EV and FCEV market to reach US$792 billion

The electric vehicles and fuel cell vehicles market is forecast to reach US$792 billion in 2025.

That’s the prediction in a new 124-page report from Market Research Nest titled Global Electric Vehicles and Fuel Cell Vehicles Market Insights, Forecast to 2025.

The report says the compound annual growth rate (CAGR) is 40% during the forecast period, with the product type ratio changing markedly to battery electric vehicles (BEVs).

BEVs will have the larger market share, while hybrid cars will not be mainstream vehicles, and EVs will have a larger growth rate than plug-in hybrids (PHEVs), the study notes.

China is expected to remain the largest market.

Global sales of EVs and FCEVs is about 900,000 units, the research concludes.

The biggest sales region is in China, and that country has the largest regional sales growth rate. The largest product type is the BEV and the biggest company is BYD.

The report notes the EV and FCEV manufacturing industry is “increasingly becoming dynamic and innovative, with a large number of private players entering the industry”.

Market Research Nest’s study also focuses on technology progress and risk, the threat of substitutes, consumer needs and preference changes, and the changing economic and political environmental factors driving the market’s growth.

The research is designed to help target customers’ needs and wants.

Companies featured include BYD, Tesla, Nissan, BMW, Mitsubishi, Volkswagen, Renault, BAIC, GM, Ford, JAC, Yutong, SAIC, Zhong Tong, Zotye, Kandi, King-long, Volvo, Mercedes-Benz, Chery, Audi and Toyota.