According to this new report, the global electric vehicles market is estimated to be valued at US$ 7.9 billion in the year 2028, growing at a CAGR of 21.8% in the period 2020 to 2028. Growth of the market is driven by rising gasoline fuel prices, growing environmental consciousness, favourable government policies and subsidies and increasing disposable income.
An electric vehicle is an automobile that is propelled by one or more electric motors using energy stored in rechargeable batteries instead of an internal combustion engine. It is the technology of choice for eco-friendly car buyers because they have no emissions tied to their operation. These are broadly classified into PHEV, HEV and BEV.
The advent of Smart Charging in electric vehicles arena has unleashed synergies between the provision of clean transport and low-carbon transport. It employs big data and artificial intelligence as a key technology enabler. It optimizes the charging process in accordance with the availability of renewable energy sources, distribution grid constraints and customers’ preferences.
Segments Covered
The report provides revenue forecasts for global, regional and country levels. It also provides comprehensive coverage on major industry drivers, restraints, and their impact on market growth during the forecast period. For the purpose of research, the publisher has segmented the global electric vehicles market report on the basis of geography.
Country Outlook
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Target Audience