(USGovernment-News.Com, March 01, 2019 ) 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 reducing crude oil consumption, automotive emissions, and air pollution, governments around the world are adopting and implementing favorable policies to promote 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 1.50 million units in 2018. Government support in the form of subsidies, grants, and tax rebates, improving charging infrastructure, increasing vehicle range, and reducing Electric Vehicle battery cost has resulted in the sales growth of electric vehicles globally.
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.
Players Profiled in the Report are:
• Tesla Motors, Inc. (US) • Nissan Motor Corporation (Japan) • BYD Company Limited (China) • BMW (Germany) • Volkswagen (Germany) • Toyota (Japan) • Ford (US) • Volvo (Sweden) • Daimler (Germany) • Hyundai (South Korea) • Honda (Japan) • Continental (Germany)
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.
Critical Questions: • Where will all these zero-emission vehicles take the industry in the long term? • Will the start-ups continue to explore new avenues for electric vehicles? • How do you see the demand for BEVs in the Nordic countries?
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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