Global Electric Vehicle Market Forecast-2025

NAVI MUMBAI, India - Sept. 24, 2019 - PRLog -- The Global Electric Vehicle Market (https://www.bharatbook.com/marketreports/global-electric-vehicle-market-2019-2025-/1746316) size is expected to reach $602.8 billion by 2025, rising at a market growth of 24.7% CAGR during the forecast period.

Electric Vehicle (EV) technology is gaining ground and popularity rapidly. With the depletion of oil reserves and a world characterized by smog, noise and all kinds of pollutants, governments and communities are awakenings to the several benefits of EV technology. Zero-emission vehicles are almost noiseless and can be charged at home or work, saving commuters endless queues at petrol stations. Charging at night when consumption is low, allows for efficient use of electricity. EVs are easier to service and maintain due to the absence of spark plugs, clutch, and gears. Ideal for "stop-start" city driving conditions, EVs are extremely reliable and easy to drive.

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The global electric vehicles market is driven by a combination of political, economic, and technological factors in tandem with the influence of more planned mass-market electric vehicle introductions. The presence of non-monetary and monetary government subsidies has been one of the strongest and biggest factors for the electric vehicle market attractiveness. Many political factors have positively influenced the sales of EV in different parts of the world. Some of the major factors include one-time government monetary subsidies at purchase, post-purchase monetary government subsidies, non-monetary government regulations, and charging infrastructures. Many tax credits concerning the purchase of EV have been initiated and implemented by different country-level governments.

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