- EVs come with benefits like low pollution and lesser operational and maintenance cost that leads to wider adoption globally
- The report said that the market was worth 8.6 million units in 2018 and it will show a CAGR of 21.1 per cent during the forecast period
The global electric vehicle (EV) market size is projected to reach 40.6 million units by the end of 2026 as per a report by Fortune Business Insights. The report titled, “Electric Vehicle Market Size, Share & Industry Analysis, By Type, By Vehicle Type and Regional Forecast, 2019-2026”, the market was worth 8.6 million units in 2018 and it will show a CAGR of 21.1 per cent during the forecast period.
The report said that electric vehicles make use of a high voltage battery that can store a huge volume of energy. Using advanced concepts in the development of this battery will help in the adoption of electric vehicles over normal vehicles. They also come with benefits like low pollution and lesser operational and maintenance cost that leads to wider adoption globally.
As per the report, “The high investment in the development of the product, coupled with the emphasis on technological intervention will have a positive impact on the growth of the market. The increasing awareness regarding environmental pollution by the government, as well as private organizations, will have a huge impact on the growth of the electric vehicle market. The efforts taken to maximize the production of electric cars and the presence of several large scale manufacturers will emerge in favor of market growth.”
The report also said that the market in Europe held the highest market share in 2018. It stated that in 2019, the market in Europe was worth $3.1 million units, and this value is projected to increase further in the coming years. The strict government regulations regarding greenhouse emissions will lead to better adoption of these over conventional vehicles. The efforts taken to reduce carbon emissions in countries like Germany, UK, and France will help in the growth of the regional market.
The low cost of EVs with an increasing number of charging stations will help in the growth of the market. The presence of many large companies in this region will help in the growing adoption of these products in numerous countries across Europe.