Global electric vehicle market will take a strong growth to attain a market size of more than USD 400 Billion by 2025
The report titled 'Global Electric Vehicle Market Outlook, 2025' published by Actual Market Research identifies and discusses recent developments in electric mobility across the globe. The market that was recorded at a value of USD 27.85 Billion in the year 2014 is anticipated to grow to a market of USD 400 Billion the forecasted period. This report not only serves with the facts, figures, and forecasts but also has a detailed study about the Covid effect on the electric vehicle industry. Electric vehicles use one or more electric motors or traction motors for propulsion. Electric vehicles are a battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV). The BEV segment includes the vehicles that only use chemical energy stored in rechargeable batteries, with no secondary source of propulsion, while the PHEV segment considers whose battery can be recharged by plugging it into an external source of electric power, and by its on-board engine and generator. Globally, the BEV segment leads the market and is expected to reach over 80% in terms of volume, while the PHEV segment is to portray an anticipated CAGR of 36.03%, through the forecasted period.
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Gaining popularity in 2018, the electric Go-Karting is expected to be the next big thing in the industry. The governments of various countries have formulated stringent CO2 emission norms that have increased the demand for electric vehicles. Besides, the governments are providing incentives and subsidies to encourage EV sales. Even though electric vehicles are a need of the hour, the market is hurdled highly because of the lack of infrastructure and the high manufacturing cost. The gap between the existing infrastructure and the required one for the electric vehicle to overtake the conventional vehicles is huge, becoming a major fuel for the range anxiety among the drivers. The lack of standardization in the charging load is also a major drawback for the global market. The standards differentiate even among the region such as China have GB/T while Japan follows CHAdeMO. Conversely, Korea follows the CCS standards in similar to Europe, and the US. Electric vehicle manufacturers are focusing on overcoming this obstacle by having their charging network. Key players operating in the EV market include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, BYD Company Motors, and Ford Motor Company account for a major electric vehicle market share. Of all, Tesla, Nissan, and Toyota together accounted for 31.45% of the share in 2019. The other smaller and local players also play an important role with the mergers amend acquisitions around the industry.
Companies Mentioned: Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company BYD
