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Global electric vehicle market to hit 5.76 million units by 2021

Automotive and Transportation Market Research

Global electric vehicle sales are projected to grow at a CAGR of 20.68% from 2016 to 2021, to reach 5.76 million units by 2021.

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Global electric vehicle sales are projected to grow in the forecast period. 

Browse 107 market data tables and 75 figures spread through 205 pages and in-depth TOC on “Electric Vehicle Market by EV battery Cost, EV Components (Battery, On-Board Charger), Propulsion (BEV, PHEV, HEV, FCEV), Recharging Station (Normal & Super Charging), Govt. Regulation (EV Subsidies, EV Tax Rebates) and Region - Global Forecast to 2021”

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The major factors behind the growth of EV sales are government support in the form of grants, subsidies, and tax rebates, increasing environmental consumer awareness, improving charging infrastructure and increasing vehicle range.

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Electric passenger car segment: Expected to dominate the electric vehicle market

New models in the electric passenger car segment such as the Tesla model S, Nissan Leaf, BYD Tang, and Mitsubishi Outlander are some of the top selling electric passenger cars in 2016. Availability of subsidies and tax rebates, features such as increasing vehicle range and improved charging infrastructure, reduction in charging time, and the decreasing price or EVs are the major factors driving the global EV market.

BEVs: Expected to register the highest growth rate

Governments prefer BEVs as these are zero emission vehicles. Various governments around the world support the sales of BEVs with subsidies and tax rebates.

BEVs are also the most preferred vehicles in China in 2016. It is expected that the continuously improving charging infrastructure, reducing charging time and existing government support would help the make the BEV segment register the highest growth rate among the other EV propulsion systems such as PHEVs and HEVs.

Asia-Pacific: Largest market for EVs

The Asia-Pacific region is the largest market for EVs due to government support in the form of grants, subsidies and tax rebates and continuously improving charging infrastructure in countries such as Japan and China. The governments in both the major markets i.e.

Japan and China provide subsidies and other non-financial benefits such as access to number plate, car pool lane access, and road tax exemptions for EV users. Continuously improving charging infrastructure and increasing vehicle range are the major factors which have contributed to the Asia-Pacific to be the fastest growing market.

Additionally, the alarming pollution level in economies such as Japan and China has fueled the demand for zero emission vehicles in such countries thus creating huge demand for EVs in such countries.

The major market players in the global electric vehicle market are Tesla Motors Inc. (U.S.), Nissan Motor Corporation (Japan), BYD Company Limited (China), LG Chem.

(South Korea), Panasonic Corporation (Japan), Delphi Automotive (U.K.), Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan) and Car Charging Group (U.S.), and Charge Point Inc. (U.S.).

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