Electric Vehicle Market Size Worth USD 179.1 Billion by 2025 | CAGR: 18.6%

The electric vehicle market is expected to grow at CAGR of 18.6% to reach USD 179.1 billion by 2025.

Electric-drive vehicles use electricity as their primary fuel. These vehicles are charged from an external electricity source such as through electric batteries or by a combination of electric batteries and a diesel and petrol engine. Recently, the demand for electric vehicles is increased considerably, and the reasons behind this are many. One of the most important factors that have stimulated the demand for such products would be its associated advantages compared to other vehicles. For example, electric vehicles have the potential to reduce greenhouse gas (GHG) emissions, without compromising economic growth. Other driving factors such as technology advancements, favorable government initiatives coupled with rising product demand support market development. On the other side, these vehicles are more expensive than their conventional counterparts. However, lower fueling and maintenance costs will make them a competitive option in the future.

KEY TAKEAWAYS

• HEVs accounted for significant revenue share. HEVs are powered by an internal combustion engine (ICE) and by an electric motor that uses energy stored in a battery. HEVs are powered by traditional gasoline or diesel ICE and by one or more electric motors that use energy stored in a battery.
• Broadly, these vehicles are divided into three types namely Hybrid electric vehicles (HEVs), All-electric vehicles (EVs) and Plug-in hybrid electric vehicles (PHEVs). Together, EVs and PHEVs are also referred as plug-in electric vehicles (PEVs).
• Albeit from a small sales base, Europe electric vehicle market has grown by over 35 percent from 2017 to 2018. The rollout of advanced and attractive EVs by key players in this region is the major driver for sales uptake.
• China is a potential market for electric vehicles, as it has the maximum number of electric vehicles manufacturing industries. For example, in 2018, a large number of electric cars were sold in China than in the rest of the world combined.
• Key players profiled in this report include BYD Motors Inc., Tesla, Inc., Volkswagen, Nissan Motor Co., Ltd. and Bayerische Motoren Werke AG (BMW)

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY TYPE

• Fuel Cell Electric Vehicle (FCEV)
• Battery Electric Vehicle (BEV)
• Plugin Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

MARKET, BY REGION

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Rest of APAC
• Rest of the World
  • Middle East and Africa
  • Latin America