Electric Vehicle Market Share, Size, Industry Analysis, Future Plans and Forecast 2025

Global Electric Vehicle market is estimated to grow at a CAGR of more than 20.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the global EV market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth. Lack of charging stations and the availability of small range electric vehicles are the major factors to restrain the growth of the global EV market.

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Some of the major companies which are contributing to the growth of the global electric vehicle market include BMW AG, Audi AG, Ford Motors Co., Jaguar Land Rover, Tesla, Inc, Volkswagen AG, and others.

The market is segmented on the basis of vehicle type, propulsion technology, battery Type, and country. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology, the market is sub-segmented into battery electric vehicles, plug-in hybrid electric vehicles. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others.

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The global EV market is further segmented based on geography that includes North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific is anticipated to witness a significant growth rate in the market owing to the presence of a large customer base along with favorable government incentives and subsidies to promote the adoption of EV.

The market players are considerably contributing to the market growth by the adoption of various strategies including new product innovations, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Market Segmentation

Electric Vehicle Market by Vehicle Type

o Commercial Vehicles
o Passenger Cars
o Two-Wheelers

Electric Vehicle Market by Propulsion Technology

o Battery Electric Vehicles
o Plug-in Hybrid Electric Vehicle

Electric Vehicle Market by Battery Type

o NiMH
o Li-Ion
o Others

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