Lately, the vehicular emissions produced by internal combustion engines (ICE) have come under tremendous scrutiny. Growing environmental concerns and climate change have coerced various industries to adopt greener technologies. Vehicular emissions are one of the key contributors to air pollution in the urban landscape. This has led to a sustained push from government authorities, environmental agencies, and consumers to curtail pollution. Against this backdrop, the global electric vehicle market has been growing at breakneck speeds. Favourable government initiatives, stiffening competition, and battery technology innovations are projected to unlock myriad possibilities in the global electric vehicle market. The market players in the developed economies are also widening the range of their products to satisfy consumers with specialist lifestyles.
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Favourable Government Regulations to Facilitate Paced EV Adoption
Of late, the adoption of electric mobility has been aggressively supported by government initiatives across the automotive industry. The incentives range from EV-friendly schemes to financial support for consumers and manufacturers among others. Such steps are contributing to limiting the usage of ICE vehicles and subsequently curtailing carbon emissions. The global electric vehicle market is benefiting from such developments and is expected to sustain its growth curve over the course of the forecast period. Both developed and developing economies are forwarding such initiatives. During the forecast period, the developed economies are set to be driven by the goal of achieving net-zero emissions. At the same time, the developing countries are expected to unlock lucrative economic through advanced EV technologies.
Demand for Passenger EVs to Nurture Global Electric Vehicle Market Expansion
When the electric vehicle technology was in its nascent stages, its performance was lower in comparison to contemporary ICE vehicles. This attracted scrutiny from consumers. However, this consumer perception has undergone a significant turnaround as improved batteries and electric motors gave it an edge in terms of better performance. The improved power along with an array of tech-savvy features has created a strong consumer propensity towards electric vehicles. Therefore, the passenger car segment is opening new avenues of growth in the global electric vehicle market. Various economies across the globe are showcasing paced adoption of passenger EVs. The improvements in products, greater availability of subsidies, grants, and incentives to boost EV adoption are predicted to enable growth in the global electric vehicle market.
Growing Popularity of EVs to Position Asia Pacific as Market Leader
In the recent past, the Asia Pacific has emerged as the largest electric vehicle market owing to the increasing popularity of electric vehicles among consumers. Various EV manufacturing startups and established OEMs are competing to gain a competitive edge in the region. Strong R&D efforts are being dedicated, contributing to further developments in APAC’s electric vehicle market. These trends are poised to rapidly improve the quality, range, service, and distribution network of electric vehicles. As a result of these factors, the electric vehicle market in the Asia Pacific is expected to attain the fastest growth rate during the assessment period.
Prominent Market Players
Some of the notable market players in the global electric vehicle market include Stellantis (Netherlands), Tesla (US), SAIC Motors (China), Volkswagen AG (Germany), and BYD (China). The competitors are focusing on improving the diversity of products to cater to a wider consumer base and improving battery technology.
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