The global electric vehicle sales 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.
The FCEV segment (zero-emission vehicles) is set to register the highest growth rate in the EV 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.
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.
Asia Pacific is the largest market for automotive EVs. China is the largest market because of the government support and the availability of strong charging infrastructure. The alarming pollution levels in these countries have forced their governments to announce various kinds of financial and nonfinancial benefits to promote the sales of EVs.
The major restraints considered in the study include the poor charging infrastructure, limited vehicle range, and the short lifespan of the EV battery, which restricts the sales of electric vehicles.
Government support is considered to be the most crucial factor affecting the EV sales as the availability of subsidies, grants, and tax rebates help in pricing EV cars competitively as compared to ICE cars.
The global electric vehicle market is dominated by major players such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany).
Key Topics Covered:
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Currency 1.5 Limitations 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.2 Secondary Data 2.3 Primary Data 2.4 Market Size Estimation 2.5 Market Breakdown and Data Triangulation 2.6 Assumptions
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Electric Vehicle Market 4.2 Electric Vehicle Market, By Region 4.3 Electric Vehicle Market, By Propulsion Type 4.4 Electric Vehicle Market, By Vehicle Type 4.5 Electric Vehicle Charging Stations Market, By Charging Station Type 4.6 Electric Vehicle Charging Stations Market, By Power Output Type 4.7 Electric Vehicle Charging Stations Market, By Installation Type 4.8 Electric Vehicle Charging Stations Market, By Charging Infrastructure Type
5 Market Overview 5.1 Introduction 5.2 Upcoming Electric Vehicle Models 5.3 Europe Passenger Car Market Share Analysis 5.3.1 BEV 5.3.2 PHEV 5.4 EV Model Wise Sales Analysis 2017 5.4.1 Norway 22.214.171.124 BEV 126.96.36.199 PHEV 5.4.2 Iceland 188.8.131.52 BEV 184.108.40.206 PHEV 5.4.3 Sweden 220.127.116.11 BEV 18.104.22.168 PHEV 5.4.4 Finland 22.214.171.124 BEV 126.96.36.199 PHEV 5.4.5 Netherlands 188.8.131.52 BEV 184.108.40.206 PHEV 5.5 Market Dynamics 5.5.1 Drivers 220.127.116.11 Favorable Government Policies and Subsidies 18.104.22.168 Heavy Investments From Automakers in EVs 22.214.171.124 Growing Concern About Environmental Pollution 126.96.36.199 Increased Vehicle Range Per Charge 5.5.2 Restraints 188.8.131.52 Lack of Standardization 5.5.3 Opportunities 184.108.40.206 Use of Vehicle-To-Grid (V2G) EV Charging Stations for Electric Vehicles 220.127.116.11 EV Charging Stations Powered By Solar Panels 5.5.4 Challenges 18.104.22.168 High Cost of EVs in Comparison With Ice Vehicles 22.214.171.124 Stringent Rules for Installation of Charging Stations 126.96.36.199 Small Distance Covered By EVs
6 Electric Vehicle Market, By Government Regulations
7 Electric Vehicle Market - Industry Trends 7.1 Electric Taxi 7.2 Robo-Taxi 7.3 Light Electric Vehicle 7.4 Battery Swapping 7.5 Electric Autonomous Vehicles
8 Electric Vehicle Market, By Future Technology 9.1 Introduction 9.2 Electric Vehicle Battery Cost, 2016-2025 9.3 Electric Vehicle Range 9.4 Electric Vehicle Battery Charging Time
10 Electric Vehicle Market, By Component 10.1 Introduction 10.2 EV Battery Cells & Packs 10.3 On-Board Charger 10.4 Infotainment System 10.5 Instrument Cluster
11 Electric Vehicle Market, By Propulsion Type 11.1 Introduction 11.2 Battery Electric Vehicle (BEV) 11.3 Fuel Cell Electric Vehicle (FCEV) 11.4 Plug-In Hybrid Electric Vehicle (PHEV) 11.5 Hybrid Electric Vehicle (HEV)
12 Electric Vehicle Market, By Vehicle-To-Grid Technology 12.1 Introduction
13 Electric Vehicle Market, By Vehicle Type 13.1 Introduction 13.2 Passenger Cars (PC) 13.3 Commercial Vehicles (CV)
14 Electric Vehicle Charging Stations Market, By Charging Station Type 14.1 Introduction 14.2 Normal Charging 14.3 Super Charging 14.4 Inductive Charging (Wireless Charging)
15 Electric Vehicle Charging Stations Market, By Charging Infrastructure Type 15.1 Introduction 15.2 Normal Charge 15.3 CCS 15.4 Chademo 15.5 Tesla Supercharger 15.6 Type-2 (Iec 62196)
16 Electric Vehicle Charging Stations Market, By Power Output Type 16.1 Introduction 16.2 Level 1 16.3 Level 2 16.4 Level 3
17 Electric Vehicle Charging Stations Market, By Installation Type 17.1 Introduction 17.2 Commercial 17.3 Residential