Mankind is progressing towards future and hence science is
flourishing at its best. The electric vehicle is one of such innovations of
science. These vehicles are also known as electric drive vehicles. The concept
of electronic vehicles was introduced owing to increasing air pollution, decreasing
fuel resources, and a need to have something new. Electronic vehicles use
electric motors or traction motors for the purpose of propulsion. Prominent
players in the market are producing electronic vehicles which can cater to
users providing them with numerous benefits. Various types of vehicles such as
trains, airplanes, tractors, and city transport vehicles including buses are
making the use of this technology in order to provide better performance along
with lesser cost. Other examples of electronic vehicles are road and rail
vehicles, surface and underwater vessels, electric aircraft and electric
spacecraft, and so on.
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Electric vehicles are becoming popular day by day owing to
their eco-friendly nature, modern designs that are more attractive than traditional
structure, and the cost efficiency provided by these vehicles. Hence, end-users
are attracted to buy these vehicles. These factors may act as the growth
driving factors of the global electric vehicles market in the near future. On
the other hand, these vehicles are getting cooperated by Internet of Things,
which makes them more future-friendly comparatively; this in turn also acts as
other major factor impacting the growth of the global market.
On the basis of type, the global electric vehicles market is
segmented as hybrid electric vehicles (HEV), plug-in hybrid electric vehicles
(PHEV), and battery-electric vehicles (BEV). Hybrid electric vehicles are
powered by both petrol and electricity, and battery electronic vehicles are
fully electric vehicles. Based on the applications, the global market is
further segmented as ground electric vehicles, airborne electric vehicles, and
seaborne electric vehicles. Apart from personal use, electric vehicles are
majorly used for public transport and cargo commutation. Geographically, the
global electronic vehicle market is further segmented as the United States, the
Middle East, Asia, Africa, China, and Europe.
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The United States and Europe are experiencing high demand
for electronic vehicles. Developing countries such as China, India, and few
African nations are showing potential for increasing demand in this sector.
European countries such the United Kingdom are anticipated to take a step
forward in this technology in the near future. Owing to increase demand for
electronic vehicles globally, the market is expected to witness high growth in
the coming years.
Major players dominating the electronic vehicles market are
Nisan, Telsa, BMW, General Motors, and Ford. Other key players influencing the
global market are Daimler, Toyota, and Volks Wagon. Companies are making
efforts and are investing in R&D to produce more likable and
easy-to-operate electronic vehicles at affordable prices.
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Electric Vehicles Market: Regional Segment Analysis
·
North America
o
U.S.
·
Europe
o
UK
o
France
o
Germany
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
·
Middle East and Africa
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