[196 Pages Report] Electric Vehicle Market report categorizes the global market by Propulsion (BEV, PHEV), Charging Station, Charging Infrastructure, Power Output, and Region

Northbrook, IL -- (SBWire) -- 12/05/2018 --According to recent research "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", The global electric vehicle market is driven by government support in the form of subsidies, grants, and tax rebates. Improving charging infrastructure, increasing vehicle range, and reducing cost of batteries have fueled the demand for EVs across the globe. The global electric vehicle sales in 2017 reached 1.19 million units and is projected to grow at a CAGR of 32.57% to reach 10.79 million units by 2025. The base year for the study is 2017, and the forecast period is from 2018 to 2025.

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Stringent emission norms are anticipated to fuel the growth of the electric vehicle market, demand schedule to reach 9,031,202 units by 2025

An electric vehicle (EV) uses one or more electric motors for propulsion. Advancements in battery technology have helped increase the driving range of an electric vehicle. Hence, the popularity of EVs has grown in the recent past. With a view to reducing crude oil consumption, automotive emissions, and air pollution, governments around the world are adopting and implementing favorable policies to promote electric vehicles.

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Combined Charging System (CCS) segment is the fastest growing market in terms of charging infrastructure market

The Combined Charging System (CCS) is the fastest growing market in terms of charging infrastructure. It is attributed to the fact that the CCS standard is supported by the several US and European automakers. Also, the safety features of CCS include diagnosable lock, proximity and control pilot, and PLC-based communication which drive the growth of CCS infrastructure of EV charging stations.

North America is the fastest growing market in terms of sales

North America is the fastest market for electric vehicles followed by the Asia Pacific. Existing grants and subsidies, tax rebates, and the availability of charging infrastructure are contributing to the growth in EV sales in this region. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The OEMs in North America such as Tesla and GM have focused on the development of faster, cleaner, and high-performance electric vehicles.

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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.

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.

The major players in the global electric vehicle market are Tesla Motors, Inc. (US), Nissan Motor Corporation (Japan), BYD Company Limited (China), BMW (Germany), Volkswagen (Germany), Toyota (Japan), Ford (US), Volvo (Sweden), Daimler (Germany), Hyundai (South Korea), Honda (Japan), Continental (Germany).

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