Electric Vehicle Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2022

Electric Vehicle Market Expected To Witness Double Digit Growth between 2016 – 2022

According to a new market report published by Credence Research Inc “Electric Vehicle Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2022,” the global electric vehicle market is expected to witness double digit growth with flexible credit policies and governments’ efforts to reduce CO2 emission in developed and developing nations.

Countries across the world are feeling heat from increasing economic burden to increasing fuel prices. Governments of developed and developing economies are looking forward to reduce their economic burden by reducing fuel consumption in respective countries. In order to achieve this, countries across the world are promoting the use of electric vehicles. In addition, several countries have introduced stringent emission control regulation to reduce greenhouse gas effect and CO2 emission.

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All these factors are supporting the demand for electric vehicles across the world. High price of electric vehicle is limiting the growth of electric vehicles market. However, some countries have introduced flexible credit policies for purchase of new electric vehicle which is expected to overcome this market challenge.

The market electric vehicle market was dominated hybrid electric vehicles in 2015 and is expected to maintain its dominance through the forecast period 2016 – 2022. Hybrid vehicle reduces fuel consumption by 20% to 30%. In addition, hybrid electric vehicle significantly reduces CO2 consumption and greenhouse gasses. Increasing fuel prices and mandatory policies to reduce greenhouse gases (GHG) are also expected to propel the demand for hybrid electric vehicles across the world.

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