Electric vehicle (EV) is a vehicle which requires one or more electric motors and makes its own electricity for propulsion. The global electric vehicle market is growing at significant rate, due to mounting alarm about environmental pollution and promising government strategies and supports. Different propulsion type contributed to the electric vehicle market size. The market has witnessed high demand for battery electric vehicle in the coming years due to refining charging infrastructure, government assistance in the form of permits, supports, and tax rebates, decreasing charging time and zero emission of carbon.
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On the basis of propulsion type the market is subdivided into plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), fuel cell electric vehicle (FCEV) and hybrid electric vehicle (HEV). Of all the propulsion type, the BEV accounted the largest share in the market due to refining charging infrastructure, government assistance in the form of permits, supports, and tax rebates, decreasing charging time and zero emission of carbon. In addition, FCEV segment is expected to grow at fastest rate in the electric vehicle market due to government support and availability of better subsides.
Geographically, Asia-Pacific is the largest electric vehicle market and is observed to witness fastest growth in the market due to government assistance in the manner of permits, supports, and tax rebates. Constantly refining charging setup in countries such as Japan and China and expanding vehicle range are also up surging growth of the Asia-Pacific electric vehicle market.
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In addition, China is the budding market for the EVs, as it has utmost number of EVs fabrication industries and largest fleet of EVs on the road. Moreover, availability of strong charging infrastructure and government support are the factors driving the growth of the China electric vehicle market. For instance, according to China Association of Automobile Manufacturers in February 2018, the production of BEV reached 56,706 units and is increasing 168.4% year on year.
Key players in the electric vehicle market are catering the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, BMW Group and Great Wall Motor signed an agreement to produce MINI electric vehicles. Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda and Daimler are the key players offering electric vehicle.
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