Expected Global Electric Vehicle Market size in End of 2025
The size of the global electric vehicle market is expected to reach $ 500 to 600 billion by 2025, with a CAGR market growth of 24.7 percent over the forecast period.
Electric Vehicle (EV) technology is gaining ground and popularity fast. Worlds, governments and communities are aware of the many benefits of EV technology, including oil depletion and smog, noise and pollution of all kinds.
Zero emission vehicles are almost noiseless and can be charged at home or work, saving endless rows of passengers at petrol stations. Charging at night, when consumption is low, allows efficient use of electricity. Due to the absence of spark plugs, clutch and gears, eaves are easy to service and maintain. Ideal for city driving conditions, the EV is extremely reliable and easy to drive.
The global electric vehicle market is driven by a combination of political, economic and technological factors coupled with the influence of the introduction of electric vehicles into the more planned mass market. The presence of non-financial and financial subsidies has been one of the strongest and biggest factors for the attention of electric vehicles market.
Many political factors have positively impacted EV sales in different parts of the world. Some of the key factors include one-time government financial subsidies at the time of purchase, financial government subsidies after purchase, non-financial government regulations and charge infrastructure. Various tax credits for the purchase of EVs have been initiated and imposed by various national level governments.
Market research report covers the analysis of key market stakeholders. Key companies included in this report include Tesla, Inc., Volkswagen AG, Honda Motor Company Limited, BYD Company Limited, Volvo Group, BMW Group, Toyota Motor Corporation, Ford Motors Company Limited, Daimler AG and General Motors Company include.