Global Electric Vehicles Market: Key Highlights
•According to the new market research report “Electric Vehicles Market by Type (Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicles (FCEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)), by Material (Metallic, Non-metallic), by Battery Type (Lead Acid Batteries, Nickel Metal Hydride Batteries, Lithium Ion Batteries, Other), by Charging Type (Rapid, Fast, Slow), by End-User ( Heavy Commercial Vehicles, Light Commercial Vehicles), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global Electric Vehicles market is estimated to reach USD 477.3 Billion by 2024 at a CAGR of around 22.8% during the review period.
•Increasing number of regulations in various countries in order to control the CO2 emissions has expected to boost the electric vehicle market
•According to International Energy Agency (IEA), the global CO2 emission in 2019 was around 33 gigatonnes (Gt). Rising environmental concerns has expanded the use of renewable energy sources, thus expected to surge the market demand
•However, high price of electric vehicles remains a major restraining factor for the growth of the electric vehicles market
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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.
•On the basis of type, the market is segmented into battery electric vehicles (BEV), fuel cell electric vehicles(FCEV), plugin electric vehicles(PEV) and hybrid electric vehicles (HEV).
•By Battery type, the electric vehicles market is segmented into lead acid battery, nickel metal hydride battery, lithium ion battery and others.
•On the basis of charging type, the market is segmented into rapid (43Kw-50Kw) by (30-60minute), fast (7Kw-22Kw) by (3-4hour) & slow (up to 3Kw) by (6-12hour).
•By end use industry, the market is segmented into heavy commercial vehicle (HCV) & low commercial vehicle (LCV).
Global Electric Vehicles Market: Key Market Dynamics
•Favorable government policies and subsidiaries along with tax benefits on electric car loans has expected to surge the electric vehicle market
•Higher cost of fast charging systems and higher price of electric vehicles as compared to conventional vehicles are some of the factors which may hinder the growth of the product market
Key Questions answered by the report
•What are the major developments impacting the electric vehicles market and its growth?
• What will be the effects of the developments in the electric vehicles market on the industry and on the market players in the near and far future?
• What are the evolving types of the electric vehicles market?
• What are the evolving applications of electric vehicles market?
• What are the major characteristics that will affect the electric vehicles market growth during the study period?
• Who are the key players operating in the electric vehicles market?
• How are the major players leveraging in the existing market conditions?
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