PUNE, India, January 25, 2023 (GLOBE NEWSWIRE) — The Global electric vehicle market was valued at $246.70 billion in 2020 and is projected to grow from $287.36 billion in 2021 to $1318.22 billion by the end of 2028 and the market is expected to grow at a Compound Annual Growth Rate, CAGR) estimated at 24.3% over the forecast period 2022-2028.

According to our expert analysts, the environmental impact of conservative gasoline cars and the rise in fuel prices have opened new perspectives for alternative fuel vehicles in the market. Buyers are increasingly inclined to use battery-powered or hybrid vehicles, which is estimated to fuel the growth and demand of the electric vehicle market. At the same time, the growing popularity of battery-powered hybrid cars among consumers will increase demand.

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The electric vehicle (EV) industry involves the design, manufacture, and sale of vehicles that run on electricity instead of gasoline or diesel fuel. The electric vehicle market has grown in recent years, driven by concerns about air pollution and climate change, as well as advances in battery technology that have made electric vehicles more affordable and practical for everyday use. Some of the major players in the EV industry are Tesla, General Motors, Nissan and BMW. Governments around the world have also encouraged the adoption of electric vehicles through various incentives and regulations.

Drivers and restraint in the electric vehicle industry:

Promising government support and policies to support EV sales

Governments in almost every region are offering tempting incentives and strategies to calm EV sales. It offers several advantages to the customers, such as: B. Reduced sales prices, no or low processing fees and the free charging infrastructure for electric vehicles at numerous charging stations. Besides that,…