Electric Vehicle Market: A Highly Booming Industry with a Galore of Opportunities

Northbrook, IL -- (SBWire) -- 05/29/2019 --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.

Opportunities
1 Use of Vehicle-To-Grid (V2G) EV Charging Stations
2 EV Charging Stations Powered By Solar Panels

Electric passenger car segment: Expected to dominate the EV market

Technological advancements and increasing focus on research & development activities by leading OEMs to launch affordable and premium quality electric passenger cars. 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 or EVs are the major factors driving the global EV market.

BEVs: Expected to dominate the EV market

In 2018, the sales of electric vehicles comprise of BEV and PHEV crosses 2 million units mark. Refillable batteries can fuel the market for electric vehicles market. It can be refueled in minutes at a huge network of converted gas stations. Governments prefer BEVs as these are zero emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. BEVs are 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 make the BEV segment to dominate the other EV propulsion systems such as PHEVs and FCEVs.

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Asia Pacific: Largest market for EVs

The Asia Pacific region is the largest market for EVs due to government support in the form of grants, subsidies and tax rebates and continuously improving charging infrastructure in countries such as Japan and China. The governments in both the major markets i.e. Japan and China provide subsidies and other non-financial benefits such as access to number plate, carpool lane access, and road tax exemptions for EV users. Continuously improving charging infrastructure and increasing vehicle range are the major factors which have contributed to the Asia-Pacific to be the fastest growing market. Additionally, the alarming pollution level in economies such as Japan and China has fueled the demand for zero-emission vehicles in such countries thus creating huge demand for EVs in such countries. Additionally, In 2018, the sales of electric vehicles comprise of BEV and PHEV in China crosses 2 million units mark. Further, the Volkswagen Group sells about 4,000,000 vehicles in China and requires 400,000 NEV credits in 2019.

Critical Questions:
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?

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