Electric Vehicle Market Size Worth USD 561,299.8 Million by 2025 | CAGR 22.3% - Allied Market Research - Seite 2

Various companies intend to expand their market penetration in Asia-Pacific for the development of advanced electric vehicles.

The type segment is categorized into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). The hybrid electric vehicle segment accounted for the highest revenue in 2017, owing to its high adoption and availability of wide product portfolio from the key market players. Moreover, the battery electric vehicle segment is anticipated to witness the highest CAGR during the forecast period. By vehicle type, the electric vehicle market is classified into two-wheelers, passenger cars, and commercial vehicles.

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The passenger car segment was the highest contributor to the market in 2017, and is anticipated to witness growth owing to the increase in sales of electric passenger cars globally and supportive government initiatives upon purchase of electric vehicles. The commercial vehicle segment is anticipated to witness growth during the forecast period.

Asia-Pacific accounted for the highest revenue in 2017, constituting over 48.41% of the global electric vehicle market revenue. The electric vehicle market in the region is anticipated to witness prominent growth during the forecast period. This is attributed to rise in volumetric sales of electric vehicles in China and Japan, increase in buying power of consumers in emerging markets such as India, Malaysia, and China, and growth in electric vehicle charging infrastructure throughout the region. Moreover, North America is anticipated to witness the highest growth owing to the stringent rules and regulations enforced by government for vehicular emission control.

KEY FINDINGS OF THE STUDY 

• In 2017, the passenger car segment dominated the overall electric vehicle market.
• The commercial vehicle segment is anticipated to grow at the highest CAGR during the forecast period.
• In 2017, the hybrid electric vehicle segment was the highest contributor to the overall market, and is expected to maintain its dominance throughout the forecast period
• The battery electric vehicle segment is anticipated to witness the highest CAGR of 23.4% from 2018 - 2025
• Asia-Pacific dominated the market, with over 50% of the market share

The key players profiled in the electric vehicle market include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.