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Global Electric Vehicle Market is Expected to Grow at a CAGR of 20.75% in the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Global Electric Vehicle Market Report and Forecast 2020-2025, the global electric vehicle reached a volume of around 3.25 million units in 2019. The market is likely to increase at a CAGR of 20.75% in the forecast period 2020-2025 to reach a volume of 10.1 million units by 2025.

The global electric vehicle market is rapidly growing due to the rising demand for sustainable transportation. Various governments' increasing commitment to a healthier environment has resulted in an increased demand for zero-emission vehicles. Developed countries, such as the United States, Germany, and the United Kingdom, actively promote the use of electric vehicles to minimize pollution increasing electric vehicle sales. With the growing use of electric buses, especially in China and India, the growth of the commercial electric sector has been growing. Various countries will replace their current fuel-based buses with electric busses. The rise of commercial electric vehicles is motivated by a growing trend to replace public transport fuelled by fossil fuels with electric buses.

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The market is being driven by the growing innovations and product diversifications by the major players in the market. In April 2019, Tesla, Inc. (NASDAQ: TSLA), one of the leading players in the market, announced its longest-range electric vehicle. The company modified its models, Model S and Model X, to allow them to travel unparalleled distances without recharging. They broke their record for the production of the longest-range EVs on the road.

Market Analysis by Type, Vehicle Type, and Region:

  • The types can be divided into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.
  • Vehicle type includes two-wheeler, passenger car, commercial vehicles, and heavy commercial vehicles (HCVs). Heavy commercial vehicles (HCVs) can be further divided into buses and trucks.
  • The regional markets for electric vehicles include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising demand for fuel-efficient vehicles with high-performance and low emission is boosting the market growth.
  • The increasing stringent rules and regulations regarding vehicle emissions are driving the growth of the market.
  • Technological developments in the industry are propelling the market development further.
  • The rising support from the government through various initiatives is also pushing the market growth forward.
  • The increasing disposable incomes of the consumers are also providing an impetus to the market growth.
  • With development and urbanisation, the demand for electric vehicles is also growing.

Key Offerings of the Report:

  • The EMR report gives an overview of the global electric vehicle market for the periods (2015-2019) and (2020-2025), covering the types and vehicle types of electric vehicles.
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the regions.
  • The report by EMR gives an assessment of the Porter's Five Forces model, along with providing a SWOT analysis.

The primary key players in the global electric vehicle market include companies like Tesla, Inc., SAIC Motor Corporation Limited, BYD Company Ltd., Toyota Motor Corporation, Beijing Automobile Co., Ltd., and Dongfeng Motor Group Co., Ltd., among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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