According to the new market research report "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", published by MarketsandMarkets™, The global electric vehicle sales is estimated to grow from 1.50 million units in 2018 to 10.79 million units by 2025, at a CAGR of 32.57%. Government subsidies and tax rebates, a variety of EV models, increasing vehicle range, and improving charging infrastructure are the factors responsible for the growth of the sales of EVs. Lack of standardization is a major restraint for the growth of the electric vehicle market.
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“Combined Charging System (CCS) segment is the fastest growing market in terms of charging infrastructure market”
The Combined Charging System (CCS) is the fastest growing market in terms of charging infrastructure. It is attributed to the fact that the CCS standard is supported by the several US and European automakers. Also, the safety features of CCS include diagnosable lock, proximity and control pilot, and PLC-based communication which drive the growth of CCS infrastructure of EV charging stations.
“North America is the fastest growing market in terms of sales”
North America is the fastest market for electric vehicles followed by the Asia Pacific. Existing grants and subsidies, tax rebates, and the availability of charging infrastructure are contributing to the growth in EV sales in this region. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The OEMs in North America such as Tesla and GM have focused on the development of faster, cleaner, and high-performance electric vehicles.
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Government funding, subsidies, and incentives; growing demand for electric vehicles; the 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.
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 a 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.
Plug-In Hybrid Electric Vehicle (PHEV)
An increasing number of charging stations in countries such as China, the 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.
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.
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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).