Electric Vehicle Market by Propulsion (BEV, PHEV, FCEV), Vehicle (PC, CV), Charging Station (Normal, Super, Inductive), Charging Infrastructure (Normal, Type-2-AC, CHAdeMO, CCS, Tesla SC), Power Output, Installation, and Region - Global Forecast to 2025
Northbrook, IL -- (SBWIRE) -- 06/25/2018 -- The global electric vehicle sales 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. 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.
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The major factors behind the growth of electric vehicle sales are government support in the form of grants, subsidies, and tax rebates, increasing environmental consumer awareness, improving charging infrastructure, and increasing vehicle range.
Electric passenger car segment: Expected to dominate the electric vehicle market
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 of EVs are the major factors driving the global electric vehicle market.
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BEVs: Expected to dominate the EV market
Governments prefer BEVs as they are zero-emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. BEVs were 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 BEV segment to dominate the other EV propulsion systems such as PHEVs and FCEVs.
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 nonfinancial 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 make Asia Pacific the fastest growing market. Also, the alarming pollution level in economies such as Japan and China have fueled the demand for zero-emission vehicles in such countries, thus creating a huge demand for EVs in such countries.
The major players in the global electric vehicle market are Tesla (US), Nissan Motor Corporation (Japan), BYD (China), and BMW (Germany), and Volkswagen (Germany).
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