The global electric vehicle market is projected to grow at a considerable CAGR of more than 20.0% during the forecast period (2019-2025). The growing sales of electric vehicles globally due to increasing charging infrastructure and government initiatives are the key factors that are propelling the growth of the market. According to the Global EV Outlook 2020, the sale of electric cars in 2018 was 7.2 million, which is higher than the sale of electric cars in 2019 which stood at 2.1 million globally. In 2019, In the US, the sales of electric cars were 1.1 million, in Europe 1.2 million units, while 2.3 million units of electric cars were sold in China.
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Apart from this, there were around 7.3 million electric vehicle chargers available globally in 2019 out of which around 6.3 million chargers were private, light-duty vehicle chargers at home, and others. The availability of charging infrastructure globally is supporting the growth of the electric vehicle industry globally.
Moreover, in 2018, around 460,000 electric buses were available globally and China is a global leader in electric buses that aims to have its public transport electrified by 2040. Besides, Europe received an investment worth $72.42 billion by the government for producing electric vehicles and batteries in 2019. Thus, the adoption of electric vehicles is increasing sales globally, and also charging infrastructure is supporting the growth of the EV market.
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Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Propulsion Technology, and By Battery Type
- Region Covered- North America, Europe, Asia-Pacific, Rest of the world
- Competitive Landscape- BMW AG, Audi AG, Ford Motors Co., Jaguar Land Rover, Tesla, Inc, Volkswagen AG, and others.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
