Electric Vehicle Market to Grow
November 25, 2019—The global Electric Vehicle Market is expected to gain momentum from a rise in the demand for battery-powered or hybrid vehicles, according to a report by Fortune Business Insights.
According to the report, the market is projected to reach 24.6 million units, or individual vehicles, by 2026, thereby exhibiting a CAGR of 32.3 percent during the forecast period. Impact of the conventional fuel vehicle on the environment and increasing fuel prices are likely to propel the market in the coming years.
The report provides detailed information regarding various insights of the market. Some of them are growth drivers, hindrances, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the Electric Vehicle Market trends and future estimations to illustrate the impending investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market.
Implementation of Favorable Government Initiatives to Drive Electric Vehicle Market Growth
The governments of several countries are offering attractive incentives and policies to boost the market sales. Consumers are offered multiple benefits, such as free charging of vehicles at numerous charging stations, low or zero registration fees, and decreased selling prices. Furthermore, they are providing an exemption in road tax, import tax, and purchase tax under various subsidies. These have encouraged automotive manufacturers to design and produce electric vehicles in huge quantities. Besides, the government have begun investing in and creating favorable policies for infrastructure development.
North America's Growth Will Be Backed by Rising Awareness Programs About Air Pollution
The market is geographically grouped into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Amongst these regions, North America is anticipated to exhibit the highest market growth due to a rise in the adoption of fuel-efficient vehicles. Combined with this, increasing awareness programs regarding air pollution as well as growing disposable income of the masses are expected to contribute to the growing Electric Vehicle Market share across this region.
Tesla Unveils Emergency Lane Departure Avoidance & Lane Departure Avoidance to Stop Accidents
Tesla, Inc. launched 'Emergency Lane Departure Avoidance' and 'Lane Departure Avoidance' in May 2019. These are a pair of innovative safety features for its cars. They are designed to stop the driver from drifting away from their lane. It helps in preventing the common causes of accidents that can occur while drivers fail to use autopilot.
The emergency lane departure avoidance feature automatically steers the car back into the lane if it predicts that the driver is going to veer off the road or crash. The driver can turn the function off. But the car is capable of enabling it as soon as the driver begins the next ride. Lane departure avoidance feature, on the other hand helps the driver by sending alerts if the he exists his lane without a turn signal when his hands are not on the wheel. The feature can be turned off. But it will work between the speeds of 25 and 90 mph.
Fortune Business Insights lists out few of the prominent companies operating in the Electric Vehicle Market. They are as follows:
- Bayerische Motoren Werke AG (BMW)
- Nissan Motors Co. Ltd.
- Daimler AG
- Energica Motor Company S.P.A
- General Motors Company
- Tesla, Inc.
- Toyota Motor Corporation
- BYD Company Limited
- Volkswagen AG
- Geely Automobile Holding Limited
- Groupe Renault
- Ford Motors
- Jiangling Motors Corporation Limited
- Lucid Motors, Inc.
- Zotye International Automobile Trading Co. Ltd.