Electric Vehicle Market: Analysis,Growth and New Market Opportunities by 2024

The global electric vehicles market is estimated to reach USD 477.3 billion in 2024 at a CAGR of 22.8%. Taxation benefit on electric car loans and supportive government subsidies are expected to drive the electric vehicles market during the forecast period. However, increasing focus on sustainability is expected to become an opportunity for electric vehicles market.

The electric vehicle is an alternative source for fuel in automotive industry. This source can help various electric motors and motor controllers to drive the vehicle. Electric vehicles reserve electricity in an energy storage device such as battery. Moreover, it usually presented as non-polluting or zero radiation vehicle. Some key players in electric vehicles are Tesla Motor, BYD Company Ltd., Ford Motor Company, Toyota Motor Corporation, AB Volvo, Daimler AG, and Honda Motor Co Ltd. among others.

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Global Electric Vehicles Market: Report Synopsis

This market research report offers a comprehensive analysis of key market trends in the global electric vehicles market. It includes detailed discussion on historical market trends, current market dynamics, consumer landscape, growth opportunities and challenges backed by factful feedbacks.

1. On the basis of type, the global electric vehicles market is segmented into battery electric vehicles (BEV), fuel cell electric vehicles(FCEV), plugin electric vehicles(PEV) and hybrid electric vehicles (HEV).
2. By Battery type, the global electric vehicles market is segmented into lead acid battery, nickel metal hydride battery, lithium ion battery and others.
3. On the basis of charging type, the global electric vehicles market is segmented into rapid (43Kw-50Kw) by (30-60minute),fast (7Kw-22Kw) by (3-4hour) & slow (upto 3Kw) by (6-12hour).
4. By end-use industry, the global electric vehicles market is segmented into heavy commercial vehicle (HCV) & low commercial vehicle (LCV).

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Global Scenario of Electric Vehicles Market

Almost every country in this world wants to bring down its crude oil import bill and therefore, the world has embraced this transition from conventional automobiles to electric mobility with great enthusiasm. Many countries have set very ambitious targets to raise the share of EVs in their market. China is the largest electric car market followed by Europe and North America. Governments play a critical role in advancing the idea of electrical transportation because it is their policies that enable the automakers to stimulate demand for electric vehicles. Substantial cost reductions have been witnessed because of the rapid technological advancements which have accelerated the demand in this industry. Propagation of the idea of electric vehicles aligns with the highly ambitious sustainable development goals (SDGs) set by the United Nations. The recent policy developments by big markets such as China, India, and European Union in which they have advocated for more stringent norms for the conventional ICEs in terms of fuel efficiency, emission norms, etc. and on the other hand, promoting the clean vehicles by giving them tax incentives, subsidies, zero-emissions vehicle credit, etc. clearly reflects their priority.

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Global Electric Vehicles Market: Report Segmentation

For the scope of report, In-depth segmentation is offered by Forencis Research

Global Electric Vehicles Market, by Type

• Battery Electric Vehicles (BHV)
• Fuel Cell Electric Vehicles (FCEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
• Hybrid Electric Vehicles (HEV)

Global Electric Vehicles Market, by Battery Type

• Battery Electric Vehicles (BHV)
• Fuel Cell Electric Vehicles (FCEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
• Hybrid Electric Vehicles (HEV)

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Global Electric Vehicles Market, by Charging Type

• Rapid (43Kw-50Kw) by (30-60minute)
• Fast (7Kw-22Kw) by (3-4hour)
• Slow (upto 3Kw) by (6-12hour)

Global Electric Vehicles Market, by End-Use Industry

• Heavy Commercial Vehicles
• Light Commercial Vehicles

Global Electric Vehicles Market, by Region

• Asia-Pacific
• North America
• Europe
• Middle East and Africa
• South America

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