An electric vehicle (EV) uses an electric motor as its primary source of energy that uses electrical energy stored in rechargeable batteries. The electric vehicle is commonly available in three main types, namely Battery Electric Vehicle, Hybrid-Electric Vehicle, and Plug-in Hybrid-Electric Vehicle. Charging an electric car is easy and can be done anywhere if there is an outlet or charging station. Most EV owners charge their vehicle at home or at work. 480V is defined as a Turbo Charger which is used by Nissan and Tesla at present. Average time taken to charge the electric vehicle depends on the level of charging. The electric vehicles range can be increased by maintaining driving performance and the smart usage of the vehicle. Electric vehicle batteries which are discharged completely will typically last between 300 to 500 cycles. Forecasts project to manufacture USD 100/kWh batteries by the year 2026. The purchase price of a new electric vehicle varies widely based on the vehicle make, model, type, package, and accessories. The electric motor has one moving part, the shaft, which is very reliable and requires little or no maintenance. The average electric vehicle can save a driver who drives 15,000 miles in a year about USD 850 annually on fuel. The Tesla Model S P100D electric vehicle went from 0 to 60mph in 2.28 seconds, faster than a Bugatti Chiron.
Global Electric Vehicles Market Size and Growth Rate:
Research Analysts at Research Cosmos estimated the Global Electric Vehicles Market Size to reach USD 567 billion by the end of 2025 and they also predicted that the market will grow at an approximate CAGR of 23.1% during 2018 to 2025.
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What are the factors driving growth for the Electric Vehicles Market?
As per our report, the principal factor demanding the growth of the electric vehicle market is the increasing levels of pollution and carbon emissions around the world. Drive motor in these EVs runs faster than the internal combustion engine and the noise emissions are also low. However, electric vehicles have limited range due to the battery size and construction. Since the governments are offering subsidies and tax benefits, the market is likely to increase faster, which may lead to an increase in the global market in the forecast period.
Which region is leading the Global Electric Vehicles Market?
The Asia Pacific is the leading contributor to the global electric vehicle market due to the increasing adoption of these vehicles in the economies like Japan and China. The growing requirement to control pollution levels in these countries is supposed to fuel the market growth in the Asia Pacific.
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What are the companies dominating the World Electric Vehicles Market?
- BYD Company Limited
- Bayerische Motoren Werke Aktiengesellschaft
- Daimler AG
- Energica Motor Company S. p. A
- Ford Motor Company
- General Motors Company
- Nissan Motor Co. Ltd.
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG
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