Electric Vehicle Market to Reach 24.6 Million Units by 2026; Rising Demand for H

Posted by Rushikesh Pise on March 26th, 2020

The global electric vehicle market size is expected to gain momentum from a rise in the demand for battery-powered or hybrid vehicles. This information is published in a report by Fortune Business Insights, titled, "Electric Vehicle Market Size, Share & Industry Analysis, By Type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV), and Others), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2019-2026." Moreover, the impact of the conventional fuel vehicle on the environment and increasing fuel prices are likely to propel the market in the coming years.

The report provides detailed information regarding various insights of the market. Some of them are growth drivers, hindrances, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the Electric Vehicle Market trends and future estimations to illustrate the impending investment pockets. The market is quantitatively analyzed from 2019 to 2026 to provide the financial competency of the market.

Implementation of Favorable Government Initiatives to Drive Electric Vehicle Market Growth

The governments of several countries are offering attractive incentives and policies to boost the market sales. Consumers are offered multiple benefits, such as free charging of vehicles at numerous charging stations, low or zero registration fees, and decreased selling prices. Furthermore, they are providing an exemption in road tax, import tax, and purchase tax under various subsidies. These have encouraged automotive manufacturers to design and produce electric vehicles in huge quantities. Besides, the government have begun investing in and creating favorable policies for infrastructure development.