Category: Cars

The electric vehicle (EV) market is expected to record a strong growth rate of 23.5% between 2019 and 2028. Growing concerns about urban air pollution are one of the main drivers behind the growth of the EV market. Traditional fuel vehicles are a major cause of air pollution. It forces government agencies to impose strict rules and regulations on automakers to curb vehicle emissions. Electric vehicles can reduce their reliance on petroleum-based fuels and significantly reduce greenhouse gas emissions. Governments in several economies are also actively involved in promoting EV sales by focusing on providing EV sales subsidies to their customers. Government incentives have boosted demand for electric vehicles and boosted market growth in recent years. However, factors such as lack of charging infrastructure, high manufacturing costs, range issues, and ease of maintenance can hinder the market. In addition, technological advances, coupled with advances in self-driving electric vehicle technology, are expected to create ample growth opportunities for the market.