HOME Top Market Reports Electric Vehicle Market by Propulsion (BEV, PHEV, FCEV), Vehicle (PC, CV), Charging Station (Normal, Super, Inductive), Charging Infrastructure (Normal, Type-2-AC, CHAdeMO, CCS, Tesla SC), Power Output, Installation, and Region - Global Forecast to 2025

Electric Vehicle Market by Propulsion (BEV, PHEV, FCEV), Vehicle (PC, CV), Charging Station (Normal, Super, Inductive), Charging Infrastructure (Normal, Type-2-AC, CHAdeMO, CCS, Tesla SC), Power Output, Installation, and Region - Global Forecast to 2025

By: marketsandmarkets.com
Publishing Date: June 2018
Report Code: AT 4907

 

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The global electric vehicle market is driven by government support in the form of subsidies, grants, and tax rebates. Improving charging infrastructure, increasing vehicle range, and reducing cost of batteries have fueled the demand for EVs across the globe. The global electric vehicle sales in 2017 reached 1.19 million units and is projected to grow at a CAGR of 32.57% to reach 10.79 million units by 2025. The base year for the study is 2017, and the forecast period is from 2018 to 2025.

The objective of the study is to define, describe, and provide a detailed analysis of electric vehicles. The report segments the market by propulsion, by vehicle type, by V2G, by charging station type, by charging infrastructure, by power output, by installation type, and by region. The primary aim of the research study is to provide in-depth analysis of the global electric vehicle market, and detailed analysis of the dynamics driving the electric vehicle market. A detailed study of various market leaders has been done, and opportunity analysis has been provided in the report.

Various secondary sources, such as company annual reports/presentations, press releases, industry association publications such as European Alternative Fuels Observatory (EAFO), The European Association for Battery, Hybrid and Fuel Cell Electric Vehicles (AVERE), Alternative Fuels Data Center (AFDC) and China Association Of Automoblie Manufacturers (CAAM) etc., automotive magazine articles, directories, technical handbooks, world economic outlook, trade websites, technical articles, and databases (Marklines, Factiva etc.) have been used to identify and collect information useful for an extensive commercial study of the global electric vehicle market. The primary sources experts from related industries, automobile OEMs and EV components and charging points manufacturers have been interviewed to obtain and verify critical information, as well as to assess future prospects and market estimations. Both the top-down and bottom-up approach has been used for market estimation and calculating the size of the electric vehicle market.

The figure given below illustrates the break-up of the profile of industry experts who participated in primary discussions.

To know about the assumptions considered for the study, download the pdf brochure

The electric vehicle ecosystem consists of electric vehicle manufacturers such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), and BMW (Germany), and Volkswagen (Germany). EV components manufacturers such as LG Chem. (South Korea), Panasonic Corporation (Japan), Delphi Automotive (UK), Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), and EV infrastructure providers such as Car Charging Group (US) and Charge Point, Inc. (US).

Target Audience

  • Electric Vehicle Manufacturers
  • Electric Vehicle Component Manufacturers
  • Electric Vehicle Battery Manufacturers
  • Electric Vehicle Infrastructure Providers (Charging station manufacturers)

Scope of the Report      

  • By Propulsion
    • BEV
    • PHEV
    • FCEV
  • By Vehicle Type
    • Passenger Car
    • Commercial Vehicle
  • By Future Technology
    • Battery Cost
    • EV Range
    • Battery Charging Time
  • By Charging Stations Type
    • Normal Charging
    • Super Charging
    • Inductive Charging
  • By Charging Infrastructure Type
    • Normal Charge
    • TYPE 2 AC
    • CCS
    • Chademo
    • Tesla Supercharger
  • By Power Output Type
    • Level 1
    • Level 2
    • Level 3
  • By Installation Type
    • Commercial
    • Residential
  • By Region
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
    • North America
      • US
      • Canada
    • Europe
      • Austria
      • Switzerland
      • Germany
      • Spain
      • France
      • UK
      • Sweden
      • Denmark
      • The Netherlands
      • Norway

Available Customizations

  • Electric vehicles charging market, by power output type at country level
  • Electric vehicles charging market, by charging infrastructure type at country level
  • Company information
    • Profiling of Additional Market Players (Up to 5)

Stringent emission norms are anticipated to fuel the growth of electric vehicle market, demand schedule to reach 9,031,202 units by 2025

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 reduce crude oil consumption, automotive emissions, and air pollution, governments around the world are adopting and implementing favorable policies to promote electric vehicles.

Market Dynamics

Drivers

  • Favorable government policies and subsidies
  • Heavy Investments from automakers in EVs
  • Growing concern about environmental pollution
  • Increased vehicle range per charge

Restraints

  • Lack of Standardization

Opportunities

  • Use of vehicle-to-grid (V2G) EV charging stations for electric vehicles
  • Electric Vehicle Charging stations powered by solar panels

Challenges

  • High cost of EVs in comparison with ICE vehicles
  • Stringent rules for installation of charging stations
  • Small distance covered by EVs

Critical Questions:

  • How would BEV sales will impact FCEV market post 2022?
  • What would be the impact of reduction of subsidies on the electric vehicle market?
  • How useful would be the government subsidies for charging stations for electric vehicles?

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key Secondary Sources
           2.2.2 Key Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Sampling Techniques & Data Collection Methods
           2.3.2 Primary Participants
    2.4 Market Size Estimation
           2.4.1 Bottom-Up Approach
           2.4.2 Top-Down Approach
    2.5 Market Breakdown and Data Triangulation
    2.6 Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 36)
    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 (Page No. - 43)
    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
                    5.4.1.1 BEV
                    5.4.1.2 PHEV
           5.4.2 Iceland
                    5.4.2.1 BEV
                    5.4.2.2 PHEV
           5.4.3 Sweden
                    5.4.3.1 BEV
                    5.4.3.2 PHEV
           5.4.4 Finland
                    5.4.4.1 BEV
                    5.4.4.2 PHEV
           5.4.5 Netherlands
                    5.4.5.1 BEV
                    5.4.5.2 PHEV
    5.5 Market Dynamics
           5.5.1 Drivers
                    5.5.1.1 Favorable Government Policies and Subsidies
                    5.5.1.2 Heavy Investments From Automakers in EVs
                    5.5.1.3 Growing Concern About Environmental Pollution
                    5.5.1.4 Increased Vehicle Range Per Charge
           5.5.2 Restraints
                    5.5.2.1 Lack of Standardization
           5.5.3 Opportunities
                    5.5.3.1 Use of Vehicle-To-Grid (V2G) EV Charging Stations for Electric Vehicles
                    5.5.3.2 EV Charging Stations Powered By Solar Panels
           5.5.4 Challenges
                    5.5.4.1 High Cost of EVs in Comparison With Ice Vehicles
                    5.5.4.2 Stringent Rules for Installation of Charging Stations
                    5.5.4.3 Small Distance Covered By EVs

6 Electric Vehicle Market, By Government Regulations (Page No. - 57)
    6.1 Introduction
    6.2 Canada
    6.3 China
           6.3.1 Subsidies and Tax Rebates
    6.4 Denmark
           6.4.1 Subsidies and Tax Rebates
    6.5 France
           6.5.1 Subsidies and Tax Rebates
    6.6 Germany
           6.6.1 Subsidies and Tax Rebates
           6.7.1 Subsidies and Tax Rebates
    6.8 Japan
           6.8.1 Subsidies and Tax Rebates
    6.9 Norway
           6.9.1 Subsidies and Tax Rebates
    6.10 Sweden
           6.10.1 Subsidies and Tax Rebates
    6.11 The Netherlands
           6.11.1 Subsidies and Tax Rebates
    6.12 U.K.
           6.12.1 Subsidies and Tax Rebates
    6.13 U.S.
           6.13.1 Subsidies and Tax Rebates

7 Electric Vehicle Market - Industry Trends (Page No. - 67)
    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 (Page No. - 70)
    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 (Page No. - 76)
     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 (Page No. - 78)
     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 (Page No. - 84)
     12.1 Introduction

13 Electric Vehicle Market, By Vehicle Type (Page No. - 87)
     13.1 Introduction
     13.2 Passenger Cars (PC)
     13.3 Commercial Vehicles (CV)

14 Electric Vehicle Charging Stations Market, By Charging Station Type (Page No. - 92)
     14.1 Introduction
     14.2 Normal Charging
     14.3 Super Charging
             14.3.1 Austria
             14.3.2 Canada
             14.3.3 China
             14.3.4 Denmark
             14.3.5 France
             14.3.6 Germany
             14.3.7 India
             14.3.8 Japan
             14.3.9 Norway
             14.3.10 South Korea
             14.3.11 Spain
             14.3.12 Sweden
             14.3.13 Switzerland
             14.3.14 The Netherlands
             14.3.15 UK
             14.3.16 US
     14.4 Inductive Charging (Wireless Charging)

15 Electric Vehicle Charging Stations Market, By Charging Infrastructure Type (Page No. - 105)
     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 (Page No. - 111)
     16.1 Introduction
     16.2 Level 1
     16.3 Level 2
     16.4 Level 3

17 Electric Vehicle Charging Stations Market, By Installation Type (Page No. - 116)
     17.1 Introduction
     17.2 Commercial
     17.3 Residential

18 Electric Vehicle Market, By Region (Page No. - 120)
     18.1 Introduction
     18.2 Asia Pacific
             18.2.1 China
             18.2.2 India
             18.2.3 Japan
             18.2.4 South Korea
     18.3 Europe
             18.3.1 France
             18.3.2 Germany
             18.3.3 The Netherlands
             18.3.4 Norway
             18.3.5 Sweden
             18.3.6 UK
             18.3.7 Denmark
             18.3.8 Austria
             18.3.9 Switzerland
             18.3.10 Spain
     18.4 North America
             18.4.1 Canada
             18.4.2 US

19 Competitive Landscape (Page No. - 139)
     19.1 Overview
     19.2 Competitive Situation & Trends
             19.2.1 New Product Developments
             19.2.2 Collaborations/Joint Ventures/Supply Contracts/Partnerships/Agreements
             19.2.3 Expansions, 2016–2018
             19.2.4 Mergers & Acquisitions, 2017

20 Company Profiles (Page No. - 145)
(Business Overview, Products Offered, Recent Developments, and SWOT Analysis)*
     20.1 Key Players
             20.1.1 Tesla
             20.1.2 Nissan Motor
             20.1.3 BYD Auto
             20.1.4 BMW
             20.1.5 Volkswagen
             20.1.6 Toyota
             20.1.7 Ford
             20.1.8 Volvo
             20.1.9 Daimler
             20.1.10 Hyundai
             20.1.11 Honda
             20.1.12 Continental
             20.1.13 ZF
             20.1.14 Schaeffler
     20.2 Key Players From Other Regions
             20.2.1 North America
                        20.2.1.1 General Motors
                        20.2.1.2 Blink Charging
                        20.2.1.3 ChargePoint
                        20.2.1.4 EVgo
             20.2.2 Europe
                        20.2.2.1 ABB
                        20.2.2.2 Eaton
                        20.2.2.3 AVL
                        20.2.2.4 Alfen
             20.2.3 Asia Pacific
                        20.2.3.1 Samsung SDI
                        20.2.3.2 Automotive Energy Supply Corporation
                        20.2.3.3 Panasonic
                        20.2.3.4 Mitsubishi Electric

*Details on Business Overview, Products Offered, Recent Developments, and SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.

21 Appendix (Page No. - 191)
     21.1 Discussion Guide
     21.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     21.3 Available Customizations
     21.4 Related Reports
     21.5 Author Details


List of Tables (93 Tables)

Table 1 Currency Exchange Rates (Per 1 USD)
Table 2 Upcoming Electric Vehicle Models, 2019–2028
Table 3 US Passenger Car Market Share Analysis
Table 4 China Passenger Car Market Share Analysis
Table 5 Europe Passenger Car EV Parc, By Country, 2017
Table 6 North America Passenger Car EV Parc 2017
Table 7 Existing Subsidies and Tax Structure, Canada, 2017
Table 8 Existing Charging Station Standards in China
Table 9 Existing Subsidies and Tax Structure, China, 2017
Table 10 Existing Subsidies and Tax Structure, Denmark, 2017
Table 11 Existing Subsidies and Tax Structure, France, 2017
Table 12 Existing Subsidies and Tax Structure, Germany, 2017
Table 13 Existing Subsidies and Tax Structure, India, 2017
Table 14 Existing Subsidies and Tax Structure, Japan, 2017
Table 15 Existing Subsidies and Tax Structure, Norway, 2017
Table 16 Existing Subsidies and Tax Structure, Sweden, 2017
Table 17 Existing Subsidies and Tax Structure, the Netherlands, 2017
Table 18 Existing Subsidies and Tax Structure, U.K., 2017
Table 19 Existing Subsidies and Tax Structure, U.S., 2017
Table 20 List of Companies Collaborating to Develop Robo-Taxi
Table 21 Asia Pacific: Electric Vehicle Battery Cost, By Country, 2016–2025, USD Per Kwh
Table 22 Europe: Electric Vehicle Battery Cost, By Country, 2016–2025, USD Per Kwh
Table 23 North America: Electric Vehicle Battery Cost, By Country, 2016–2025, USD Per Kwh
Table 24 Asia Pacific: Electric Vehicle Range, By Country, 2016–2025, Miles
Table 25 Europe: Electric Vehicle Range, By Country, 2016–2025, Miles
Table 26 North America: Electric Vehicle Range, By Country, 2016–2025, Miles
Table 27 Asia Pacific: Electric Vehicle Battery Charging Time, By Country, (2016–2025), in Minutes
Table 28 Europe: Electric Vehicle Battery Charging Time, By Country, (2016–2025), in Minutes
Table 29 North America: Electric Vehicle Battery Charging Time, By Country, 2016–2025, in Minutes
Table 30 Electric Vehicle Market Size, By Propulsion Type, 2016–2025 (Units)
Table 31 BEV: Electric Vehicle Market Size, By Region, 2016–2025 (Units)
Table 32 FCEV: Electric Vehicle Market Size, By Region, 2016–2025 (Units)
Table 33 Electric Vehicle Market Size, By Region, 2016–2025 (Units)
Table 34 V2G Market Size, By Region, 2016–2025 (‘000 Units)
Table 35 V2G Market Size, By Region, 2016–2025 (USD Million)
Table 36 Electric Vehicle Market Size, By Vehicle Type, 2016–2025 (Units)
Table 37 Passenger Car: Electric Vehicle Market Size, By Region, 2016–2025 (Units)
Table 38 Commercial Vehicles: Electric Vehicle Market Size, By Region, 2016–2025 (Units)
Table 39 Electric Vehicle Charging Market, By Charging Station Type, 2016–2025 (Units)
Table 40 Normal Charging: Electric Vehicle Market, By Region, 2016–2025 (Units)
Table 41 Super Charging: Electric Vehicle Market, By Region, 2016–2025 (Units)
Table 42 Austria: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 43 Canada: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 44 China: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 45 Denmark: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 46 France: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 47 Germany: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 48 India: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 49 Japan: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 50 Norway: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 51 South Korea: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 52 Spain: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 53 Sweden: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 54 Switzerland: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 55 The Netherlands: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 56 UK: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 57 US: Electric Vehicle Market, By Charging Station Type, 2016–2025 (Units)
Table 58 Wireless Charging: Electric Vehicle Market, By Region, 2017–2025 (Units)
Table 59 Electric Vehicle Market Size, By Charging Infrastructure Type, 2016–2025
Table 60 Normal Charge: Electric Vehicle Market, By Region, 2016–2025
Table 61 CCS: Electric Vehicle Market, By Region, 2016–2025
Table 62 Chademo: Electric Vehicle Market, By Region, 2016–2025
Table 63 Tesla Supercharger: Electric Vehicle Market, By Region, 2016–2025
Table 64 Type-2: Electric Vehicle Charging Market Size, By Region, 2016–2025
Table 65 Electric Vehicle Charging Stations Market, By Power Output Type, 2016–2025 (Units)
Table 66 Level 1: Electric Vehicle Charging Stations Market, By Region, 2016–2025 (Units)
Table 67 Level 2: Electric Vehicle Charging Stations Market, By Region, 2016–2025 (Units)
Table 68 Level 3: Electric Vehicle Charging Stations Market, By Region, 2016–2025 (Units)
Table 69 Electric Vehicle Charging Stations Market Size, By Installation Type, 2016–2025 (Units)
Table 70 Commercial: Electric Vehicle Charging Stations Market Size, By Region, 2016–2025 (Units)
Table 71 Residential: Electric Vehicle Charging Stations Market Size, By Region, 2016–2025 (Units)
Table 72 Electric Vehicle Market, By Region, 2016–2025 (Units)
Table 73 Asia Pacific: Electric Vehicle Market, By Country, 2016–2025 (Units)
Table 74 China: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 75 India: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 76 Japan: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 77 South Korea: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 78 Europe: Electric Vehicle Market, By Country, 2016–2025 (Units)
Table 79 France: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 80 Germany: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 81 Netherlands: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 82 Norway: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 83 Sweden: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 84 UK: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 85 Denmark: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 86 Austria: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 87 Switzerland: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 88 Spain: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 89 North America: Electric Vehicle Market, By Country, 2016–2025 (Units)
Table 90 Canada: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 91 US: Electric Vehicle Market, By Propulsion Type, 2016–2025 (Units)
Table 92 New Product Developments, 2015–2018
Table 93 Collaborations/Joint Ventures/Supply Contracts/Partnerships/ Agreements, 2015–2017


List of Figures (52 Figures)

Figure 1 Electric Vehicle Market Segmentation
Figure 2 Electric Vehicle Market: Research Design
Figure 3 Research Methodology Model
Figure 4 Breakdown of Primary Interviews
Figure 5 Market Size Estimation Methodology for the Electric Vehicle Market: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology for the Electric Vehicle Market: Top-Down Approach
Figure 7 Data Triangulation
Figure 8 Electric Vehicle Market, By Region, 2018–2025 (Units)
Figure 9 Electric Vehicle Charging Stations Market, By Power Output Type, 2018 vs 2025 (Units)
Figure 10 Electric Vehicle Market, By Propulsion Type, 2018 vs 2025 (Units)
Figure 11 Recent Policy Instruments Promoting Charging Infrastructure Deployment in Major Cities
Figure 12 Stringent Emission Norms are Anticipated to Fuel the Growth of Electric Vehicle Market From 2018 to 2025
Figure 13 Asia Pacific is Estimated to Hold the Largest Share of the Electric Vehicle Market in 2018
Figure 14 BEV Segment is Estimated to Hold the Largest Share of Electric Vehicle Market in 2018
Figure 15 Passenger Car is Estimated to Hold the Largest Share of Electric Vehicle Market in 2018
Figure 16 Normal Charging is Estimated to Hold the Largest Share of Electric Vehicle Charging Stations Market in 2018
Figure 17 Level 1 is Estimated to Hold the Largest Share of Electric Vehicle Charging Stations Market in 2018
Figure 18 Residential Segment is Estimated to Hold the Largest Share of Electric Vehicle Charging Stations Market in 2018
Figure 19 Normal Charge is Estimated to Hold the Largest Share of Electric Vehicle Charging Infrastructure in 2018
Figure 20 Electric Vehicle Market: Market Dynamics
Figure 21 FCEV Segment is Expected to Grow at the Highest CAGR During the Forecast Period (2018–2025)
Figure 22 Passenger Car Segment is Largest Segment During the Forecast Period (2018–2025)
Figure 23 Normal Charging Segment is Expected to Be the Largest Segment During the Forecast Period (2018–2025)
Figure 24 CCS Segment is Expected to Grow at the Highest CAGR During the Forecast Period (2018–2025)
Figure 25 Level 3 Segment is Expected to Grow at A Higher CAGR During the Forecast Period (2018–2025)
Figure 26 Commercial Segment is Expected to Grow at A Higher CAGR During the Forecast Period (2018–2025)
Figure 27 North America is Estimated to Be the Fastest Growing Market for Electric Vehicles During the Forecast Period (2018–2025)
Figure 28 China Holds the Largest Share in the Asia Pacific Electric Vehicle Market, 2018 vs 2025
Figure 29 Europe:Electric Vehicle Market Snapshot
Figure 30 North America: Electric Vehicle Market Snapshot
Figure 31 Key Developments By Leading Players in the Electric Vehicle Market, 2014–2018
Figure 32 Tesla Motors: Company Snapshot (2017)
Figure 33 SWOT Analysis: Tesla Motors
Figure 34 Nissan Motor: Company Snapshot (2016)
Figure 35 SWOT Analysis: Nissan Motor
Figure 36 BYD: Company Snapshot (2017)
Figure 37 SWOT Analysis: BYD
Figure 38 BMW Group: Company Snapshot
Figure 39 SWOT Analysis: BMW
Figure 40 Volkswagen: Company Snapshot (2017)
Figure 41 SWOT Analysis: Volkswagen
Figure 42 Toyota: Company Snapshot (2017)
Figure 43 SWOT Analysis: Toyota
Figure 44 Ford: Company Snapshot (2017)
Figure 45 SWOT Analysis: Ford
Figure 46 Volvo: Company Snapshot (2017)
Figure 47 Daimler: Company Snapshot (2017)
Figure 48 Hyundai: Company Snapshot (2016)
Figure 49 Honda: Company Snapshot (2017)
Figure 50 Continental: Company Snapshot (2017)
Figure 51 ZF: Company Snapshot (2017)
Figure 52 Schaeffler: Company Snapshot (2017)

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 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.

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 Electric Vehicles. 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).

Government funding, subsidies, and incentives; growing demand for electric vehicles; increasing concern of environmental pollution, and huge investments by automakers in electric vehicles are driving the growth of the electric vehicles market

Battery Electric Vehicle (Bev)

BEVs are preferred by several governments due to their zero-emission nature. Various governments around the world support the sales of BEVs through their higher subsidy and tax rebate structures in comparison to HEVs and PHEVs. BEVs are also the most preferred vehicles in China. With steadily improving charging infrastructure and reducing charging time, BEVs are expected to register the highest growth rate among all EV propulsion systems. Increased range and reduced cost play an important role in increased sales of BEVs. Cumulative sales of BEVs may soon cross one million units worldwide. BEVs are available in multiple segments including sedan, SUV, and hatchback. Many OEMs are launching electric vehicles to cater to the market demand. BYD (China) and Tesla (US) are the pure electric vehicle companies topping sales while OEMs such as Nissan, Toyota, and GM are also giving tough competition to electric vehicle manufacturers.

Fuel Cell Electric Vehicle (Fcev)

Fuel cell vehicles have better fuel economy and can travel around 300–400 miles with a full fuel tank. The refueling time for fuel cell powered vehicles is around 3 to 5 minutes. This makes fuel cell electric vehicles (FCEVs) an ideal option for transportation on definite or fixed route. However, the availability of infrastructure such as hydrogen refueling stations and hydrogen production facilities, which support fuel cell technology, is very limited worldwide due to the heavy cost of fuel cell stack and system. Moreover, hydrogen is difficult to store and transport, which also adds to the cost of the system. However, governments of various regions are increasingly investing to develop hydrogen-powered vehicles and hydrogen infrastructure. For instance, in January 2018, the Government of Canada announced an investment of USD 120 million to expand the electric vehicle charging and alternative refueling stations including hydrogen refueling stations.

Plug-In Hybrid Electric Vehicle (Phev)

Increasing number of charging stations in countries such as China, US, and the UK would positively affect the demand for PHEVs. The demand for PHEVs would also rise due to various tax benefits and incentives provided by the governments of different countries. For instance, the Japanese government is providing subsidies up to USD 8,500 for PHEVs. China is leading the market for PHEVs in the Asia Pacific owing to the availability of advanced technology and increased government incentives on purchase of PHEVs.

Hybrid Electric Vehicle (Hev)

Globally, many countries are now providing various incentives and tax rebates on the purchase of HEVs, which is ultimately driving the HEV market. Moreover, policies such as exemption from road tax, crowding charge waiver, and free car parks at various places have encouraged consumers to adopt hybrid vehicles. As a result, the adoption of HEVs is increasing, particularly in the Asia Pacific region. China, India, and Japan are investing a huge amount of money to encourage the adoption of HEVs. For example, schemes like National Electric Mobility Mission Plan, 2013 (NEMMP) are expected to drive the hybrid vehicles market in India.

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 of BEVs in the Nordic countries?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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