Global Electric Vehicle Market Report Growth | Automotive

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Governments Zero-Emission Pledges Incentivize
Global Electric Vehicle Market Inkwood Research
anticipates that the Global Electric Vehicle
Market is set to record a 19.80 CAGR in terms of
revenue during the forecast period,
2022-2026. Browse 39 market data Tables and 39
Figures spread over 143 Pages, along with an
in-depth TOC on the Global Electric Vehicle
Market Forecast 2022-2026. VIEW TABLE OF
CONTENT LINK - https//inkwoodresearch.com/reports
/electric-vehicle-market- forecast-2022-2026/tabl
e-of-contents Electric vehicles (EVs) operate
on electric motors instead of power generated by
internal- combustion engines by burning a mix of
fuel and gases. Therefore, these vehicles are
considered possible replacements for the current
automobile to address the issue of natural
resource depletion, global warming, rising
pollution, etc. Electric vehicles have drawn
considerable interest in the past decade amid
fuel-based vehicles rising carbon footprint and
other environmental impacts. Electric vehicles
have low running costs as they have fewer moving
parts for maintenance. They are also
environmentally friendly, using little or no
diesel or petrol. Some EVs use nickel metal
hydride, lead acid, or batteries, the standard
for modern battery electric vehicles is now
considered lithium- ion batteries as they have
greater longevity and excellent energy retention.
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Pledges Boost the Global Market Electronic
vehicle battery costs have decreased in the past
few years owing to technological advancements and
mass production. As batteries are one of the most
expensive components of electronic vehicles, this
has significantly decreased the costs. Also,
countries worldwide are pledging to reduce
vehicle emissions by 2026-2050. As a result, they
have started promoting the development and sales
of the electronic vehicles market and related
charging infrastructure. Increasing global
investments in developing EV charging and
hydrogen fueling stations and incentives offered
to buyers will create opportunities to expand
their geographical presence and revenue stream
for the global electronic vehicle market.
Passenger Vehicles Capture Majority of the Market
Shares The passenger vehicle segment consists of
vehicles designed to carry up to 9 people,
including the driver. Globally there is a rising
demand for such vehicles for cab service
providers, travel, transport, etc. Therefore,
mass producers of electric vehicles highly focus
on passenger vehicles, making it the
fastest-growing and major end-use segment during
the forecast period. One of the primary factors
driving robust sales of electric vehicles in many
areas has been ongoing regulatory support.
Additionally, an increasing number of nations
have high goals for the electrification of
vehicles, and numerous automakers have plans to
electrify their fleets. North America Set to be
the Leading Region By 2026 Tax rebate programs,
subsidies, and favorable government initiatives
for electronic vehicle adoption are expected to
drive market growth between 2022 to 2026.
Moreover, the cost advantages of electric
vehicles over fossil-fuel-run vehicles will also
support market growth positively over the
forecast period. In addition, battery pack prices
decline is also anticipated to create significant
growth opportunities for players operating in
North America. Growing opportunities and
government interest in this industry fuel the
global demand for electronic vehicles. All the
major players are investing majorly into the
electronic vehicle market to increase their
presence. Such developments intensify competition
in the market. Numerous major players in the
market, high investments, RD efforts etc., are
expected to further increase the competition in
the market. Request for Customization
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