric passenger cars in 2016. Availability of subsidies and tax rebates, features such as increasing vehicle range and improved charging infrastructure, reduction in charging time, and the decreasing price of EVs are the major factors driving the global electric vehicle market.

Electric vehicle sales in China have registered the largest market during the forecast period because of several measures adopted by the Chinese government for the promotion of EVs. China’s growing dependence on imported oil and increasing pollution in the congested urban areas are alarming situations, which have forced the Chinese government to promote EVs in the country. The Chinese government has adopted unique policies such as restricting new vehicle registrations to EVs in heavily polluted and congested cities and announced huge investments in the EV battery segment and building EV charging infrastructure. However, the subsidies and grants are limited to those OEMs who manufacture EVs in China. Seeing the tremendous growth and demand for EVs, major OEMs across the globe are establishing their manufacturing base in China to cater to the growing demand and to avail the grants and subsidies available.

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