REDDING, Calif., March 30, 2021 /PRNewswire/ — According to a new market research report titled “Electric Vehicles (EV) Market by Vehicle Type (Passenger Vehicles, LCVs, HCVs, Two-wheelers, e-Scooters & Bikes); Propulsion Type (BEV, FCEV, PHEV, HEV); End Use (Private, Commercial, Industrial); Power Output; Charging Standard; and Geography,” published by Meticulous Research®, the electric vehicles market is expected to grow at a CAGR of 33.6 % from 2020 to 2027 to reach $3,105.4 billion by 2027. In terms of volume, this market is expected to grow at a CAGR of 21.7% to reach 228.7 million units by 2027.
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Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are powered by rechargeable battery packs or an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels it. Such vehicles are known as hybrid electric vehicles.
The major factors driving the electric vehicles market include supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, decreasing prices of batteries, and advancements in charging systems technologies. However, the lack of charging infrastructure in developing countries obstructs the growth of this…
