The global Electric Vehicles (EVs) market size reached USD 238.67 Billion in 2021 and is expected to register a revenue CAGR of 22.2% during the forecast period, according to latest analysis by Emergen Research. Increasing need for reducing dependency on imported oil and other fossil fuels is a major factor creating higher demand for EVs and thus, driving market revenue growth.To get sample PDf @ [URL]https://www.emergenresearch.com/request-sample/79[/URL]
Substantial investments towards Research & Development (R&D) activities in EVs by governments and several government initiatives such as favorable tax treatment, funding for vehicle charging stations, and subsidies for purchasing those vehicles, are creating lucrative growth opportunities for EVs, and such factors are expected to drive market revenue growth during the forecast period.Volatility of prices for conventional fuels
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Some Key Highlights From the Report
The Plug-in Hybrid-Electric Vehicles (PHEV) segment accounted for largest revenue share in the global EV market in 2022. This is due to rising demand for PHEV, since under normal driving conditions, these can store enough electricity to drastically cut their petroleum consumption. According to research, a total of 5 million PHEVs were delivered i.e., a 55% increase over 2021 sales.
Plug-in hybrids consume 30% to 60% less gasoline than traditional automobiles. In addition, plug-in hybrids lessen oil reliance because electricity is generated primarily from domestic resources. In general, plug-in hybrids emit fewer Greenhouse Gases (GHG) than conventional automobiles.
On 21 December 2022, EKA, announced the deployment of India's first Level 2 ADAS-enabled electric bus. The new bus was deployed by EKA, a subsidiary of Pinnacle Industries Limited, in collaboration with NuPort Robotics, a Canadian autonomous trucking firm.
Some major companies in the global market report include Greaves Electric Mobility Private Limited, BMW AG, Tesla, Volkswagen Group, BYD Company Ltd, TOYOTA MOTOR CORPORATION, Ford Motor Company, Nissan Motor Co., Ltd, Mercedes-Benz Group AG, and General Motors.
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