[Staff, 2023-01-25 01:33:00,
Depleting resources of fossil fuels, and rising need for eco-friendly vehicles are driving electric vehicles market revenue growth
— Emergen Research
VANCOUVER, BC, CANADA, January 25, 2023 /EINPresswire.com/ — A EV is defined as a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. An EV includes both a vehicle that can only be powered by an electric motor that draws electricity from a battery (all-electric vehicle) and a vehicle that can be powered by an electric motor that draws electricity from a battery and by an internal combustion engine (plug-in hybrid electric vehicle).
The global Electric Vehicles (EVs) Market size reached USD 238.67 Billion in 2021 and is expected to register a revenue CAGR of 22.2% during the forecast period, according to latest analysis by Emergen Research. Increasing need for reducing dependency on imported oil and other fossil fuels is a major factor creating higher demand for EVs and thus, driving market revenue growth.
Substantial investments towards Research & Development (R&D) activities in EVs by governments and several government initiatives such as favorable tax…
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