The electric vehicle market has experienced tremendous growth in recent years, driven by a number of factors including increasing awareness of the environmental impact of traditional gasoline-powered vehicles, advances in battery technology, and government incentives and regulations promoting the use of electric vehicles. According to a report by BloombergNEF, global electric vehicle sales reached a record 3.24 million units in 2020, up from 2.26 million in 2019. This represents a year-over-year growth rate of 43%.
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As the electric vehicle market continues to mature, there are a number of challenges that must be addressed, including the need for widespread charging infrastructure and further advancements in battery technology to improve the range and performance of electric vehicles. However, many experts predict that these challenges will be overcome in the coming years, paving the way for a significant shift away from gasoline-powered vehicles and towards electric vehicles. This shift has the potential to significantly reduce greenhouse gas emissions and improve air quality, making the electric vehicle market an important component of efforts to address climate change and promote sustainability.
Developed and rapidly developing economies are generating a plethora of revenue prospects for the manufacturer owing to favorable government regulations and initiatives. Regions including North America, Asia Pacific, and Europe are expected to stay at the forefront in the market by the end of the forecast period.
Manufacturers are exploring opportunities in different types of vehicles including hybrid and plug-in hybrid types of electric vehicles. Major automobile manufacturers are heavily investing in the market to strengthen their position. Established players profiled in the market include Nissan Motor Corporation Ltd., Ford Motor Company, General Motors Company, and Daimler AG.
Electric vehicles are self-propelling transportation machines for passengers as well as goods utilizing the power stored in the batteries via electric bicycle 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.
