The governments of various countries have formulated stringent CO2 emission norms that have increased the demand for electric vehicles
Electric vehicles are self-propelling transportation machines for passengers as well as goods utilizing the power stored in the batteries via electric motors or with the help of both internal combustion engine and electric motors working in tandem. Electric vehicles are considered to be the vehicles of the future and are highly likely to make conventional vehicles obsolete.
EVs have the potential to become a disruptive technology innovation with both positive and negative impact for the automobile industry. As EVs gain share they flaunt the potential to dislodge over US$1 trillion market capitalization of conventional auto makers dependent on the sale of ICE vehicles. . With significant energy savings, EVs can be disruptive to the petroleum industry as well. Currently EVs are a niche in the world automotive industry. Technology maturity is however now enabling the development of more cheaper and higher performing EVs, which is a major positive sign for the market.
The amount of pollution created by EVs depends mostly on the source of the electricity used to charge them. This makes it difficult to determine if electric vehicles pollute less than internal combustion engine vehicles without considering where they are to be deployed and by what sources of electricity they are to be powered.
Growing Prices of the Conventional Fuel
• Growing prices of the conventional fuel and their vanishing existence are encouraging to search for low-cost alternatives. In order to lower their fuel expenditure, consumer demand for electric vehicles is increasing owing to their affordable prices which is likely to fuel the growth of the global electric fuel market.
Support Provided by Various Governmental Agencies
• A major factor behind the growth of electric vehicles is the support provided by various governmental agencies to encourage the sale of these vehicles. Governments are taking initiatives on account of the growing environmental concerns.
The major factors behind the growth of electric vehicle sales are government support in the form of grants, subsidies, and tax rebates, increasing environmental consumer awareness, improving charging infrastructure, and increasing vehicle range.
Browse key industry insights @ https://www.merkleandsears.com/Global+Electric+Vehicles+%28EVs%29+Market+Analysis
The global electric vehicles market is predicted to grow tremendously on account of the need to lower fuel expenditure. Majorly, it is the various initiatives taken by government which will play a huge role in driving the growth of this market. Governments are taking initiatives on account of the growing environmental concerns. The availability all electric cars at affordable prices will also be a key factor in boosting the uptake of electric vehicles in the years to come. Some of the other reasons behind the growth of this market include a surge in the price of fossil fuels, and the adverse impact on the environment on account of petroleum-based transportation vehicles. However, Electric vehicles come along with a high price tag which might evoke customer apathy towards this market. Scarcity of charging points within major cities is a massive hurdle in the growth of the global electric vehicles market
The electric vehicles market is segmented on the basis of product type, technology, applications and region. On the basis of product type, the market is segmented into cars, motorcycles and scooters, buses and others. Of these, electric cars segment is expected to dominate the global market in terms of revenue over the forecast period. While bicycles segment is dominating in terms of volume and expected to continue its dominance over the forecast period with a larger share over the forecast period.
Make an inquiry for purchasing this report @ https://www.merkleandsears.com/contact-us.php
North America dominated the global market for electric vehicles owing to high government initiatives including the Corporate Average Fuel Economy program. The US government is taking steps to decrease the dependency on the fossil fuel and promoting usage of some of the alternatives to the conventional fuel sources. Owing to the aforementioned factors, North America accounted for the highest shares in the global market for electric vehicles.
European countries have installed various levels of electric vehicle charging equipment in order to improve the value proposition, electric range, and range confidence of electric vehicle users. The EV wide Clean Power for Transport directive provides targets for each member state regarding the increased deployment of plug-in charging and hydrogen refuelling infrastructure.
Some of the major players in the Global Electric Vehicles Market are Renault, Toyota Motor Corporation, Volkswagen AG, NEXT Future Transportation, Inc., General Motors, Daimler AG, BYD Company Motors, BMW Group, Ford Motor Company, Honda Motor Co., Ltd.