Jul 08, 2020 (AmericaNewsHour) -- Global Electric Vehicles (On Road) Market is estimated to reach $168.3 Billion by 2024; growing at a CAGR of 8.4% from 2016 to 2024. Electric vehicles utilize one or more electric motors for propulsion, that are powered by rechargeable batteries. These batteries can be recharged using dedicated charging unit or grid electricity. These vehicles are more energy efficient than conventional gasoline or diesel engines. Moreover, they are capable of significantly reducing environmental pollution and are capable of recovering braking energy as electricity that can be restored to the battery or sent back to grid. Materials handling and industrial vehicles have been not covered in the report.
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Declining price of batteries, increasing production and sales of automobiles, rising government support by providing incentives on purchase of electric cars, and growing fuel prices are the key factors supporting the growth of the global electric vehicles market. Though, non-availability of adequate charging points, and high cost of these vehicles could hinder the market growth. Additionally, government initiatives pushing the sales of electric vehicles, and supporting infrastructure would create growth opportunities in years to come.
The bifurcations of global electric vehicles market are type, and geography. By type, the segment includes electric buses, electric bikes and scooters, electric cars, and others. Based on geography, the global electric vehicles market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, Italy, and others. Asia-Pacific is segmented into China, Japan, India, South Korea, and others, while RoW is bifurcated into South America, Middle East, and Africa.
The key players competing in the market are Ford Motor Company, Tesla Inc., Toyota Motor Corporation, Nissan Motor Corporation, Volkswagen, Bayerische Motoren Werke AG, General Motors, Honda Motor Co., Ltd., Groupe Renault, and Daimler AG, among others.
The key takeaways from the report:
The report will provide detailed analysis of Global Electric Vehicles (On Road) Market with respect to major segments such as type, and geography
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
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Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Electric Vehicles (On Road) Market has been included in the report
Profile of the key players in the Global Electric Vehicles (On Road) Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Global Electric Vehicles (On Road) Market:
Electric Bikes and Scooters
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The post Electric Vehicles (On Road) Market Share, Growth, Trends, and Forecast, 2020-2024 appeared first on America News Hour .
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