Electric Vehicle Market: A $561,299.8 Million Industry by 2025 | CAGR 22.3%
The electric vehicle was primarily designed to replace conventional ways of travel that cause environmental pollution. Electric vehicles have gained popularity owing to numerous technological advancements. The electric vehicle outperforms the conventional vehicle providing higher fuel economy, low carbon emission and maintenance, convenience of charging at home, smoother drive, and reduced sound from engine.
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Various commercial and government fleet managers rely on electric vehicles to secure their budgets from unfavorable fluctuations in the fuel costs and reduce emissions of their fleets. In addition, urbanization, rise in congestion, and increase in emissions have propelled the hybridization and electrification of vehicle powertrains. Moreover, volatile oil & gas prices and upcoming shortage in fossil fuel are expected to boost the adoption of fuel-efficient vehicles. Countries, such as China and India, hold a tremendous market potential as, their governments have promoted substantial incentives for purchasing electric vehicles. According to Forbes, Chinese automakers churned out 680,000 all-electric cars, buses, and trucks in 2017, more than the rest of the world combined. China produced more than 200,000 all-electric commercial vehicles last year, amounting to nearly 5% of the total output of the world.
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The key players profiled in the electric vehicle market include Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG, Energica Motor Company S.P.A., BYD Company Motors, and Ford Motor Company.
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