(EMAILWIRE.COM, June 21, 2019 ) The major factors behind the growth of electric vehicle sales are government support in the form of grants, subsidies, and tax rebates, increasing environmental consumer awareness, improving charging infrastructure and increasing vehicle range.

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.

An electric passenger car is the largest segment in the global 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.

The global EV market is dominated by major players such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), BMW (Germany), and Volkswagen (Germany).

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Market Dynamics:

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

Restraints-
1 Lack of Standardization

Opportunities-
1 Use of Vehicle-To-Grid (V2G) EV Charging Stations
2 EV Charging Stations Powered By Solar Panels

Challenges-
1 High Cost of EVS in Comparison With Ice Vehicles
2 Stringent Rules for Installation of Charging Stations
3 Small Distance Covered By EVS

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.

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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?