Electric Vehicle Market Size Worth USD 561,299.8 Million by 2025 | CAGR 22.3% - Allied Market Research

PORTLAND, Oregon, July 20, 2018 /PRNewswire/ --

According to a new report published by Allied Market Research, titled, "Electric Vehicle Market by Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018-2025," the global electric vehicle market was valued at $118.864.5 million in 2017, and is expected to reach $567,299.8 million by 2025, growing at a CAGR of 22.3% from 2018 to 2025.

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The electric vehicle was primarily designed to replace conventional ways of travel that cause environmental pollution. Electric vehicles have gained popularity owing to numerous technological advancements. The electric vehicle outperforms the conventional vehicle providing higher fuel economy, low carbon emission and maintenance, convenience of charging at home, smoother drive, and reduced sound from engine.

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The passenger car segment is anticipated to dominate the market throughout the analysis period. The Asia Pacific electric vehicle market accounted for approximately 52% share of the global market in 2016, and is anticipated to dominate during the forecast period.

The electric vehicle industry holds a great potential in future to change the global vehicular emissions scenario. Electric vehicles are witnessing wide adoption globally due to stringent vehicular emission norms to reduce carbon footprint and the change in vehicle architectures.

Various commercial and government fleet managers rely on electric vehicles to secure their budgets from unfavorable fluctuations in the fuel costs and reduce emissions of their fleets. In addition, urbanization, rise in congestion, and increase in emissions have propelled the hybridization and electrification of vehicle powertrains. Moreover, volatile oil & gas prices and upcoming shortage in fossil fuel are expected to boost the adoption of fuel-efficient vehicles. Countries, such as China and India, hold a tremendous market potential as, their governments have promoted substantial incentives for purchasing electric vehicles. According to Forbes, Chinese automakers churned out 680,000 all-electric cars, buses, and trucks in 2017, more than the rest of the world combined. China produced more than 200,000 all-electric commercial vehicles last year, amounting to nearly 5% of total output of the world.