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The “Global & APAC Electric Vehicle Market, By Type, By Vehicle Type, By Charger, By Power Output, Estimation & Forecast, 2017 – 2050” report has been added to ResearchAndMarkets.com’s offering.
The global & APAC electric vehicle market held a market size of about 229.8 billion in 2021 and is projected to reach nearly USD 1,725 billion by the year 2030 and USD 72,798 billion by 2050 at a CAGR of 21.99% from 2022 to 2050. Around 6,724 thousand units of electric vehicles were sold in 2021.
Vehicles which are fully or partially powered on electric power are electric vehicles. The market is expected to grow owing to the increasing demand for low-emission vehicles, growing initiatives to accelerate EV deployment, and reducing EV charging infrastructure costs. According to the International Energy Agency, the sale of electric cars reached 3 million in 2020 as compared to 2.1 million in 2019.
However, the lack of EV charging infrastructure and high costs associated with it, electricity costs uncertainty & requirement of space, and emergence of hydrogen cell vehicles are likely to negatively hamper the market growth.
Growth Influencers:
Government initiatives to accelerate EV deployment
The adoption of electric vehicles is supported by the recognition received by governments of various countries for their adoption as they reduce pollution levels. Governments of countries such as the US, India, …
Full story available on Benzinga.com
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