According to the Markets and Markets report, global electric vehicle sales are expected to increase from 1.5 million units in 2018 to 10.79 million units in 2025, with a compound annual growth rate of 32.57%.

The main factor behind the growth in the sales of electric vehicles is that the government provides support in the form of grants, subsidies, and tax refunds to increase consumers' environmental awareness, improve charging infrastructure, and increase vehicle types.

Electric passenger car field is expected to dominate the electric car market

Electric vehicle models such as the Tesla Model S, Nissan Leaf, BYD Tang and Mitsubishi Outlander are the highest-selling electric passenger car models in 2016. The availability of subsidies and tax rebates, the improvement of charging infrastructure for increasing vehicle mileage, the reduction of charging time, and the decline in the price of electric vehicles are the main factors that have contributed to this growth.

Battery Electric Vehicles Will Lead the Electric Vehicle Market

National governments prefer battery-electric vehicles because they are zero emission vehicles. Governments around the world support sales of battery electric vehicles through subsidies and tax refunds. Battery electric vehicles are also the most popular car in China in 2017. It is expected that the continuous improvement of charging infrastructure, reduced charging time, and existing policy support will contribute to the growth of battery electric vehicles.

Asia Pacific will become the largest market for electric vehicles

The Asia-Pacific region is the largest market for electric vehicles. This is because the government provides support through grants, subsidies, and tax refunds, and it continues to improve the charging infrastructure in countries such as Japan and China. The Japanese and Chinese governments provide subsidies and other non-financial benefits, such as the acquisition of license plate numbers, the use of carpooling channels, and exemption of road tax for electric vehicle users. The continuous improvement of charging infrastructure and the increase of vehicle types are the main factors driving the Asia Pacific region to become the fastest growing market. In addition, the level of pollution in economies such as Japan and China is worrisome. As a result, the demand for zero-emission vehicles in these countries has increased, creating a huge demand for electric vehicles.

ZMS cable produce charging cables, instrument cables, electric wires supplied to the global electric vehicle market.