Electric Vehicles Trends in 2025

It is expected that by 2025 more than half of all new car sales will be electric vehicles (EVs). The EV market is growing exponentially and the global electric vehicle market size is anticipated to reach around USD 900 billion by 2028, according to a new research report by Polaris Market Research. The report presupposes the prospect of reaching a market value of over USD 1.5 trillion by 2030, documenting a CAGR of around 17.8% from 2021 to 2030. Governments are actively incentivizing the production and purchase of electric vehicles to reduce their carbon footprint and reduce air pollution, which is causing respiratory disease and shortening the lifespans of their citizens. afore mentioned factors further reinforced by initiatives by market players to introduce affordable EVs coupled with charging infrastructure developments across different regions will augment the growth of the EV market during the forecast period. Eventually, the market is likely to witness significant growth prospects rising from income disparities, thereby driving the overall revenue generation.

Key Market Trends

• By vehicle type, the passenger car segment dominated the market in 2020 owing to the growing demand for EVs driven by the rising levels of air pollution and the increasing need for energy conservation.

• The commercial vehicle segment is expected to grow at a substantial CAGR owing to the growing penetration of EVs in logistics and public transportation applications.

• By charging station, the commercial charging segment is anticipated to witness substantial growth over the forecast period owing to the increasing adoption of EVs for commercial purposes including public transportation, logistics, and others.

• The home charging segment is also expected to grow at a significant CAGR owing to advantages such as convenient charging and reduced charging costs.

• By power output, the less than 100 kW segment dominated the market in 2020 owing to the growing popularity of plug-in hybrid electric vehicles and electric scooters.

• The 100 kW to 250 kW segment is expected to grow at a substantial CAGR owing to the growing demand for electric cars and trucks.

• By vehicle class, the mid-priced segment is expected to grow at a significant CAGR owing to the increasing demand for affordable EVs.

• The luxury class segment is also anticipated to witness substantial growth over the forecast period owing to the growing demand for high-performance EVs.

Additionally, the sudden and rapid spread of the COVID-19 pandemic has significantly impacted the global electric vehicle market. As the markets and industries were majorly affected, the consumers were concerned about their health and finance during the pandemic, in turn decreasing the demand for EVs. The shutdowns, social distancing norms, and lockdowns implemented to curb the spread of the virus have significantly impacted the industry's production and supply chain, further impacting the market. However, the EV market has already started recovering gradually as the economies are reopening their doors for businesses. The market is anticipated to witness significant growth post-pandemic owing to the increasing demand for renewable energy sources, a growing number of initiatives by the government, and growing investments by automotive manufacturers in the EV space.

EV Market by Region

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