(USGovernment-News.Com, April 18, 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. 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.
How would BEV sales will impact the FCEV market post-2022?
What would be the impact of the reduction of subsidies on the electric vehicle market?
How useful would be the government subsidies for charging stations for electric vehicles?
An electric passenger car is the largest segment in the global electric vehicle market. The growth can be attributed to the growing demand for fuel-efficient vehicles, increasing environmental awareness among consumers, and competitive pricing in comparison to the ICE passenger cars. The increasing support from governments in China, Japan France, Norway, and the US, and the OEM’s efforts to improve the existing EV models would drive the sales of electric vehicle passenger cars during the forecast period. Major OEMs have also announced the launch of the EV variants of their most successful IC (internal combustion) engine models.
In 2018, the sales of electric vehicles comprise of BEV and PHEV crosses 2 million units mark. Refillable batteries can fuel the market for electric vehicles market. It can be refueled in minutes at a huge network of converted gas stations. Governments prefer BEVs as these are zero emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates. BEVs are also the most preferred vehicles in China in 2017. It is expected that the continuously improving charging infrastructure, reducing charging time and existing government support would help the make the BEV segment to dominate the other EV propulsion systems such as PHEVs and FCEVs.
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 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.
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