Electric Vehicle Market by Propulsion, Vehicle, Charging Station, Charging Infrastructure, Power Output, Installation, and Region - Global Forecast to 2025 www.MarketsandMarkets.com
The global Electric Vehicle Marketis 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. 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. PDF Brochure : https://www.marketsandmarkets.com/pdfdownload.asp?id=209371461
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. 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. Request for Sample : https://www.marketsandmarkets.com/requestsample.asp?id=209371461
Government support is considered to be the most crucial factor affecting the EV sales as the availability of subsidies, grants, and tax rebates help in pricing EV cars competitively as compared to ICE cars. The global electric vehicle market is dominated by major players such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany). Request for Customization : https://www.marketsandmarkets.com/requestCustomization.asp?id=209371461
Government funding, subsidies, and incentives; growing demand for electric vehicles; increasing concern of environmental pollution, and huge investments by automakers in electric vehicles are driving the growth of the electric vehicles market Battery Electric Vehicle (BEV) BEVs are preferred by several governments due to their zero-emission nature. Various governments around the world support the sales of BEVs through their higher subsidy and tax rebate structures in comparison to HEVs and PHEVs. BEVs are also the most preferred vehicles in China. With steadily improving charging infrastructure and reducing charging time, BEVs are expected to register the highest growth rate among all EV propulsion systems. Increased range and reduced cost play an important role in increased sales of BEVs. Cumulative sales of BEVs may soon cross one million units worldwide. BEVs are available in multiple segments including sedan, SUV, and hatchback. Many OEMs are launching electric vehicles to cater to the market demand. BYD (China) and Tesla (US) are the pure electric vehicle companies topping sales while OEMs such as Nissan, Toyota, and GM are also giving tough competition to electric vehicle manufacturers.
Fuel Cell Electric Vehicle (FCEV) Fuel cell vehicles have better fuel economy and can travel around 300–400 miles with a full fuel tank. The refueling time for fuel cell powered vehicles is around 3 to 5 minutes. This makes fuel cell electric vehicles (FCEVs) an ideal option for transportation on definite or fixed route. However, the availability of infrastructure such as hydrogen refueling stations and hydrogen production facilities, which support fuel cell technology, is very limited worldwide due to the heavy cost of fuel cell stack and system. Moreover, hydrogen is difficult to store and transport, which also adds to the cost of the system. However, governments of various regions are increasingly investing to develop hydrogen-powered vehicles and hydrogen infrastructure. For instance, in January 2018, the Government of Canada announced an investment of USD 120 million to expand the electric vehicle charging and alternative refueling stations including hydrogen refueling stations.
Plug-In Hybrid Electric Vehicle (PHEV) Increasing number of charging stations in countries such as China, US, and the UK would positively affect the demand for PHEVs. The demand for PHEVs would also rise due to various tax benefits and incentives provided by the governments of different countries. For instance, the Japanese government is providing subsidies up to USD 8,500 for PHEVs. China is leading the market for PHEVs in the Asia Pacific owing to the availability of advanced technology and increased government incentives on purchase of PHEVs. Hybrid Electric Vehicle (HEV) Globally, many countries are now providing various incentives and tax rebates on the purchase of HEVs, which is ultimately driving the HEV market. Moreover, policies such as exemption from road tax, crowding charge waiver, and free car parks at various places have encouraged consumers to adopt hybrid vehicles. As a result, the adoption of HEVs is increasing, particularly in the Asia Pacific region. China, India, and Japan are investing a huge amount of money to encourage the adoption of HEVs.
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