Electric Vehicle Market to be USD 419 Billion by 2024 as they are Eco Friendly

RenubResearch 2018-10-08

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The revolutionary shift from traditional gasoline powered vehicles to electric vehicles (Evs) is driving the Global Electric vehicles significantly and is expected to do so in forthcoming years. With advancement in the technology and rising awareness regarding environment is also expected to drive Electric vehicle market positively over the coming years. Electric Vehicle is sleeker, safer, comfortable and more exciting to drive than gasoline powered vehicles which again attract vehicle lovers to go for electric vehicles over gasoline powered vehicle and ultimately boost electric vehicles market to touch new leap in the forthcoming years. Global Electric Vehicle Market is expected to be more than USD 419 Billion by the end of year 2024.

Crowing the features like silent ride, immediate torque and excellent performance, electric vehicles have zero fuel consumption and minimum maintenance costs. Owing to the mentioned reasons and many more, electric vehicles have caught the attention of commuters and car-lovers to go for electric vehicles over traditional vehicles.

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Electric Vehicles like Electric Bus for road transport improve energy efficiency as it only relies on electricity and does not require any direct fuel consumption, making electric buses most varied energy carrier, thereby contributing to a broad range of transport policy goals. These include advanced energy security, less noise, reduced greenhouse gas & carbon emission and better air quality. In addition, as one of the best clusters in the automobile sector, electric buses or vehicles have ample potential to improve economic and industrial competitive capabilities and to attract investment where major markets need to be developed. Global Electric Bus Market is an opportunity of more than USD 400 by 2024.

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Electric Vehicles has seen rapid development in the recent years due to ongoing governmental and non-governmental support and commitments. Automotive industry opinion leaders and policy makers predict that this ongoing trend is not going to abate in the coming decade. With increasing sales volumes coupled with growing rivalry in the development of innovative technologies by the manufacturers like Tesla, BMW, Toyota and other players are likely to contribute to continuous reductions in the cost of electric vehicles in the forthcoming years. In addition, reduction in the cost of electric vehicles technologies will further help electric vehicles to capture more market than to its counterpart internal combustion engine vehicles. Encouraging policies and cost reductions are expected to lead considerable growth of electric vehicles marke

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