Electric Vehicle Market Is Anticipated To Grow At A Cagr Of 28.8% During 2020-2025

By Author: Lucintel LLC
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The global electric vehicle market is projected to reach $563.7 billion by 2025, at a CAGR of 28.8% during 2020-2025. The growth of electric vehicle market is driven by increasing fuel prices, government subsidies as tax benefits to promote electric vehicles, and growing concerns for environmental pollution.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the electric vehicle market by propulsion type (battery electric vehicles and hybrid & plug-in-hybrid electric vehicles), by vehicle type (compact car, luxury car, SUVs & crossover, small car, mid-size car, and others), by component type (independent drive component, battery, motor and gearbox, charger, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the electric vehicle market?
Q.4 What are some changing demands of customers in the electric vehicle market?
Q.5 What are the new developments in the electric ...
... vehicle market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this electric vehicle area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this electric vehicle market?
Emerging trends, which have a direct impact on the dynamics of the industry, include development of wireless charging infrastructure and introduction of multiple long-range EVs with low cost.

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Market Segmentation:
Based on propulsion type, the electric vehicle market is segmented into battery electric vehicles, and hybrid & plug-in-hybrid electric vehicles. The battery electric vehicles segment accounted for the largest share of the market in 2020 and is expected to register the highest CAGR during the forecast period, due to the consumers’ demand for zero emission vehicles, and decreasing electric vehicle battery cost.
Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to growing concerns on environmental pollution, government subsidies and tax rebates, and heavy investment from automaker in electric vehicle development.
Key Players in the electric vehicle market are Tesla, General Motors, Nissan Motor, Mitsubishi, Volkswagen, BMW, Ford, Mercedes Benz, Hyundai, and Kia Motor.

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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
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