Electric Vehicles (EV) Industry is Growing Steadily and The Future Looks Promising with The Government Supporting Policies
- Published Date : 10 August 2020
- Category : Automotive
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The global electric vehicle sale count in year 2018 is more
than 2 million units and the sale count is expected to rise in upcoming years.
China is the leading Player in the EV market and followed by Europe and Unites
States. Asia is the largest consumer of electric vehicle in global market. The
sales in Asia Pacific is accounted for 60.3% and Europe is the second largest
consumer with the sale of 22.0%.
Government policies are helping electric vehicle industries
to grow as they are playing important role. Subsidies are provided by
government on vehicle cost to boost the sales. Governments are also working
with industry leaders to build and deploy the charging infrastructures by
boosting the investments.
These dynamic developments in EV industry is giving investors and manufacturers
the number of opportunities. Continuous improvements in technology is reducing
manufacturing cost and increasing profits. Manufacturing optimization, vehicle
designs, and use of advanced electronics is improvising ev developments. Key
players Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and
Nissan (Japan) contributing huge in electric vehicles industry. Also, these
companies are providing variety of product range.
There are more than 270 start-ups are ready to shake up in the electric
vehicles (EV) Industry and will create competition to current leading players. Advancements
in battery and charging technology will create a solid platform to EV Industry.
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