Introduction
Electric vehicles are powered by an electric motor, which requires a constant supply of energy from batteries to function. Electric vehicles were created to replace traditional modes of transportation, which are a major source of pollution in the environment.
EVs are gaining popularity around the world due to their low carbon footprint and low maintenance requirements, as well as the convenience of charging at home, reduced engine noise, fuel efficiency, and smoother ride. Furthermore, stringent government regulations governing vehicle emissions, as well as a drop in the cost of electric vehicle batteries, are propelling the market.
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Key Developments
The advancement of self-driving electric vehicle technology, proactive government initiatives, and technological advancements in the electric vehicle industry are expected to create opportunities for the market's key players. Governments are providing numerous benefits to consumers, such as no or low registration fees, and subsidies are important factors driving market growth.
For example, the Federal Highway Administration (FHWA) of the United States Department of Transportation has invested USD 60 million in the Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Program. This program promotes electric vehicle charging and other emissions-cutting technologies. Electric vehicle sales are also increasing as vehicle emission standards become more stringent in order to reduce pollution.
Competitive Landscape
Manufacturers are competing by implementing growth strategies such as product launches and business expansions in a fragmented industry. The industry is also highly competitive, with key players such as General Motors Company, Nissan Motors Co. Ltd., Tesla, Inc., Toyota Motor Corporation, BYD Company Ltd., Daimler AG, and Ford Motor Company, among others, present.
Some prominent players of the market include:
● Ampere Vehicles
● Benling India Energy and Technology Pvt Ltd
● BMW AG
● BYD Company Limited
● Chevrolet Motor Company
● Daimler AG
● Energica Motor Company S.p.A.
● Ford Motor Company
● General Motors
● Hero Electric
● Hyundai Motor Company
About Us
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