The 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″, publishded by MarketsandMarkets™. the report 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.
Favorable government policies in the form of subsidies and grants, tax rebates, growing charging infrastructure along with the increasing vehicle range of electric vehicles are some of the factors which are set to drive the growth of electric vehicle sales by 2025. Global electric vehicle sales is showing significant growth and is projected to grow at a CAGR of 32.57% from 2018 to 2025, reaching 10.79 million units by 2025. Electric vehicles, including BEVs, PHEVs, and FCEVs, are expected to play a major role in the future to achieve the emission targets for different countries and de-carbonization of transportation systems around the world.
According to MarketsandMarkets analysis, the number of electric vehicle charging stations are estimated to reach 560,823 units in 2018 and is projected to grow at a CAGR of 37.86% during the forecast period. The major factors driving this growth are increasing Electric Vehicle sales, investments by OEMs and governments, and the availability of grants for the establishment of charging stations.
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Many governments offer subsidies up to 50% of the total cost of the vehicle, rebates and grants for establishing charging points, to promote the growth of EV sales. Increasing environmental awareness among consumers is also assumed to be an important parameter in the purchase of an electric vehicle.
Electric vehicle sales in China have registered the largest market during the forecast period because of several measures adopted by the Chinese government for the promotion of EVs. China’s growing dependence on imported oil and increasing pollution in the congested urban areas are alarming situations, which have forced the Chinese government to promote EVs in the country. The Chinese government has adopted unique policies such as restricting new vehicle registrations to EVs in heavily polluted and congested cities and announced huge investments in the EV battery segment and building EV charging infrastructure. However, the subsidies and grants are limited to those OEMs who manufacture EVs in China. Seeing the tremendous growth and demand for EVs, major OEMs across the globe are establishing their manufacturing base in China to cater to the growing demand and to avail the grants and subsidies available.
The Chinese policy favors zero-emission vehicles. BEVs (fully battery-operated electric vehicles) account for the three-fourths of the total number of electric vehicles sold in China.
The North American region is the fastest growing market for electric vehicles. The increasing electric vehicle sales along with the existing subsidies and rebates have opened new opportunities for global electric vehicle manufacturers. The improving charging infrastructure, positive government policies, declining battery prices, and increasing range of electric vehicles are boosting the growth of the electric vehicle market in this region.
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