Global EVehicle market to grow at a CAGR of over 31% by 2023

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Technavio predicts the global electric vehicle market to grow steadily at a CAGR of over 31% by 2023. One of the primary drivers of the market is the growing demand and sale of BEVs. The rising concerns over GHG emissions coupled with fluctuations in crude oil prices are driving consumers to look for alternatives such as EVs. Besides, many governments across the world are encouraging the adoption of electric vehicles by offering subsidies and tax incentives. These factors are likely to propel the growth of the global electric vehicle market during the forecast period

he global electric vehicle market is a part of the global automobile market. The global automobile market includes companies that produce mainly passenger automobiles and light trucks with ICE, electric, and hybrid engines. Our research reports provide a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

Technavio’s reports are aimed at providing key insights on electric vehicle markets by identifying the key drivers, trends, and, challenges that are impacting the overall automobile market. The research analyses the impact on these factors on the electric vehicle markets, for the present market scenario and over the forecast period. Technavio’s reports provide a comprehensive analysis on the vendors and their offerings, major growth strategies adopted by stakeholders, and the key happenings in the market.

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