Government Policies and Subsidies drives Electric Vehicle Market

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 major restraints considered in the study include the poor charging infrastructure, limited vehicle range, and the short lifespan of the EV battery, which restricts the sales of electric vehicles.

The global electric vehicle market 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 sale of 1.50 million units in 2018. The base year for the report is 2017, and the forecast period is from 2018 to 2025.

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Various secondary sources, such as company annual reports/presentations, press releases, industry association publications such as European Alternative Fuels Observatory (EAFO), The European Association for Battery, Hybrid and Fuel Cell Electric Vehicles (AVERE), Alternative Fuels Data Center (AFDC) and China Association Of Automoblie Manufacturers (CAAM) etc., automotive magazine articles, directories, technical handbooks, world economic outlook, trade websites, technical articles, and databases (Marklines, Factiva etc.) have been used to identify and collect information useful for an extensive commercial study of the global EV market. The primary sources—experts from related industries, automobile OEMs and EV components and charging points manufacturers have been interviewed to obtain and verify critical information, as well as to assess future prospects and market estimations. Both the top-down and bottom-up approach has been used for market estimation and calculating the size of the EV market.

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Browse and in-depth TOC on "Electric Vehicle Market"

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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 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 Asia Pacific. Existing grants and subsidies, tax rebates, and 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 global electric vehicle market is dominated by major players such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany).

Contact: Mr. Shelly Singh MarketsandMarkets™ Inc. 630 Dundee Road Suite 430 Northbrook, IL 60062 Usa : 1-888-600-6441 sales@marketsandmarkets.com