(USGovernment-News.Com, June 08, 2019 ) 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 1.50 million units in 2018
Major Growth Drivers-
1 Favorable Government Policies and Subsidies 2 Heavy Investments From Automakers in EVS 3 Growing Concern About Environmental Pollution 4 Increased Vehicle Range Per Charge
The Asia Pacific region is the largest market for EVs due to government support in the form of grants, subsidies and tax rebates and continuously improving charging infrastructure in countries such as Japan and China. The governments in both the major markets i.e. Japan and China provide subsidies and other non-financial benefits such as access to number plate, carpool lane access, and road tax exemptions for EV users. Continuously improving charging infrastructure and increasing vehicle range are the major factors which have contributed to the Asia-Pacific to be the fastest growing market. Additionally, the alarming pollution level in economies such as Japan and China has fueled the demand for zero-emission vehicles in such countries thus creating huge demand for EVs in such countries. Additionally, In 2018, the sales of electric vehicles comprise of BEV and PHEV in China crosses 2 million units mark. Further, the Volkswagen Group sells about 4,000,000 vehicles in China and requires 400,000 NEV credits in 2019.
Electric Vehicle (EV) Manufacturers EV Component Manufacturers EV Battery Manufacturers EV Infrastructure Providers (Charging station manufacturers)
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 the 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.
Technological advancements and increasing focus on research & development activities by leading OEMs to launch affordable and premium quality electric passenger cars. The models in the electric passenger car segment such as the Tesla Model S, Nissan Leaf, BYD Tang, and Mitsubishi Outlander are some of the top-selling electric passenger cars in 2016. Availability of subsidies and tax rebates, features such as increasing vehicle range and improved charging infrastructure, reduction in charging time, and the decreasing price or EVs are the major factors driving the global EV market.
The electric vehicle ecosystem consists of 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).
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