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The global electric vehicle market size is expected to reach USD 985.72 billion by 2027. The hefty investment by major automobile companies in the production of electric vehicles will augur well for the market, mentioned in a report, titled “Electric Vehicle Market Size, Share & Covid-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)) and Regional Forecasts, 2020-2027.” The market size stood at USD 273.22 billion in 2019 and is expected to exhibit a CAGR of 17.4% between 2020 and 2027.
Introduction of Tesla’s New Safety Feature to Spur Opportunities
Tesla, an American electric vehicle and clean energy company based in Palo Alto, California announced that it has introduced a pair of new safety features for its cars. These features include Lane Departure Avoidance and Emergency Lane Departure Avoidance that are designed to stop drifting out of your lane. Both are designed to stop common causes of accidents that can occur while drivers aren’t using Autopilot. The Lane Departure Avoidance is equipped with sensors to send quick alerts during lane exits with a turn signal when your hands aren’t on the wheel. The system turns on the hazard lights if you’re using traffic-aware cruise control and automatically slowing down the car to 15 miles below either the speed limit or your current set speed. Whereas Emergency Lane Departure Avoidance features automation to steer back the car into its lane, if it senses crashing or off-road indications. The launch of these new safety features in EVs will spur demand among consumers, thus aiding the growth of the market.
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Favorable Government Subsidies to Stimulate Electric Vehicle Market Growth
The governments of several nations are employing strategies and policies to expand electric vehicle usage. For instance, customers are offered reduced selling prices, zero or low registration fees, and free charging of electric vehicles at multiple charging stations. This factor will fuel demand for EVs among the population, in turn, aiding the growth of the market. Moreover, the governments exempted purchase tax, import tax, and road tax based on different subsidies to increase the acceptance of battery-powered cars. The subsidies have also encouraged automakers to increase their capacities of EVs, thus fostering the growth of the market. The rising investments to improve production at manufacturing sites are expected to enable speedy expansion of the market.
Launch of Innovative Technologies by Major Companies to Escalate Market
The market is dominated by the presence of giant automobile manufacturers such as Tesla Inc, Volkswagen AG, General Motors, and Ford Motors. For instance, Tesla has implemented strategies to offer affordable cars to customers. The company plans to accelerate clean energy production and clean transportation. The introduction of innovative cars by companies is expected to stir competition among rivals. For instance, Volkswagen launched a long-range electric car called ID.3. The vehicle not only communicates with the occupants through voice control but also communicates through the smart ID light concept. Besides, the ongoing product development by major brands will influence the healthy growth of the market.
The Report Lists the Key Companies in the Global Market:
Further Report Findings:
The Global Electric Vehicle Market is Segmented into:
Value (USD Billion) & Volume (Thousands Units)
By Vehicle Type