May 07, 2021 (The Expresswire) -- Not only battery electric vehicles, but also plug-in hybrid (PHEV) and hybrid electric vehicles, are among the new energy vehicles.
China will play a key role in the growth of NEVs, as the country's largest market for greener powertrain equipped vehicles is expected to account for 25% of total auto sales by 2025, according to Chinese government targets. However, this is lower than China's 2017 target, when it stated that NEV sales should account for more than 20% of total sales.
In terms of revenue, Europe and North America trailed Asia Pacific in the global NEV market in 2016. With charging stations being installed in some of the key countries, such as the United States, the United Kingdom, Germany, and France, among others, these regions are expected to see increased adoption of NEVs in the coming years.
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Some of the leading NEV companies included Renault-Nissan Alliance, Mitsubishi Motors Corporation, General Motors Company, Toyota Motor Corporation, Ford Motor Company, BMW Group, Zhejiang Geely Holding Group Co., Ltd., BAIC Motor Corporation, LTD., Volkswagen Group, BYD Auto Co., Ltd., Tesla, Inc., SAIC Motor Corporation Limited, China Anhui Jianghuai Automobile Co., Ltd. (JAC Motors), Motrec International, Inc., Taylor-Dunn Manufacturing Company, Karrior EV and Bradshaw Electric Vehicles.
India is expected to play an important role in the growth storey as well. The second phase of the FAME scheme, which promotes electric mobility in India, has already begun. Several automobile manufacturers are bringing their electric vehicles to the country.
The global new energy vehicles (NEVs) market is segmented, based on energy type, into following categories
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Fuel Cell Electric Vehicles (FCEVs)
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China is quickly becoming the most fertile ground for electric vehicles.
By 2025, Toyota hopes to sell around 500,000 electric vehicles, the majority of which will be in China. Hybrids are a priority for the Japanese automaker. Volkswagen, which dominates the European and Chinese markets, has set a goal of selling 3 million new energy vehicles by 2025, with the majority of them being electric vehicles.
Mercedes-Benz and Geely have made a move that will have a significant impact on the growth of new energy vehicles. The two auto titans have formed a $780 million joint venture called Smart Automobile Co, which will begin producing electric vehicles in 2022 at its Ningbo plant. In this 50:50 JV, both companies will invest $388.77 million.
BMW has also formed a partnership with Great Wall Motor Co Ltd, a Chinese automaker. From next year, these two automakers will begin selling Mini-branded electric vehicles in China. Ford, another global automaker, will invest $765 million in a joint venture with Chinese automaker Zotye Auto.
Tesla recently began shipping Model 3 electric sedans from its Chinese manufacturing facility, which is expected to play a key role in the country's and world's growth of NEVs.