Deteriorating Climate due to Transportation Industry propels the Global Electric Vehicle Market Growth at 22.18%
According to a new market research report
published by Inkwood Research, the Global Electric Vehicle Market is estimated to register a CAGR of 22.18% during
the forecasting years of 2020-2028.
"Browse 41 Market Data Tables and 45
Figures spread over 155 Pages, along with an in-depth TOC on the Global Electric Vehicle
Market Forecast 2020-2028.”
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Electric vehicles use traction motors for
propulsion and utilize electricity as the power source. It can be powered
through a self-contained battery or can even use a generator to convert fuel to
electricity. They were originated in the 1800s, and had a short distance range
and were heavy in weight. The growing pollution and emission concerns are
leading to their increased adoption across the globe.
Climate
Degradation due to Transportation Industry Influences Market Growth
Transport is an essential base and means
for several private and economic activities. It is also energy-consuming, and
results in large scale environmental problems. The annual greenhouse gas
emissions have grown considerably since 1990. Energy consumption is considered
to be one of the primary sources of man-made greenhouse gas emissions. The
emissions from the transport sector are increasingly contributing to climate
change. The transportation sector consumers almost half of the global liquid
fuels, and most of the fuels used are from fossil sources. The increasing fuel prices lead to the rise
in demand for alternative fuels. Road transport is responsible for air
pollution in urban areas. Therefore, several measures have been meted out in
compliance with air quality standards. The ongoing challenges of energy
security, climate protection, air quality, and road transport create a need for
new technology and alternative, thereby setting the stage for electric
vehicles.
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Battery
Electric Vehicle – The Fastest-growing Category in the Technology Segment
Battery electric vehicles include
skateboards, rail cars, trucks, bicycles, rickshaws, watercraft, etc. They utilize
chemical energy that is stored in rechargeable battery packs as the power
source. Motor controllers and electric motors are installed in place of fuel
cells, along with internal combustion engines for propulsion. The reduced costs
of electric vehicle batteries are the key factors propelling the adoption of
battery electric vehicles. Several advancements in vehicle battery technology,
like advanced lead batteries, are being made for enhancing the reliability,
safety, and cost-effectiveness of battery electric vehicles.
North
America is evaluated to Project the Highest CAGR by 2028
According to Inkwood Research, the North
America region is set to record the highest CAGR by the end of the forecast
period. The considerable development and adoption of the plug-in electric
vehicle are the major factors driving the market growth. Electric vehicles are
seen as viable substitutes, and their adoption is on the rise in the region.
The region has the presence of several key automobile manufacturing
organizations. These key players are prioritizing the passenger and commercial
vehicle aspects of the electric vehicles, which is contributing to the market
growth of the region.
The leading market players are General
Motors, Daimler AG, BYD Company Ltd, Nissan Motor Co Ltd, Tesla Inc, etc. The
market players are investing considerably in the market for strengthening their
presence. The competitive rivalry is deemed to be moderate during the forecast
period.
About Inkwood Research
Inkwood Research specializes in syndicated
& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises of North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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