Global Electric Vehicle Market is expected to reach US$ XX Bn by 2026 at a CAGR of XX % over the period 2019-2026.
Global Electric Vehicle Market
The global auto market is changing rapidly. Once derided as toys, electric vehicle sales are on pace to reach over 1.6 million this year, up from just a few hundred thousand in 2014. There are several important factors driving the market forward. The global electric vehicle market is driven by government support in the form of subsidies, grants, and tax rebates. Improving charging infrastructure, increasing vehicle range, and reducing the cost of batteries have fuelled the demand for EVs across the globe. The major restraints considered in the study include the poor charging infrastructure, limited vehicle range, and the short lifespan of the EV battery, which restricts the sales of electric vehicles.
The Lithium-ion battery prices have tumbled by 80% in this decade. The prices are supposed to fall in the coming years too. Policy support is another boosting factor. Governments around the world have offered generous EV purchase incentives to help get the market rolling. At the same time, tightening fuel economy standards will require significant electrification of the vehicle fleet, and China’s ‘New Energy Vehicle’ quota is forcing automakers into EVs faster than most of them would like.