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Electric Vehicles Market to Grow at Stellar Rate By 2030: Favorable Government Initiatives Provide Thrust
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One of the primary factors driving the growth of the electric vehicle market is government regulations and incentives. Many countries and regions have implemented policies to encourage the adoption of electric vehicles, such as tax incentives, subsidies, and emissions regulations. These policies have helped to lower the cost of electric vehicles and increase consumer demand.
Companies
Nissan Motor Corporation Ltd.
Bayerische Motoren Werke AG
Honda Motor Co., Ltd.
Mitsubishi Motors Corporation
Toyota Motor Corporation
Volkswagen AG
Tesla Motors, Inc.
Groupe Renault
Ford Motor Company
Daimler AG
General Motors Company
Groupe PSA
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Another factor contributing to the growth of the electric vehicle market is the decreasing cost of batteries. Lithium-ion batteries, which are used in most electric vehicles, have seen a significant reduction in price over the past decade. This has made electric vehicles more affordable and competitive with traditional gasoline-powered vehicles.
In addition to government policies and declining battery costs, advances in technology have also played a significant role in the growth of the electric vehicle market. Electric vehicles are becoming more efficient and have longer ranges, making them a more viable option for everyday use. Charging infrastructure is also expanding, making it easier for drivers to find charging stations and travel longer distances.
The electric vehicle market is highly competitive, with many established automakers and new entrants vying for market share. Some of the leading players in the market include Tesla, General Motors, Toyota, and Volkswagen. These companies are investing heavily in research and development to create new and innovative electric vehicles that can compete with traditional gasoline-powered vehicles.
Global Electric Vehicles Market analysis, by region
The use of electric vehicles is highly prevalent in North America, Europe and Asia Pacific regions. Well developed and extensive charging infrastructure along with the incentives provided by the governments of these regions are expediting the growth of the electric vehicles. In contrast, Latin America and Middle East & Africa regions show a slower adoption of electric vehicles owing to the availability of flexible fuel.
Latin America is projected to create a total incremental $ opportunity of US$ 1,332.6 Mn between 2016 and 2030. The segment is expected to account for 0.3% share of the global market absolute $ incremental opportunity during the same period.
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The Market Segmentation presented in this report study is given below:
By Technology
Hybrid Electric Vehicles
Plug-In Hybrid Electric Vehicles
Battery Electric Vehicles
By Power Source
Stored Electricity
On Board Electric Generator
By Vehicle Type
Passenger Cars
Commercial Vehicles
Two Wheelers
Others (Golf Cart etc.)
By Powertrain
Series Hybrid
Parallel Hybrid
Combined Hybrid
By Region
Asia Pacific (APAC)
Europe
North America
Latin America
Middle East & Africa (MEA)
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