Northbrook, IL -- (SBWIRE) -- 03/08/2018 -- Favorable government policies in the form of subsidies and grants, tax rebates, growing charging infrastructure along with the increasing vehicle range of EVs are some of the factors which are set to drive the growth of EV sales by 2021.

Global EV sales are showing significant growth and are projected to grow at a CAGR of 20.68% from 2016 to 2021, reaching 5.76 million units by 2021.

Electric vehicles, including BEVs, PHEVs, HEVs, and FCEVs, need to play a major role in the future in order to achieve the emission targets for different countries and for de-carbonization of transportation systems around the world.

Download PDF Brochure to Know More @ https://www.marketsandmarkets.com/pdfdownload.asp?id=209371461

Browse 107 market data tables and 75 figures spread through 205 pages and in-depth TOC on "Electric Vehicle Market by EV battery Cost, EV Components (Battery, On-Board Charger), Propulsion (BEV, PHEV, HEV, FCEV), Recharging Station (Normal & Super Charging), Govt. Regulation (EV Subsidies, EV Tax Rebates) and Region - Global Forecast to 2021"

Early buyers will receive 10% customization on reports.

According to MarketsandMarkets analysis, the number of electric vehicle charging stations are estimated to reach 244,232 units in 2016 and this number is projected to grow at a CAGR of 23.32% during the forecast period. The major factors driving this growth are increasing EV sales, investments by OEMs and governments and the availability of grants for the establishment of charging stations.

Many governments offer subsidies up to 50% of the total cost of the vehicle, rebates, and grants for establishing charging points, to promote the growth of EV sales. Increasing environmental awareness among consumers is also assumed to be an important parameter in the purchase of an electric vehicle.

EV sales in China have registered the maximum growth rate in 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 only 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 of the grants and subsidies available.

The Chinese policy favors the zero emission vehicles. BEVs (fully battery operated electric vehicles) account for 3/4th of the total number of all the electric vehicles sold in China. China is also the largest market for the commercial EV segment. In 2015, 100,763 fully electric commercial vehicles were sold in China, which constitutes 40% of all the BEVs sold in the country. In 2015, China is also leading the global deployment of electric bus fleets, with more than 170,000 buses already in circulation.

The Asia-Pacific region is the biggest market for EVs, and its components. The increasing EV sales along with the existing subsidies and rebates have opened new opportunities for global EV manufacturers. The improving charging infrastructure, positive government policies, declining battery prices, and increasing range of electric vehicles are boosting the growth of the EV market in this region.

Request for a Customization @ https://www.marketsandmarkets.com/requestCustomization.asp?id=209371461

About MarketsandMarkets™
MarketsandMarkets™ is the world's largest revenue impact company, serving over 5000 customers including 80% of the top 2000 companies in the industries that we track. In the face of constant technology innovation and market disruption we help organizations plan & operationalize their future revenue mix decisions by identifying over 30,000 high growth opportunities ranging from $1B to $500B. Our revenue impact methodology provides actionable & quantified insights on converged, granular and networked market eco-systems that result from disruptive technologies and high-growth markets. We provide an extended lens on not only what will impact our client's revenue but also what will impact their clients' revenues, thus uncovering latent opportunities.

Organizations choose MarketsandMarkets™ to stay ahead of the curve and accelerate their hot-bet revenue decisions and implementations by 6 – 12 months giving them a unique fast-mover innovation advantage. We work across all major B2B industries with the C-level executives in functions such as Strategy, Marketing, Sales, R&D, Product, M&A etc.

MarketsandMarkets™ brings exclusive high-growth markets intelligence generated by over 850 SMEs and analysts along with its proprietary Revenue Impact platform (Knowledge Store) to support decision making. Over 70% of our intelligence is exclusive and we advise our clients on areas such as - What revenues can you expect from newer innovations? Where are the explicit and latent opportunities, markets, technologies, products, and use cases? What is the opportunity for your client in $ terms by adopting your new products and offerings? Our engagement model ensures ongoing contextual deep-dives and operationalization of revenue impact decisions

Contact:
Mr. Salgarkar
MarketsandMarkets™ INC.
USA: 1-888-600-6441
UK: 44-800-368-9399
sales@marketsandmarkets.com
Visit our Blog @ http://mnmblog.org/market-research/automotive-transportation
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets