Electric Car Market to Witness 5.3 Million Unit Sales in 2025

Since the Industrial Revolution, the levels of carbon dioxide (CO2), which is the primary greenhouse gas (GHG), have increased threefold, as per the National Geographic Society. This has been a result of the increasing rate of the burning of oil, coal, and other fossil fuels in power plants, vehicle engines, factories, and homes. As per the U.S. Environmental Protection Agency (EPA), the transportation sector is responsible for around 14% of the total GHG emissions around the globe. With alarm bells ringing, steps are being taken to reduce the emission of these harmful substances from automobiles.

As a result of the increasing consciousness and government initiatives, the electric car market is on path to reaching a sale of 5.3 million units in 2025, from merely 0.8 million units in 2016, with this number growing at a healthy 33.6% CAGR between 2017 and 2025.

Request to Get the Sample Report@ https://www.psmarketresearch.com/market-analysis/electric-car-market/report-sample

The research offers market size of the global electric car market for the period 2013–2023.

GLOBAL ELECTRIC CAR MARKET

By Technology – BEV and PHEV
By Segment – Economy, Low, Medium, Premium
By Region – North America, Asia-Pacific, Europe and Rest of the World

Presently, Asia-Pacific (APAC) is the most lucrative electric car market, on account of the high air pollution levels in regional countries, especially China, Japan, and India. This is why the governments here are offering numerous financial benefits to the customers as well as manufacturers of EVs. For instance, Government of India has invested $1,460 million (INR 10,000 crore) to support the purchase of 1,500,000 electric vehicles by March 2022, under its ambitious Fast Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme Phase II.

In the APAC region, the market is fragmented due to the presence of numerous electric car OEMs, majorly in China, such as BYD Co. Ltd., BAIC Motor Corp. Ltd., SAIC Motor Corp. Ltd., Geely Automobile Holdings Ltd., Chery Automobile Co. Ltd., Anhui Jianghuai Automobile Co. Ltd. (JAC Motors), and Changan Automobile Co. Ltd.

Speak to Analyst: https://www.psmarketresearch.com/speak-analyst/electric-car-market

Thus, with governments strongly encouraging the adoption of clean automobiles for the sake of the environment as well as humans, the demand for electric cars will witness a massive rise in the years to come.

Contact: P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: http://psintelligence.blogspot.com/

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.