Electric Vehicle Market

Electric Vehicle Market

The primary objective of the market report by GMI Research is to help the users understand the market scenario in terms of its definition, segmentation, drivers, opportunities, market trends, and the challenges that the market is facing. This report focuses on the market, especially in North America, Europe, Asia-Pacific, and the rest of the world.

Key Drivers of the Electric Vehicle Market The stringent government policies related to the vehicle emission, the strong demand for high-performance and fuel-efficient vehicles, and the growing awareness to decrease oil consumption across the globe, are the significant factors that are responsible for the growth of the electric vehicle market size. Additionally, the increasing investment in the manufacturing of electric vehicles by the leading companies, such as Nissan Motor Company, Hyundai Motor Company, General Motors Company, BMW Group, Daimler AG, and BAIC Motor Corporation, will further accelerate the market’s growth. Moreover, the rising demand for the convenient products among the consumers, such as home charging options for electric vehicles, along with the use of renewable energy sources, including a solar photovoltaic system to recharge electric vehicles, will bring numerous opportunities for the growth of the market.

The emerging trend towards more eco-friendly production of electric vehicles and its components with the use of recycled materials and bioplastics will encourage many end-users to opt for electric vehicles.

Several organization such as LEVA (The Light Electric Vehicle Association), WEVA (World Electric Vehicle Association), EVI (Electric Vehicle Initiative), SMEV (Society of Manufacturers of Electric Vehicles), and EAA (Electric Auto Association) are working for the growth and development of electric vehicles around the world, which will further surge the growth of the electric vehicles market share in terms of revenue. On the other edge of the spectrum, the lack of charging infrastructure and the high cost of electric vehicles are likely to have a negative impact on the market’s growth.

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