Electric Vehicle Market Expects CAGR of 25% between 2018 and 2025
Posted On July 27, 2020
Value Market Research has recently announced its latest study on the Global Electric Vehicle Market which covers essential market data – market size, growth projections, latest market drivers and restraints. The Global Electric Vehicle Market was valued USD 125 BN (by revenue) in 2018 and is anticipated to reach USD 590 BN by 2025 with a CAGR of 25%. In recent years owing to increasing energy demand and concern over depletion of natural resources, the electric vehicle market has gained a lot of traction. Rising adoption of the electric vehicle in order to reduce the reliance over fuel is another major aspect which supports this market growth. Also, increasing funding by the government along with the rising prices of fuels is again fostering the market growth. Moreover, various government and private organization are adopting smart strategies like mergers and acquisitions to increase the production of electric vehicles along with this reformation of zero-emission vehicle regulatory policy is further likely to heighten the market growth in the years to come.
Electric vehicles are also known as battery electric vehicle is a plug-in electric automobile that is powered by one or more electric motors and utilizes energy stored in rechargeable batteries. Their production occurred owing to advancement in batteries along with the rising oil prices globally. Various national and local governments’ bodies have introduced tax credits, subsidies, and other incentives in order to promote the adoption in the mass market of new electric vehicles.
The report "Global Electric Vehicle Market Report By Type (Battery Electric Vehicle, Hybrid Electric Vehicle And Plug-In Hybrid Electric Vehicles), By Vehicle Type (Two Wheeler, Passenger Car And Commercial Vehicles) And By Regions - Industry Trends, Size, Share, Growth, Estimation, And Forecast, 2018-2025" provides a comprehensive view of the market, it also includes a detailed competitiveness analysis with key players and their strategic overview.
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Segmentation area covers type, vehicle type, and regions. Based on the type the market has been segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicles. Among which, battery electric vehicle is gaining hype in the market owing to growing advancements in battery technology such as lithium-ion that have higher power and energy density. Also, with the higher in oil prices in again fueling the product demand worldwide. Vehicle type includes two wheeler, passenger car and commercial vehicles. Two wheelers are dominating the segment since they are cost-efficient and have higher sales penetration rate. Geographical segmentation has been done over the top five regions include North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Asia-Pacific is ruling the global electric vehicle market owing to the presence of potential market such as China as it has the highest number of electric vehicles manufacturing industries. Also, rising demand for fuel-efficient, high-performance, and low-emission vehicles coupled with the reformation of stringent rules & regulations is again fueling the product demand in the region.
The Report Segments Global Electric Vehicle Market -
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicles
By Vehicle Type
- Two Wheeler
- Passenger Car
- Commercial Vehicles
- North America
- Latin America
- Middle East and Africa
Major Players Reported:
Bayerische Motoren Werke Aktiengesellschaft, BYD Company Limited, Daimler AG, Energica Motor Company S.p.A., Ford Motor Company, General Motor Company, Nissan Motor Co. Ltd, Tesla, Inc., Toyota Motor Corporation and Volkswagen AG.
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