The electric car market collectively accounted for 1043 thousand units in 2016 and is expected to deviate to 285,188 thousand units by 2030. Governments in various countries are largely focused on increasing the sales of electric cars to reduce the level of pollution and thus global warming. With manufacturers launching new models and accelerating charging infrastructure. The market is expected to witness massive growth during the forecast period.
Electrification is the most viable method for achieving clean and efficient transportation which is crucial for the sustainable development of the entire world. This year’s split indicates that electric vehicle technology, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEV) and pure battery electric vehicles (BEVs), will dominate the clean vehicle market.
The Asia Pacific region dominates with explosive growth in the electric vehicle market
Geographically, the electric vehicle market is located in the regions of North America, Europe, Asia Pacific, and the rest of the world. Demand for new cars has increased by 70% since 2016. In 2016, more than 550,000 vehicles were certified worldwide, including battery electric vehicles and plug-in hybrid vehicles. The research says that China is expected to expand its industrial leadership by making gains across all dimensions of the supply side of electric vehicles, including the current projected production of electric vehicles and their components. In general, Germany and the USA are doing well in the industry, with a number of major changes in the production of electric cars. These countries experienced a slight decline in the market, due to the production of electric motors due to the expansion of China.
Sales analysis done on the full report:
Sales of high-capacity batteries increased. It should be noted that direct reuse is always cheaper than batteries in a similar production environment. The PHEV is expected to sell out and is expected to offer the best bid. The pricing concept gives you an idea of the estimated price for the current market as the progress in electric motor batteries is in full swing. The expansion and product launch will show the cost of incorporation and electric vehicles to last for a longer period of time.
Write the specific analysis and application made to the full report:
The use of electric vehicles is the result of several factors, including strong technological advances, cost reductions, policy support including purchase incentives, driving and parking access benefits, and increased availability of public charging infrastructure. BEV dominated sales of hybrid cars in most countries until 2015. However, sales of plug-in electric vehicles (PHEVs) have grown rapidly in the past two years, and so far, the market for electric hybrid electric vehicles is almost equal to sales of electric vehicles around the world. PHEVs have a wide range of advantages due to continuous improvements in battery performance and cost feasibility to maximize market share.