Research Report Predicts 10.79 Million EVs by 2025
【Summary】The Research and Markets company recently published a report regarding the future of EVs. In the release, the firm predicts EV sales will increase at a CAGR of 32.57%, putting the global number at 10.79 million by 2025.
Remember when your local shopping mall didn't have a charging station and the only electric vehicle on the road was a Nissan Leaf? Times have changed, and now EVs are everywhere. In its latest report, the Research and Markets company outlines just how quickly the segment is growing.
Research and Markets anticipates the proliferation of EVs
Research and Markets is a company based in Dublin, Ireland. According to the firm's latest report, global EV sales are predicted to increase at a compound annual growth rate (CAGR) of 32.57%. That would put the total number of pure electric vehicles at 10.79 million, up from an estimated 1.50 million this year.
The research company attributes the surge to improved charging infrastructure, increased range, and decreased vehicle cost. Buyers have also responded well to the subsidies, grants and tax rebates offered with electric cars.
Interestingly, the report also lists charging infrastructure and range (or lack thereof) as significant restraints for EVs. Short battery life is also a limitation.
According to the publication, fuel-cell electric vehicles (FCEV) will have the highest growth rate, due to increased government support and subsidies. Coming in second place are battery electric vehicles (BEVs), followed by plug-in hybrid electric vehicles (PHEVs).
Report documents the state of EVs in the current market
The Research and Markets company notes the Nissan Leaf and Tesla Model S were the most successful EVs in 2016. Passenger cars such as these are leading the electric vehicle industry.
Right now, the Asia Pacific (China in particular) is the largest market for all-electric transportation. This is due to government support and a well-built charging infrastructure. China is overrun with pollution, forcing its leaders to adopt new transportation strategies.
The global market is dominated by well-known the heavy-hitters. Leading EV manufacturers include Tesla, Nissan, BMW, Volkswagen, and BYD (a Chinese company).
There's a lot more information available, but to get it, you have to purchase the full report from the Research and Markets website.
Source: Research and Markets
Mia is an ASE Certified Master Automobile Technician, L1, L2 and L3 Advanced Level Specialist. She has over 12 years of experience in the automotive industry and a bachelor’s degree in automotive technology. These skills have been applied toward content writing, technical writing, inspections, consulting, automotive software engineering.
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