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Electric Vehicle Market by Propulsion & Vehicle - Global Forecast 2025

Added: (Tue Nov 20 2018)

Pressbox (Press Release) - According to the new market research report “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" published by MarketsandMarkets™, 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 the 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 are 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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Browse and in-depth TOC on “Electric Vehicle Market”

89 - Tables
52- Figures
196 - Pages

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Market Dynamics-

Drivers

Favorable government policies and subsidies
Heavy Investments from automakers in EVs
Growing concern about environmental pollution
Increased vehicle range per charge
Restraints

Lack of Standardization
Opportunities

Use of vehicle-to-grid (V2G) EV charging stations for electric vehicles
Electric Vehicle Charging stations powered by solar panels
Challenges

The high cost of EVs in comparison with ICE vehicles
Stringent rules for installation of charging stations
Small distance covered by EVs
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.

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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 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.

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).

Submitted by:mnm
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