The global electric vehicle market is expected to gain momentum from a rise in the demand for battery-powered or hybrid vehicles, according to a report by Fortune Business Insights. The study shows the market is projected to reach 24.6 million units by 2026, thereby exhibiting a CAGR of 32.3% during the forecast period. The electric vehicle market size was at 2.5 million units in 2018. Moreover, impact of the conventional fuel vehicle on the environment and increasing fuel prices are likely to propel the market in the coming years.
The report provides information regarding various insights of the market. Some of them are growth drivers, hindrances, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the electric vehicle market trends and future estimations to illustrate the impending investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market.
The governments of several countries are offering attractive incentives and policies to boost the market sales. Consumers are offered multiple benefits, such as free charging of vehicles at numerous charging stations, low or zero registration fees, and decreased selling prices. Furthermore, they are providing an exemption in road tax, import tax, and purchase tax under various subsidies. These have encouraged automotive manufacturers to design and produce electric vehicles in huge quantities. Governments have also begun investing in and creating favorable policies for infrastructure development.
The market is geographically grouped into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these regions, North America is anticipated to exhibit the highest market growth due to a rise in the adoption of fuel-efficient vehicles. Combined with this, increasing awareness programs regarding air pollution as well as growing disposable income of the masses are expected to contribute to the growing Electric Vehicle Market share across this region.
See the whole report here.