Electric Vehicle Market: Volume Forecast And Value Chain Analysis 2021-2031
Electric Vehicle Market: Introduction According to the report, the global electric vehicle market is projected to surpass US$ 1.53 Bn by 2031, expanding at a CAGR of 26.62% during the forecast period. An electric vehicle operates on an electric motor, instead of an internal-combustion (I.C.) engine that generates power by burning a mix of fuel and gases. These vehicles have a battery and an electric motor to either assist the I.C engine or fully drive the vehicle. Transportation is a leading cause for rise in levels of pollution worldwide. Tailpipe emissions such as carbon dioxide, nitrogen oxides, hydrocarbons, carbon monoxide, and sulfur dioxide cause respiratory illnesses, heart conditions, and mental illness, which result in increased healthcare burden. These concerns are prompting people and automobile manufacturers to prefer fuel efficient and environmental solutions. Automakers are adopting vehicle electrification strategy to reduce their carbon footprint and c...