Global EV Market to Grow at 28.3 Percent CAGR Rate
Dec. 15, 2017—According to a market research report by BIS Research, titled "Global Electric Vehicles Market - Analysis and Forecast (2017-2026)", the global electric vehicles market is estimated to grow in volume at a CAGR of 28.3% from 2017 to 2026.
The demand for electric cars is increasing rapidly, with the global stock numbers crossing 2 million in 2016 after crossing 1 million in 2015.
The surge is attributed to the substantial amount of investments made by the automobile manufacturers for the research, development, and deployment of electric vehicles.
Mass production prospects have also led to a decline in the prices of the key components such as electric batteries, and technologies such as regenerative braking.
In addition, the governments of different nations are providing tax benefits, and subsidies to fuel the production of EV's.
Today, electric vehicles have transformed from an experimental model of a vehicle to a necessity, with automakers, worldwide, putting in efforts to make EVs available in all economic ranges.
This is evident from the meteoric rise in the sales of electric vehicles over the last five years, with over 2 million electric vehicles on the road at present, as compared to a few thousand in 2012.