Innovations in battery technology is another key driver of the market. Automotive industry leaders are investing in research & development to develop batteries that elongate the lifespan of the vehicles. It is supposed to accelerate revenue generation in the foreseeable future. In addition, the depleting sources of natural resources have led to price volatility. Fuel prices are rising due to scarcity. These factors are anticipated to catalyze the shift to electric vehicles. It is also expected to drive the growth of the Electric Vehicle Market Growth in the upcoming years.

Segmentation:

On the basis of technology, the Electric Vehicle Market Growth has been segmented into hybrid, battery, and plug-in hybrid electric vehicles.

By vehicle type, the Electric Vehicle Market Growth has been segmented into commercial vehicles, passenger cars, and two wheelers.

Regional Analysis:

The regional assessment of the Electric Vehicle Market Growth is included in the report from the following regions - North America, Asia-Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are further analyzed on the basis of country-level markets. Asia Pacific has garnered the largest share of the market. It is presumed to maintain its standing at the pole position through the review period. The governments in the economies such as China and India are investing in measures to control air pollution. It is supposed to have a positive effect on the growth curve of the electric vehicles market in the region. Europe is also likely to earn remarkable amount of revenue during the assessment period. Increasing focus on the adoption of industrial electric cars in the region is expected to drive market growth.

Competitive Dashboard:

Nissan Motor Company (Japan), Toyota Motor Corporation (Japan), Tesla Inc. (US), Ford Motor Company (US), BMW (Germany), Volkswagen (Germany), General Motors (US), Hyundai Motor Company (South Korea), Daimler AG (Germany), and Mitsubishi Motors Corporation (Japan) are few of the key players of the global Electric Vehicle Market Growth.

Industry News:

In December 2019, Tata Motors India has announced the launch of its Nexon electric vehicle (EV).