The Electric Vehicle Market is estimated to grow from 1.50 million units in 2018 to 10.79 million units by 2025, at a CAGR of 32.57%.
Government subsidies and tax rebates, a variety of EV models, increasing vehicle range, and improving charging infrastructure are the factors responsible for the growth of the sales of EVs. Lack of standardization is a major restraint for the growth of the electric vehicle market.
"Combined Charging System (CCS) segment is the fastest growing market in terms of charging infrastructure market"
The Combined Charging System (CCS) is the fastest growing market in terms of charging infrastructure. It is attributed to the fact that the CCS standard is supported by the several US and European automakers. Also, the safety features of CCS include diagnosable lock, proximity and control pilot, and PLC-based communication which drive the growth of CCS infrastructure of EV charging stations.
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"North America is the fastest growing market in terms of sales"
North America is the fastest market for electric vehicles followed by the Asia Pacific. Existing grants and subsidies, tax rebates, and availability of charging infrastructure are contributing to the growth in EV sales in this region. North America is a regional hub for many renowned OEMs, which are known for delivering quality and high-performance vehicles. The OEMs in North America such as Tesla and GM have focused on the development of faster, cleaner, and high-performance electric vehicles.
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The electric vehicle ecosystem consists of electric vehicle manufacturers such as Tesla (US), Nissan Motor Corporation (Japan), BYD (China), and BMW (Germany), and Volkswagen (Germany). EV components manufacturers such as LG Chem. (South Korea), Panasonic Corporation (Japan), Delphi Automotive (UK), Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), and EV infrastructure providers such as Car Charging Group (US) and Charge Point, Inc. (US).
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