Global Electric Vehicle Market (2016-2024)-GMI Research Global Electric Vehicle Market (2016-2024)-GMI Res | Page 2

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Based on component, battery pack segment held the largest share in 2017
Growing demand for electric vehicles are supporting the growth of the battery
packs. 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
Figure 2: Global Electric Vehicles Market Revenue, by Region, 2017
Source: GMI Research
Asia-Pacific held the largest share in the market in 2017 owing to government
support in terms subsides, tax rebates, grants as well as with the improved
charging infrastructure. China and Japan are the key countries in the region with
highest number of electric vehicle registrations.
Automakers, such as Toyota, Fisker and BMW are investing a lot in the research
& development activities of the electric vehicles. These companies are focusing