By 2025, global sales of electric vehicles will reach 1079.<> million units

According to the Markets and Markets report, global electric vehicle sales are expected to grow from 1.
5 million units in 2018 to 10.
79 million units in 2025, with a compound annual growth rate of 32.
57%
during the period.

By 2025, global sales of electric vehicles will reach 10.
79 million units

The main factor behind the increase in EV sales is government support in the form of grants, subsidies and tax rebates, raising environmental awareness among consumers, improving charging infrastructure, and increasing vehicle variety
.

The electric passenger car segment is expected to dominate the electric vehicle market

Models in the electric passenger car segment such as Tesla Model S, Nissan Leaf, BYD Tang and Mitsubishi Outlander were the highest-selling electric passenger car models in 2016
.
The availability of subsidies and tax rebates, improvement of charging infrastructure to increase vehicle range, shortening of charging times, and falling prices of electric vehicles are the major factors
driving the growth of this segment.

Battery electric vehicles will lead the electric vehicle market

Governments prefer battery electric vehicles because they are zero-emission vehicles
.
Governments around the world are supporting the sale of
battery electric vehicles through subsidies and tax rebates.
Battery electric vehicles were also the most favored car
in China in 2017.
Improving charging infrastructure, reduced charging times, and existing policy support are expected to contribute to the growth of
battery electric vehicles.

Asia Pacific will be the largest market for electric vehicles

Asia Pacific is the largest market for electric vehicles due to government support in the form of grants, subsidies and tax rebates, as well as continuous improvement of charging infrastructure
in countries such as Japan and China.
The Japanese and Chinese governments provide subsidies and other non-financial benefits, such as access to license plate numbers, the use of rideshare lanes, and exemption of electric vehicle users from paying road taxes
.
Continuous improvement of charging infrastructure and increasing the variety of vehicles are the major factors
contributing to the fastest growing market in Asia Pacific.
In addition, the pollution levels in economies such as Japan and China are worrying, so the demand for zero-emission vehicles in these countries has increased, creating a huge demand
for electric vehicles.

The major players in the global electric vehicle market are Tesla (USA), Nissan Motor (Japan), BYD (China), BMW (Germany) and Volkswagen (Germany).

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