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(Transportation-News.com, March 28, 2019 ) 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", Global electric vehicle sales is projected to grow at a CAGR of 32.57% from 1.50 million units in 2018 to 10.79 million units by 2025.
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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.
Browse and in-depth TOC on “electric vehicle market”
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Stringent emission norms are anticipated to fuel the growth of 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 reduce 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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The electric vehicle ecosystem consists of electric vehicle manufacturers such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), and BMW (Germany), and Volkswagen (Germany). EV components manufacturers such as LG Chem. (South Korea), Panasonic Corporation (Japan), Delphi Automotive (UK), Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), and EV infrastructure providers such as Car Charging Group (US) and Charge Point, Inc. (US).
Market key-players
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).
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