The Electric vehicle market is projected to exhibit stellar growth. The growth in the promotion of electric vehicles by dissimilar ruling authorities plays a great role in propelling this growth. The increasing awareness concerning the impact on the environment from the emission of conventional vehicles bolsters the growth of the market. The global efforts towards motivating electric vehicles for mass transit play a vital role in the growth of the landscape.
Aspects such as an augment in demand for fuel-efficient, high-performance, & low-emission vehicles, rigorous government rules & regulations toward vehicle emission along with a deduction in the cost of electric vehicle batteries, and growing fuel costs supplement the growth of the electric vehicle market. Furthermore, aspects such as technological advancements, proactive government initiatives, and the development of self-driving electric vehicle technology are projected to generate ample opportunities for the key players functioning in the electric vehicle market.
According to SPER market research, The Electric Vehicles Market by Component (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Power Control Unit, Battery Management System, Fuel Processor, Power Conditioner, Air Compressor, and Humidifier), by Vehicle Type (Passenger Cars and Commercial Vehicles), by Vehicle Class (Mid-priced and Luxury), by Top Speed (<125 MPH and >125 MPH), by Vehicle Drive Type (Front-Wheel Drive and Rear Wheel Drive), by EV Charging Point Type (Normal Charging and Super Charging), by Charging (V2B or V2H, V2G, V2V, and V2X), by Propulsion (BEV, PHEV, and FCEV), Global Opportunity Analysis and Industry Forecast, 2021–2031’ state that the global electric vehicle market is predicted to be worth USD 197.4 billion in 2020 and is predicted to grow at a CAGR of 21.64 between 2020 to 2031.
The growth of the electric vehicles market is accredited to the ever-growing production and sales of automobiles. Vehicles are becoming a progressively affordable commodity due to the increasing disposable incomes around the globe. Though the percentage share of electric vehicles market in the automotive industry is extremely small in the present scenario, it is extremely probably to enlarge at a speedier rate than predicted owing to rise in fuel prices due to greater current utilization and increasing rate of depletion, the government regulations to decrease the number of greenhouse gases emitted by vehicles, extreme fuel efficiency proposed by the electric vehicles and soundless function of the electric vehicles.
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During 2020, the electric vehicle market in North America was esteemed at US$ XX Mn, and it is predicted to reach over US$ XX Mn by 2027. The region is projected to account a CAGR of 22.7% over the forecast duration of 2027. North America is one of the foremost markets for electric vehicles. The U.S. and Canada are moving forward to decrease the carbon footprints which is majorly propelling the requirement for electric vehicles in the region. The governments are planning to enhance the greenhouse effect by implementing robust environmental protection policies.
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