The global electric vehicle market is on the verge of a making a gigantic leap as product innovations, sustainable initiatives, and consumer demand comes together to create tremendous futuristic prospects. According to International Energy Agency (IEA), electric vehicles will make 40% of all passenger vehicles by 2040. The estimation may not be surprising to most as electric vehicle makers like Tesla have already made foray into new areas like trucks for off-road transportation, and urban transportation demands like taxis. Moreover, Chinese electric bus markers have won promising contracts in Europe, wherein electric bus adoption is on a significant rise. Moreover, demand for electric vehicle is promising for global manufacturers of vehicles.
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The electric vehicles laden with connected entertainment systems, sensors, and automation have sparked new interest among consumers. The global auto market is witnessing a held-back demand from many consumers as the horizon clearly points towards adoption of electric vehicle by 2025.
Global electric vehicle market promises significant growth as concerns for sustainable growth rise around the world. Governments around the world have pushed respective industries to manufacture, and innovate with advanced electric models. The rising demand from consumers, and public entities alike is a major positive for the government. At first, the adoption of electric vehicle will witness highest growth in public transportation with municipalities like Glasgow, New York, Shanghai, and Delhi making notable acquisitions to expand scope of electric vehicles. The rising scale of economies for electric vehicle manufacturers will eventually drive growth of the electric vehicles in the near future.
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The global electric vehicle market report will cover all regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region will witness major growth as the research and development in the region has made way for significant uptakes in infrastructure, costs, and product innovation. Moreover, conventional investment in electric infrastructure in Scandinavian countries are expected to drive growth of electric vehicles in Europe. Despite tremendous innovation among Chinese electric vehicle makers, their reliance on subsidies in a concern in the domestic market. However, Chinese electric vehicle makers are witnessing a major adoption of their electric buses in Europe, and in the US as well, wherein they present lucrative opportunities due to cost-effectiveness.
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