Deteriorating Climate due to Transportation Industry propels the Global Electric Vehicle Market Growth at 22.18%

According to a new market research report published by Inkwood Research, the Global Electric Vehicle Market is estimated to register a CAGR of 22.18% during the forecasting years of 2020-2028.

"Browse 41 Market Data Tables and 45 Figures spread over 155 Pages, along with an in-depth TOC on the Global Electric Vehicle Market Forecast 2020-2028."

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Electric vehicles use traction motors for propulsion and utilize electricity as the power source. It can be powered through a self-contained battery or can even use a generator to convert fuel to electricity. They were originated in the 1800s, and had a short distance range and were heavy in weight. The growing pollution and emission concerns are leading to their increased adoption across the globe.

Climate Degradation due to Transportation Industry Influences Market Growth

Transport is an essential base and means for several private and economic activities. It is also energy-consuming, and results in large scale environmental problems. The annual greenhouse gas emissions have grown considerably since 1990. Energy consumption is considered to be one of the primary sources of man-made greenhouse gas emissions. The emissions from the transport sector are increasingly contributing to climate change. The transportation sector consumers almost half of the global liquid fuels, and most of the fuels used are from fossil sources. The increasing fuel prices lead to the rise in demand for alternative fuels. Road transport is responsible for air pollution in urban areas. Therefore, several measures have been meted out in compliance with air quality standards. The ongoing challenges of energy security, climate protection, air quality, and road transport create a need for new technology and alternative, thereby setting the stage for electric vehicles.

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Battery Electric Vehicle - The Fastest-growing Category in the Technology Segment

Battery electric vehicles include skateboards, rail cars, trucks, bicycles, rickshaws, watercraft, etc. They utilize chemical energy that is stored in rechargeable battery packs as the power source. Motor controllers and electric motors are installed in place of fuel cells, along with internal combustion engines for propulsion. The reduced costs of electric vehicle batteries are the key factors propelling the adoption of battery electric vehicles. Several advancements in vehicle battery technology, like advanced lead batteries, are being made for enhancing the reliability, safety, and cost-effectiveness of battery electric vehicles.

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North America is evaluated to Project the Highest CAGR by 2028

According to Inkwood Research, the North America region is set to record the highest CAGR by the end of the forecast period. The considerable development and adoption of the plug-in electric vehicle are the major factors driving the market growth. Electric vehicles are seen as viable substitutes, and their adoption is on the rise in the region. The region has the presence of several key automobile manufacturing organizations. These key players are prioritizing the passenger and commercial vehicle aspects of the electric vehicles, which is contributing to the market growth of the region.

The leading market players are General Motors, Daimler AG, BYD Company Ltd, Nissan Motor Co Ltd, Tesla Inc, etc. The market players are investing considerably in the market for strengthening their presence. The competitive rivalry is deemed to be moderate during the forecast period.

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This release was published on openPR.