Major corporations are investing much in delivering their products with the most up-to-date characteristics, improving OEM competition and supporting market expansion. Governments are investing in charging infrastructures, either directly in public charging stations or indirectly by subsidizing private charging stations at homes and workplaces.ĭue to various advancements in battery technology and the application of cutting-edge technologies like ADAS, AI, IoT, and others, the market is expanding. Government regulations to phase out fossil fuel-powered vehicles, government expenditures to improve public EV charging infrastructure, and initiatives in the form of subsidies and tax refunds to encourage the adoption of EVs are all likely to contribute to market development. Increased demand for fuel-efficient, high-performance, and low-emission vehicles, increasingly strict laws and regulations on vehicle emissions, and lowering battery costs and rising fuel costs all contribute to the electric vehicle market's growth.Įlectric mobility is becoming more popular among governments across the world. Infrastructure for charging stations continue to expand, and countries like China continue to lead the passenger vehicle and urban bus markets due to a well-established supply chain for batteries and traction motors. Over the long term, factors such as the increasing cost of fuel and government initiatives across different geographies to increase awareness about EVs are expected to promote the usage of electric vehicles over the forecast period. For instance, there was a dramatic rise in electric vehicle sales in China and Europe despite the pandemic, indicating signs of active market growth during the forecast period. However, the electric vehicle (EVs) market is witnessing substantial growth due to the swiftly escalating Y-o-Y adoption rate of mild-hybrid electric vehicles across the world. The impact of COVID-19 on the electric vehicle market was inevitable as it affected almost every other industry in the market. The electric vehicle market was valued at USD 411.02 billion in 2021, and it is expected to reach USD 1393.33 billion by 2027, witnessing a CAGR of 19.19% during the forecast period (2022 - 2027).
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