Electric Vehicle Market : Global Opportunities & Forecast 2018-2025 Global Electric Vehicle Market Opportunities & For | Page 2

Based on components, battery pack is expected to grow at the highest
CAGR through 2025
The battery pack segment is expected to grow at the highest CAGR
during the forecast period owing to the increasing demand for electric
vehicles worldwide. Battery packs constitute a major share in terms of
cost of an electric vehicle and thus, dominates the electric vehicle
components market in 2017. The battery pack segment has further
been bifurcated into Lithium-ion battery, Nickel Metal Hydride Battery
and Others. Lithium-ion battery is projected to grow at the highest
CAGR during 2018 -2025 due to its characteristics such as safety, life-
span, performance, specific energy and specific power. However, the
cost of a manufacturing a Lithium-ion battery is quite high, but it is
expected that the as the production volume increase, the cost will
decline steeply in the near future.
“The electric vehicles market is witnessing significant growth in Asia-
Pacific specifically, in China followed by Europe. Regional
government’s support and growing need of environment friendly
vehicles is driving the global electric vehicles. It is foreseen, that by,
2025, globally, around 22% of the cars sold would be electric cars. “-
GMI Research
Asia-Pacific held the largest share in the market in 2017, owing to, the
demand from the countries such as China and Japan
Asia-Pacific held the largest share in the global electric vehicles
market in 2017 due to the government support in terms subsides, tax
rebates, grants as well as with the improved charging infrastructure.
China and Japan are key countries in the region where the adoption
rate of electric vehicles are high. There were around 336,000 and
24,850 new registrations of BEV and PHEV in 2016 in China and Japan