Theย electric vehicle industryย holds a great potential in the near future to change the global vehicular emissions scenario. Electric vehicles are witnessing wide adoption globally due to stringent vehicular emission norms to reduce carbon footprint and the changing vehicle architectures. The U.S. and European Union have issued standards, such as CAFร standards, for automobile manufacturers to be mandatorily incorporated in their vehicles. Numerous commercial and government fleet managers rely on electric vehicles to secure their budgets from unfavorable fluctuations in the fuel costs and reduce emissions of their fleets.
The global electric vehicle industry was pegged at $163.01 billion in 2020, and is expected to reach $823.74 billion by 2030, growing at a CAGR of 18.2% from 2021 to 2030.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ@ https://www.alliedmarketresearch.com/electric-vehicle-market/purchase-options
Surge in fuel costs, rise in need for fuel-efficient, low-emission, and high-performance vehicles, and strict governmental rules about vehicle emissions drive the growth of theย global electric vehicle market. Moreover, reduction in cost of electric vehicle batteries supplements the market growth. On the contrary, technological advancements, development of self-driving electric vehicle technology, and proactive government initiatives are expected to open new opportunities for the market players in the future.
In addition, urbanization, rise in congestion, and increase in emissions have propelled the hybridization and electrification of vehicle powertrains. Moreover, volatile oil & gas prices and upcoming shortage in fossil fuel are expected to boost the adoption of fuel-efficient vehicles. The Brazil, Russia, India, and China (BRIC) countries have shown rise in the degree of interest in eco-friendly and sustainable technologies. Countries, such as China and India, hold a tremendous market potential as, their governments have promoted substantial incentives for purchasing electric vehicles. Various companies intend to expand their market penetration in Asia-Pacific for the development of advanced electric vehicles.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ – https://www.alliedmarketresearch.com/request-sample/2404
Asia-Pacific dominates the market in terms of growth, followed by Europe, North America and LAMEA. Germany dominated the globalย electric vehicle market shareย in 2020, whereas Norway is expected to grow at a significant rate in the EV market during the forecast period.
By type, the market is categorized into battery electric vehicle, plugin-hybrid electric vehicle and fuel cell electric vehicle. The battery electric vehicle holds majority of market share in 2020 and is projected to lead the market during the forecast period due to higher growth rate. By vehicle type, the electric vehicle market is categorized into two-wheelers, passenger cars and commercial vehicles. The passenger cars segment accounted for majority of market share in 2020, and is anticipated to witness a double digit growth owing to the increase in sales of electric passenger cars globally and supportive government initiatives upon purchase of electric vehicles. The commercial vehicles segment is anticipated to lead the market due to higher growth rate during the forecast period.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/2404
๐๐๐ฃ๐จ๐ซ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ
โข Ampere Vehicles
โข Benling India Energy and Technology Pvt Ltd
โข BMW AG
โข BYD Company Limited
โข Chevrolet Motor Company
โข Daimler AG
โข Energica Motor Company S.p.A.
โข Ford Motor Company
โข General Motors
โข Hero Electric
โข Hyundai Motor Company
โข Karma Automotive
โข Kia Corporation
โข Lucid Group, Inc.
โข Mahindra Electric Mobility Limited
โข NIO
โข Nissan Motors Co., Ltd.
โข Okinawa Autotech Pvt. Ltd.
โข Rivain
โข Tata Motors
โข Tesla, Inc.
โข Toyota Motor Corporation
โข Volkswagen AG
โข WM Motor
โข Xiaopeng Motors
๐๐จ๐ง๐ญ๐๐๐ญ:
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