Electric bicycle market is anticipated to grow at a CAGR of 4.8% during the forecast period (2024-2031). A battery and electric motor driving system that generates power for locomotion are incorporated into an electric bicycle. Additionally, it has electronic displays and sensors that provide riders with the extra support they need for a comfortable ride. This aids the rider's pedal power.
EV Insurance market is anticipated to grow at an exponential CAGR of 27.81% during the forecast period (2024-2031). Electric Vehicle (EV) Insurance provides coverage tailored specifically for electric cars, addressing unique risks such as battery damage and charging infrastructure. It safeguards against financial loss due to accidents, theft, or malfunctions.
EV battery cells market is anticipated to grow at a significant CAGR of 19.9% during the forecast period (2024-2031). Electric vehicle (EV) battery cells are the fundamental building blocks of an EV battery pack. They are typically lithium-ion batteries that are designed to have a high power-to-weight ratio and energy density. EV battery cells can come in three formats: cylindrical, prismatic, and pouch.
EV Charging Cable market is anticipated to grow at a considerable CAGR of 19.8% during the forecast period. The adoption of EVs is increasing rapidly around the world, as more and more people are switching to EVs to reduce their carbon footprint and save money on fuel costs. This is driving the demand for EV charging cables" which means that the growing popularity of electric vehicles (EVs) is creating a greater need for EV charging cables. There are several reasons why people are switching to EVs.
Automated guided vehicle market is anticipated to grow at a CAGR of 31.5% during the forecast period (2023-2030). The high labour costs and the growing trend of automation and robotics in several industries across the globe is driving the global automated guided vehicles market. The lack of manpower in developed countries has led to a huge need for automated guided vehicles in myriad industries. The industry 4.0 revolution is anticipated to create a paradigm shift in the global automated guided vehicle industry.
Electric Vehicle Charging Stations market is anticipated to grow a CAGR of 30.26% during the forecast period. The increasing demand for fuel-efficient vehicles, due to the rising prices of petrol and diesel, has been a major factor driving the growth of the global electric vehicles (EVs) market. Furthermore, the availability of three-pin charging plugs, public charging stations, and home wall box chargers has enabled EVs to charge from the grid, further propelling their market growth.
Hybrid electric vehicle conversion kit market size was valued at $0.61 billion in 2022, and is projected to reach $1.85 billion by 2030, registering a CAGR of 17.2% during the forecast period (2023-2030). Hybrid electric vehicle conversion kits are sets of components and systems that can be installed on a conventional gasoline-powered vehicle to turn it into a hybrid electric vehicle (HEV).
Electric three wheeler market is anticipated to grow at a significant CAGR of 6.2% during the forecast period. Owing to the rising inclination towards electric vehicles over conventional vehicles powered by fossil fuel is boosting the demand for electric three wheelers across the globe during the forecast period. Due to the increasing pollution, toxic gases and growing concentration of greenhouse gases in the environment has encouraged people to look for sustainable modes of transportation options, such as for electric three-wheeler vehicles.
Micromobility market is anticipated to grow at a significant of 11.8% during the forecast period (2024-2031). Micromobility refers to a range of small, lightweight vehicles, driven by users personally. Micromobility devices include bicycles, e-bikes, electric scooters, electric skateboards, shared bicycle fleets, and electric pedal assisted (pedelec) bicycles. Micromobility has rapidly proliferated in cities nationwide, proving to be a popular transportation option for many users.
Mild hybrid vehicles market is anticipated to grow at a significant CAGR of 8.9% during the forecast period. One of the major factors that are fuelling the market growth is the increasing demand for no-emission or lesser emission vehicles in the market. Vehicles are one of the core factors behind global pollution by emitting harmful exhaust gases such as carbon, hydrocarbon, and others which are not only harmful to the environment but for humans as well. To reduce it, market players are innovating several vehicle models such as plug-in hybrid, mild hybrid, electric vehicle, and others.
Electric vehicle on board charger market is expected to grow at a significant CAGR of 19.6% during the forecast period. An onboard charger is majorly used in the electric vehicle for charging the traction battery by converting the AC input received from the grid to the DC input. The rising number of AC private and public charging in the developed countries such as North America and Europe along with the approvals received for AC Level 2 charging stations are some major factors accelerating the market growth. For instance, in October 2020, EVBox announced that its EVBox Iqon, level 2 commercial charging station has received a UL certificate and is available for installation across North America. In Europe, it is the sole supplier of public charging infrastructure in cities such as Amsterdam, Rotterdam, and Monaco.
The global electric vehicle (EV) taxi market is anticipated to grow at a significant CAGR of 14.1% during the forecast period. One of the major factors that are fueling the market includes the growing demand for electric vehicles across the globe. The growing awareness about the environment, the importance of electrification of vehicles, and the rising fuel prices have increased the demand for electric vehicles in the past few years, which has also increased the demand for electric vehicles in the taxi sector. EV charging is much more affordable than fuel and suitable for in-city rides which enhances EVs’ compatibility with the taxi sector.
The global electric vehicle (EV) test equipment market is anticipated to grow at an exponential CAGR of 22.3% during the forecast period. One of the major factors that are fueling the market is the growing demand for electric vehicles in the market. The growing awareness about the environment, the importance of electrification of vehicles, and the rising fuel prices have increased the demand for electric vehicles in the past few years, which has also increased the demand for EV test equipment which is necessary for checking the functioning of the vehicle, and its components. These are highly used in the manufacturing and servicing of the vehicle.
The global electric vehicle power inverter market is anticipated to grow at a significant CAGR of 21.9% during the forecast period. The primary factor contributing towards the growth of the market includes governments’ initiatives to reduce pollution and harmful gasses for an eco-friendly environment. It has encouraged governments across the globe to electrify the automobile industry by subsidizing electric vehicles for consumers. This has increased the demand and production of electric vehicles which uses battery and power inverters in place of fuel that emits harmful gases.
The global e-cargo bike market is anticipated to grow at a significant CAGR of 27.6% during the forecast period. One of the major factors that are growing the demand for an e-cargo bike is the rising fuel prices across the globe. Multiple delivery services mostly depend on cargo bikes, but as the price of fuel rising continuously for years, owing to the higher demand and declining fuel availability, the delivery process has become much more costly. This has increased the demand for e-cargo bikes since charging is much more affordable than fuel. For instance, in July 2021, Petrol prices crossed $1.352 per liter in Dehli, and Kolkata, in India, after the 36th increase since May 4th, 2021. Mumbai was the first city to see the petrol price cross the mark in the country.
The global EV Solid-State Battery market is anticipated to grow at a significant CAGR of 20.3% during the forecast period. One of the major factors that are fueling the market is the higher energy density as compared to the Li-ion battery that uses liquid electrolyte solution which benefits the battery with the longer the battery can emit a charge in relation to its size which is useful when there isn't much room for a battery but you need a lot of energy output. This has increased the demand for solid-state batteries in the EV market.
The global electric vehicle fluids market is anticipated to grow at a significant CAGR of 21.9% during the forecast period. One of the major factors that are fueling the market is the growing demand for electric vehicles (EV) among the market. The growing awareness about the environment, the importance of electrification of vehicles, and the rising fuel prices have increased the demand for EVs in the past few years, which has also increased the demand for electric vehicle fluids which are necessary for the smooth functioning of the vehicle with a cool atmosphere in the vehicle via coolant.
Electric motors for electric vehicle market is anticipated to grow at a significant CAGR of 21.7% during the forecast period. One of the major factors that are fueling the market is the growing demand for electric vehicles in the market, globally. Pollution has been growing for years and vehicle emission is one of the main sources of increasing pollution. This developed the notion of stopping pollution, which encouraged market players to develop the technology of electric vehicles.
The global solar carport charging station market is anticipated to grow at a significant CAGR of 15.1% during the forecast period. One of the major factors that are fuelling the market is the growing demand for electric vehicles globally. Most of the nations and market players are taking several initiatives to promote electric vehicles, and in the past few years sales of electric vehicles have been grown exponentially which also has increased the solar charging stations market. As per the data of the International Energy Agency 2020, electric car sales reached 2,986,659 which is more than 40% of the electric car sales in 2019.
The global electric vehicle battery swapping market is anticipated to grow at a significant CAGR of 24.9% during the forecast period. One of the major factors that are fueling the market is that this is the quickest recharging vehicle service available among others. Replacing discharged batteries with the charged battery takes a few minutes which is far less as compared to the charging process.
The global fuel cell electric vehicle market is anticipated to grow at a substantial CAGR of 2.9% during the forecast period (2021-2027). One of the major factors of contributing to the growth of the market is the rising demand for zero-emission vehicles.
The global e-bikes market is anticipated to grow at a significant CAGR of around 14.5% during the forecast period. The rising government regulations to encourage the use of electric bikes to to reduce carbon emission levels, consumer inclination towards e-bikes adoption for commute, recreational and adventure activities, and features provided by e-bikes such as compact size, flexible, and eco-friendly are the key factors boosting the market growth.
European electric vehicle battery market is anticipated to showcase a lucrative CAGR during the forecast period. According to the American Chemical Society, Europe possesses only a 3.0% share of the global lithium-ion battery market in 2019.
Global electric vehicle battery market is anticipated to showcase a lucrative CAGR during the forecast period. According to the International Energy Agency, in 2019, 2.1 million electric cars were sold globally. With technological progress in the electrification of cars, two/three-wheelers, buses, and trucks the market for EVs is significantly expanding.
The electric commercial vehicle market is anticipated to showcase a lucrative CAGR of 19.0% during the forecast period. Government purchase of the electric bus for public transportation, development of charging infrastructure, and stringent target to curb carbon emission are the prominent factors that are driving the global electric commercial vehicle market.
Electric bus market is anticipated to grow at a significant CAGR of 16.8% during the forecast period (2024-2031). The market growth is attributed to the increasing development of hydrogen fuel cell-powered electric bus, battery based electric buses with advancements in features including increased range, decreased charging time globally driving the growth of market. According to the International Energy Agency (IEA), in 2023, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, representing about 4.5% of all bus sales and 1.2% of truck sales globally.
Electric vehicles are a renewable alternative to fuel cars, that uses one or more electric motors, rather than an internal combustion engine that produces energy by burning a mix of gases and fuel. Owing to the stringent emission regulations, there is an increasing demand for electric vehicles as it reduces emission and lowers fuel cost.
The US electric bus market is estimated to grow at a considerable CAGR during the forecast period. The availability of government and private funding for the deployment of electric buses in the country is among the key factors to drive the growth of the electric bus market in the US.
The Netherlands electric bus market is estimated to grow at a
considerable CAGR during the forecast period. The rising adoption of electric
vehicles in the country owing to the rising awareness of the green initiative
and cohesive government agreements is a major factor to drive the growth of the
Netherlands electric bus market.
South Korea electric bus market is estimated to grow at a significant CAGR during the forecast period. The rapidly increasing urbanization of South Korea demanding improvement in public transport along with cohesive government plan to do electrification of public transport is one of the major factors to drive the growth of the South Korea electric bus market.
Norway electric bus market is estimated to grow at a considerable CAGR during the forecast period. The rising adoption of electric vehicles owing to the growing environmental concerns along with cohesive government initiatives are some of the major aspects to propel the adoption of electric buses in the country, thereby fueling the growth of Norway electric bus market.
UK Electric Bus market is estimated to grow at a considerable CAGR during the forecast period. The increasing adoption of electric vehicles in the country owing to the growing need for controlling GHG (Greenhouse gases) emissions is a major factor to propel the market growth in the country.
North American electric busmarket is estimated to grow at an exponential CAGR during the forecast period. The rising acceptance of the electric buses owing to the growing environmental concerns along with the available federal and private funding are the key factors to propel the growth of the electric buses market in North America. In 2018, the Foothill Transit ordered its first double decker electric bus based on drivetrain technology from Alexander Dennisto run on the streets of the Californian city.
Spain electric bus market is estimated to grow at a considerable CAGR during the forecast period. Increasing awareness about green vehicles to reduce the level of greenhouse gases is a major factor to propel the growth of the Spain electric bus market.
Latin America Electric Busmarket is estimated to grow at a considerable CAGR during the forecast period. The growing adoption of the electric buses in the region owing to cohesive government subsidies, partnerships between transit authorities and utilities, and the presence of favorable business models are the key factors to drive the growth of the Latin America electric bus market.
US electric vehicle motor market is anticipated to grow at a CAGR of more than 17% during the forecast period, 2019-2025. In the country, a downfall in EV sales was registered in 2019, due to the high cost of EV and stable fossil fuel prices. Around 325,000 EVs were sold in the US in 2019 which is around 2% of the total vehicle sales in the country.
UK electric vehicle motor market is anticipated to grow at a CAGR of more than 16% during the forecast period, 2019-2025. As per the European Automobile Manufacturers Association, in 2019, the electric vehicle car sales augmented by 21.5% as compared to 2018 and reached to more than 72,800 in 2019 from around 60,000 in 2018.
Japan electric vehicle motor market is anticipated to grow at a CAGR of more than 15% during the forecast period, 2019-2025. The country is the second largest EV market in the Asia-Pacific after China. In April 2018, the government announced the target to sell all new cars in Japan to be electric or hybrid vehicles by 2050.
The global electric vehicle motor market is anticipated to grow at a CAGR of more than 18% during the forecast period, 2019-2025. Rising electric vehicle (EV) market globally is one of the major factors driving the growth of the electric vehicle motor market.
Germany electric vehicle motor market is anticipated to grow at a CAGR of more than 20% during the forecast period, 2019-2025. The country is a major automotive manufacturer globally and was the largest EV market in Europe in 2019.
Japan electric bus market is estimated to grow at a significant CAGR during the forecast period. The rising need to control the pollution caused due to diesel and petrol vehicle creating demand for electric vehicles such as buses for public transport in Japan, which in turn, is fueling the Japan electric bus market. Japan is one of the members of the EV30@30 Campaign that aims to accelerate the deployment of EVs.
European electric vehicle motor market is anticipated to grow at a CAGR of more than 20% during the forecast period, 2019-2025. In 2019, Europe was among the highest growing market of electric vehicles globally as a downfall in electric vehicle sales was registered in the US, and Japan.
India electric bus market is estimated to grow at a significant CAGR during the forecast period. The rapidly increasing urbanization of India creating demand for improvement in public transport along with the cohesive government initiatives and schemes is one of the major factors to drive the growth of the India electric bus market. In July 2019, the Government of India unveiled the National Electric Mobility Mission Plan (NEMMP) 2020 to amplify the growth of the electric and hybrid components of the automotive sector with the main focus on fast-tracking the manufacturing and introduction of EVs in India.
Germany electric bus market is estimated to grow at a considerable CAGR during the forecast period. The availability of government and private funding for the deployment of electric buses in the country is among the key factors to drive the Germany electric bus market. In January 2020, the EU Commission had approved an increase of $326 million in Germany’s state aid scheme which is valid by the end of 2021 for the purchase of electric buses and charging infrastructure under its state aid law.
China electric vehicle motor market is anticipated to grow at a CAGR of more than 20% during the forecast period, 2019-2025. The country is the largest electric vehicle market globally with covering around 50% of the global electric sales.
France electric bus market is estimated to grow at a considerable CAGR during the forecast period. The growing adoption of electric vehicles in the country to deal with the rising environmental concerns along with the government initiatives for the deployment of electric buses is a major factor to drive the growth of France electric bus market. According to the French government climate plan presented in July 2017, the country seeks to ban sales of vehicles emitting greenhouse gases by 2040.
The US Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The major factor driving the market include supportive government regulations for electric vehicles and charging infrastructure.
The European electric bus market is estimated to grow at an exponential CAGR during the forecast period. The rising acceptance of the electric buses owing to the growing environmental concerns along with the available federal and private funding are the key factors to propel the growth of the European electric bus market. In January 2020, the EU Commission had approved an increase of $326 million in German state aid for the purchase of electric buses.
UK electric
car market is projected to grow at a CAGR of more than 20.0% during the
forecast period, 2019-2025. High disposable income, favorable government
policies, government subsidies and continuous introduction of the new car
models are some of the major factors driving the growth of the market.
China electric bus market is estimated to grow at a significant CAGR during the forecast period. The cohesive government policies and initiatives to minimize exhaust emissions in the country is a major factor to drive the growth of the China electric bus market. For instance, in China, the Ministry of Transport (MOT) provides subsidies and tax incentives to electric automobile manufacturers for the manufacturing of low-emission bus fleet.
Canada electric bus market is estimated to grow at a considerable CAGR during the forecast period. The on-going piolet projects related to the efficiency of the electric buses in the country to drive its market growth. In July 2019, Brampton, a city in Ontario had received more than $11 million toward Phase 1 of a state-of-the-art electric bus pilot project. Around $7.6 million will go toward the deployment of the buses and overhead chargers, while $3.6 million will come from Natural Resources Canada’s Green Infrastructure Program to facilitate the city to install, operate and maintain the buses and chargers.
The Asia-Pacific electric bus market is estimated to grow at an exponential CAGR during the forecast period. The rapidly increasing urbanization of the emerging countries of the region creating demand for improvement in public transport along with the cohesive government initiatives and schemes is one of the major factors to drive the growth of the Asia-Pacific electric bus market.
UK electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies along with the need to control pollution is the key factor to propel the growth of the UK electric-two wheelers market. Under the framework of the Green Car Initiative started in November 2008, the European economic recovery plan had been presented.
Switzerland holds a small share in the European electric car market; however, a lucrative growth will be witnessed during the forecast period. Switzerland electric car market is projected to grow at a CAGR of more than 21.0% during the forecast period, 2019-2025.
Japan electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The declining price of lithium-ion batteries, rapidly increasing adoption of Electric Vehicles (EVs), and the increasing renewable energy sector are the key factors to make a considerable contribution towards the growth of the electric two-wheeler market in the country.
Indonesia electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the Indonesia electric two-wheeler market. The growing environmental concerns along with the cohesive government initiatives and subsidies are some other aspects to fuel the market growth in the country.
Spain electric car market is projected to grow at a CAGR of more than 21.0% during the forecast period, 2019-2025. The electric car market in Spain is comparatively small and is increasing exponentially for the last couple of years. A growth of around 48% was registered in the Spain electric car market in 2019 and reached to around 17,500 compared to 11,800 in 2018.
South Korea electric car market is forecast to show an exponential growth rate in a couple of years. Supportive government regulations is one of the major factors driving the growth of the market in the country.
India Electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies along with increasing urbanization is the key factor to propel the growth of the electric-two wheelers market in India. In 2018, the Indian government had confirmed subsidies related to all types of electric vehicles.
The European electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies along with the need to control pollution is the key factor to propel the growth of the European electric-two wheelers market. Under the framework of the Green, Car Initiative started in November 2008, the European economic recovery plan had been presented.
Asia-Pacific electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies along with the increasing urbanization is the key factor to propel the growth of the electric-two wheeler market in Asia-Pacific. In 2018, the Indian government had confirmed subsidies related to all types of electric vehicles.
The ASEAN electric two-wheeler market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies to provoke the sales of the electric vehicle is the key factor to propel the growth of ASEAN electric two-wheeler market. In April 2019, the Thailand Board of Investment (BOI) announced to reduce excise tax to 2% from 8% for eligible automobile companies planning to produce electric vehicles in the country.
Norway electric car market is projected to grow at a CAGR of more than 16.0% during the forecast period, 2019-2025. The country has the highest ratio of the electric vehicle to its vehicle fleet globally in 2019 and was the second-largest electric car market in Europe in 2019. A growth of 9% YoY in electric car sales was registered in the country in 2019.
Spain electric vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. Supportive government initiatives, the presence of major market players, and significant growth in the electric vehicle charging infrastructure are some of the major factors driving the growth of the electric vehicle market in the country. In 2019, the government set target of 100% Zero Emission Vehicle (ZEVs) by 2040.
Italy electric vehicle market is estimated to grow at a CAGR during the forecast period. Supportive government initiatives, the presence of major market players, and significant growth in the electric vehicle charging infrastructure are some of the major factors driving the growth of the electric vehicle market in the country. At the end of 2018, Italy Government proposed a “bonus-malus” incentive policy for the period of 2019-2021.
India electric rickshaw market is estimated to grow at a considerable CAGR during the forecast period. The increasing government initiatives and subsidies along with the increasing urbanization is the key factor to propel the growth of the electric rickshaws market in India. In January 2020, Amazon India has pledged to add 10,000 electric rickshaws, to its delivery fleet by 2025.
China electric rickshaw market is estimated to grow at a considerable CAGR during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The rising demand for electric rickshaws in metropolitan cities, government support, and the presence of major market players in the country are further contributing to the growth of the China electric rickshaw market.
Asia-Pacific electric rickshaw market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. China and India are the major countries to make a considerable contribution to the market growth of electric rickshaws in the Asia-Pacific region.
The Netherlands electric car market is projected to augment at a CAGR of more than 23.0% during the forecast period, 2019-2025. Tax incentives have provided an exponential growth to the electric car market in 2019. The country’s electric car sales have registered a growth of 145% in 2019 YoY and reached to 72,600 in 2019 compared to around 29,700 in 2018.
North American Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. Supportive government regulations, environmental concerns, and subsidies by the government are some of the major factors contributing to the growth of the electric car market in North America.
Latin America electric car market is at the nascent stage and significant growth is expected in the near future. Latin America electric car market is estimated to grow at a CAGR of more than 18.0% during the forecast period. Government targets to increase the electric fleet, rebates on the vehicle purchase and increasing awareness related to electric vehicles are some of the major factors augmenting the market.
Japan electric car market is forecast to show a growth of more than 14% during the forecast period, 2019-2025. Japan is one of the major oil-importing countries and to reduce oil import bill, the country is expected to significantly promote the electric cars in the country.
Italy electric car market is projected to augment at a CAGR of more than 20.0% during the forecast period, 2019-2025. The Italian electric car market is comparatively small and has been increasing exponentially for the last couple of years.
India electric car market is projected to show an exponential growth rate during the forecast period. The Indian electric car market is at the nascent stage and the unit sold in the market are very low. Government support under the FAME scheme, development of the charging stations, and the introduction of the new electric car model are some of the major factors motivating the market growth in the country.
Electric car market is anticipated to grow at a significant CAGR of 19.0% during the forecast period (2024-2031). The market growth is attributed to the improvements in energy density, charging capabilities, and battery technology for better electric vehicle performance. The adoption of electric vehicles is fueled by supportive government policies, such as laws and subsidies that support environmentally friendly transportation, which increases demand for EV batteries globally driving the growth of the market.
Germany electric car market is projected to augment at a CAGR of more than 23.0% during the forecast period, 2019-2025. In 2010, the government of Germany had set a target to introduce 1 million EVs in the country, however, as of now the target is shifted to 2022.
France electric car market is estimated to augment at a CAGR of more than 20.0% during the forecast period. Favorable government policies and subsidies provided by the government are making the country a major market for electric cars in Europe.
Finland electric car market is projected to grow at a CAGR of more than 20% during the forecast period, 2019-2025. The country has witnessed a growth of 38% YoY in 2019 and electric car sales have reached nearly 7,900 in 2019. Government support, well-developed charging infrastructure, and high disposable income of the people are some of the major factors for the significant growth in the market.
European electric car market is estimated to grow at a CAGR of more than 22.0% during the forecast period. Cohesive government regulations, target to reduce carbon emission due to environmental concerns, and high subsidies offered by the government are some of the major factors driving the growth of electric cars in Europe.
China electric car market is estimated to show a growth of around 20.0% during the forecast period. The country is the largest electric vehicle market globally with covering around 50% of the global electric sales. High air pollution increases the needs to reduce carbon footprints due to which the government promoted electric vehicles in the country.
Canada electric car market is estimated to augment at a CAGR of more than 20.0% during the forecast period. Supportive government regulations and subsidies by the government due to environmental concerns is one of the major factors contributing to the growth of the market in the near future.
Australia electric car market is projected to show an exponential growth rate during the forecast period. The electric car market is at a preliminary stage in the country and very few car models are available in the market which includes Tesla Model S, 3, and X, Hyundai Kona, Nissan Leaf, and Jaguar I-Pace.
ASEAN electric car market is at the nascent stage and is estimated to exhibit considerable growth in the near future. ASEAN electric car market is estimated to grow at a CAGR of more than 22.0% during the forecast period. Government subsidies are expected to play a major role in the growth of the market in the region.
Asia-Pacific electric car market is estimated to grow at a CAGR of more than 23.0% during the forecast period. Supportive government regulations and subsidies by the government to reduce dependency on oil, and to decrease carbon emission are the chief factors for the growth of the electric car market in the region.
The US electric vehicle battery market is estimated to grow at a CAGR of over 11.0% during the forecast period. The increasing adoption of the electric vehicle in the US owing to the growing demand for the zero-emission vehicles coupled with the cohesive government subsidies for the purchase of electric vehicles is the key aspect to promote the growth electric vehicle battery market in the US.
Japan electric vehicle battery market is estimated to grow at a CAGR of more than 10.0% during the forecast period. The declining price of lithium-ion batteries, rapidly increasing adoption of electric vehicles, and the increasing focus on the development of renewable energy sector are the key factors to make a considerable contribution towards the growth of the electric vehicle battery market in the country.
India electric vehicle battery market is estimated to grow at a CAGR of over 8.0% during the forecast period. The rising sales of electric vehicles in the country is a major factor that is driving the growth of electric vehicles battery market in the country.
Germany electric vehicle battery market is anticipated to showcase a double-digit growth rate during the forecast period. Cohesive government initiatives, presence of well-established automobile manufacturing industry, and rising electric vehicle sales are the major factors that are making significant contribution towards the growth in the electric vehicle batteries market share.
China's electric vehicle battery market is estimated to grow at a CAGR of over 9.0% during the forecast period. The cohesive government programs and initiatives to fuel the sale and manufacturing of electric vehicle in China is a major factor that is generating the demand for electric vehicle battery market in the country.
Australia's electric vehicle (EV) market is estimated to grow at a CAGR of over 11.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the EV market in Australia.
The Asia-pacific electric vehicle battery market is estimated to grow at a considerable growth rate during the forecast period. The declining lithium-ion battery prices, rapidly increasing adoption of electric vehicles, and the growing renewable sector are the key factors to contribute towards the growth of the electric vehicle battery market in the region.
The US battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. In the last two quarters of 2019, electric vehicle sales were down as compared to 2018. However, with the decreasing prices of the EV in the near future, the market of EV is expected to increase in the country.
UK battery electric vehicle market is forecast to grow at a CAGR of more than 22.0% during the forecast period. Favorable government policies, government subsidies and continuous introduction of the new BEV models are some of the major factors driving the growth of the market in the country.
South Korea battery electric vehicle market is forecast to grow at a CAGR of more than 23.0% during the forecast period. Domestic companies have a major market share in the electric vehicle market in the country including Hyundai Motor Co., Kia Motors Corp., and Renault Samsung Motors.
Germany battery electric vehicle market is estimated to grow at a CAGR of more than 20.0% during the forecast period. Some of the major factors contributing to the growth of the BEV market in the country include cohesive government regulation for the electric vehicle, incentives by the government on electric vehicle and charging infrastructure, and stringent target to reduce the carbon footprints.
The European battery electric vehicle market is estimated to grow at a CAGR of more than 24.0% during the forecast period. In Europe, a shift toward BEV has been witnessed in a couple of years. As per the European Automobile Manufacturers Association, in Europe, BEV witnessed a growth of 80% in 2019 YoY whereas the growth of PHEV was only near to 7.1% YoY in 2019.
China battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The country is the largest automobile and electric vehicle market globally. More than 50% of the electric vehicle stock is in China until 2019.
Battery electric vehicle market is estimated to grow at a CAGR of 20.0% during the forecast period. Significant growth in the electric vehicle market has been witnessed in the last decade while in the last couple of years, a trend of shifting from hybrid electric vehicles & plug-in hybrid electric vehicles to BEVs has been observed. As per the International Energy Agency, around 2 million electric cars were sold in 2018 and out of this more than 1.3 million were BEV.
US electric vehicle charger market is forecast to grow at a CAGR of around 17.0% during the forecast period, 2019-2025. The major factor for augmenting the market include increasing electric vehicle market, supportive government regulations for electric vehicle and charging infrastructure.
UK electric vehicle charger market is forecast to augment at a CAGR of over 18.0% during the forecast period, 2019-2025. Government subsidies on the electric vehicle, and on charging infrastructure is one of the major factors augmenting the market growth in the country.
Sweden electric vehicle charger market is anticipated to grow at a CAGR of over 23s% during the forecast period, 2019-2025. The country is among the leaders of the adoption of electric vehicles all across the globe.
Spain electric vehicle charger market is anticipated to grow at a CAGR of over 20% during the forecast period, 2019-2025. In 2019, the government of Spain announced a target of 100% Zero Emission Vehicle (ZEVs) by 2040. Government subsidies in order to motivate the electric vehicle market are one of the major factors for the growth of the market in the country.
South Korea electric vehicle charger market is anticipated to grow at a CAGR of over 20% during the forecast period, 2019-2025. EV chargers that are accepted in the country include CCS Combo 1 (IEC 62196-3) and all IEC 62196-3 standards (including CHAdeMO) whereas Tesla has its own connector.
South Africa electric vehicle charger market is anticipated to grow at a CAGR of over 10.0% during the forecast period, 2019-2025. As of now, government regulation is not so favorable for electric vehicles in the country. As per the International Energy Agency, only 150 new electric vehicles were sold in the country in 2018 whereas it was 200 and 380 in 2017 and 2016 respectively.
Norway electric vehicle charger market is forecast to augment at a CAGR of over 13.0% during the forecast period, 2019-2025. The country is the largest market for electric vehicles in Europe. Government push-ups and incentives for the electric vehicle are the major factors for the growth of the market in the country.
Netherlands electric vehicle charger market is anticipated to grow at a CAGR of around 23.0% during the forecast period, 2019-2025. Significant growth in the development of the charging infrastructure has been witnessed in the country.
North American electric vehicle charger market is forecast to grow at a considerable growth rate over the forecast period, 2019-2025. Some of the major factors for the growth of the market include rising electric vehicle market, cohesive government regulations for electric vehicles & its charging infrastructure and significant investment from the government and private companies in developing charging infrastructure in the region.
Japan electric vehicle charger market is anticipated to grow at a CAGR of over 17.0% during the forecast period, 2019-2025. The country is one of the major markets of electric vehicles across the globe. However, consecutive downfalls in electric vehicle sales have been registered in the country in 2019 and 2020.
Italy electric vehicle charger market is anticipated to grow at a CAGR of around 20.0% during the forecast period, 2019-2025. Various subsidies are offered by the government for electric or hybrid vehicles in the country which is likely to augment the regional growth of the market.
India electric vehicle charger market is anticipated to grow at a CAGR of over 25.0% during the forecast period, 2019-2025. The country has the most polluted cities across the globe.
Global electric vehicle charger market is forecast to grow at a CAGR of over 20% during the forecast period, 2019-2025. As per the International Energy Agency, in 2018 the total electric vehicle stock reached 5.1 million with a sale of around 2 million electric vehicles in 2018. Around 5.4 million public chargers were installed in 2018 as compared to 4.3 million in 2017.
Germany electric vehicle charger market is anticipated to grow at a CAGR over 21.0% during the forecast period, 2019-2025. The country is among the major market of the electric vehicle all across the globe. As per the Federal Motor Transport Authority (KBA), around 63,300 electric cars were sold in Germany in 2019, as compared to 36,000 in 2018.
France electric vehicle charger market is anticipated to grow at a CAGR of over 19.0% during the forecast period, 2019-2025. Government support for adoption of electric vehicles and development of its infrastructure is one of the major factors motivating the market in the country.
Finland has a small market share as compared to other European economies however a significant growth of around 20% over the forecast period in the electric vehicle charger market will be witnessed. Finland electric vehicle charger market is forecast to augment at a double-digit growth rate during the forecast period, 2019-2025.
European electric vehicle charger market is forecast to grow at a CAGR of over 20.0% during the forecast period, 2019-2025. Major factors for the growth of the market include increasing share of electric vehicles in the regional total vehicle fleet, government initiatives such as subsidies and rebate, high awareness among people and the presence of major market players in the region.
China electric vehicle charger market is anticipated to grow at a CAGR of over 26.0% during the forecast period, 2019-2025. The country is the largest market of electric vehicles and charging points across the globe.
Canada electric vehicle charger market is anticipated to grow at a double-digit growth rate during the forecast period, 2019-2025. The high purchasing power of the vehicle, government incentive, presence of major market players is among the major factor for the growth of the electric vehicle market and so electric charger market.
Brazil electric vehicle charger market is anticipated to grow at a CAGR of over 12.0% during the forecast period, 2019-2025. Brazil is a small market for the electric vehicle charger market as electric vehicle sales are low in Brazil as compared to other countries.
Asia-Pacific electric vehicle charger market is forecast to grow at a CAGR of over 24% during the forecast period, 2019-2025. Asia-Pacific is the largest electric vehicle market as China's global share in electric vehicle industry sales is more than 50%. Key aspects for the growth of the market include growth in the electric vehicle market, government support, high awareness among people and the presence of major market players in the region.
US Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
UK Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
Sweden Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
South Korea electric vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
South Africa Electric Vehicle (EV) market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
Norway electric vehicle (EV) market is estimated to grow at a CAGR of more than 18.0% during the forecast period. As per the World Economic Forum’s report ‘EVs for smarter cities’, the future of mobility identifies a number of guiding principles to encourage EV adoption. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
North American Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
The Netherlands Electric Vehicle (EV) market is estimated to grow at a CAGR of more than 18% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
Latin America Electric Vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
Japan Electric Vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
India Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
Global Electric Vehicle market is estimated to grow at a CAGR of more than 20.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the global EV market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases.
Germany's electric vehicle (EV) market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
The France Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
Finland's Electric Vehicle market is estimated to grow at a CAGR of more than 15.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
The European Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
China electric vehicle (EV) market is estimated to grow at a CAGR of more than 17.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
Canada Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
Asia-Pacific Electric Vehicle market is estimated to grow at a CAGR of more than 21.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.
The ASEAN Electric Vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market.