EV market to grow 28.3% between 2017 and 2026

15th December 2017 | 0 Comments

The global electric vehicles market is estimated to grow of 28.3 per cent (CAGR) in volume from 2017 to 2026. According to a market research report by BIS Research, titled “Global Electric Vehicles Market – Analysis and Forecast (2017-2026)”, the demand for electric cars is increasing rapidly, with the global stock numbers crossing 2 million in 2016 after crossing 1 million in 2015. The surge is attributed to the substantial amount of investments made by the automobile manufacturers for the research, development, and deployment of electric vehicles. Mass production prospects have also led to a decline in the prices of the key components such as electric batteries, and technologies such as regenerative braking. In addition, the governments of different nations are providing tax benefits, and subsidies to fuel the production of EV’s. The government bodies are actively promoting the usage of electric vehicles in order to reduce high emission levels.

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Category: International News, Product News

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