Advancements in Electric Vehicle Market: An Overview of Latest Developments, Size, Share and Trends

An electric vehicle (EV) is a mode of transportation propelled by one or more electric motors. It can draw power from external sources through a collector system or operate independently using a battery, occasionally charged by solar panels, fuel cell conversion, or a generator. Industrial variants like electric trucks are gaining popularity worldwide.

The global market share of electric vehicles is expected to soar in the forecast period due to the growing acceptance of eco-friendly transportation options. Increased purchasing power and the demand for vehicles emitting zero carbon are driving this trend.

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The surge in concerns regarding environmental pollution and climate change is a key driver for the demand for electric vehicles. Elevated pollution levels, characterized by emissions like carbon dioxide, nitrogen oxide, and others, contribute to health issues like respiratory disorders and cardiac problems, straining healthcare systems.

A 2018 report from the European Environment Agency highlighted that vehicle emissions have significantly deteriorated air quality in Europe, costing healthcare systems over US$ 80 billion. Consequently, more individuals are opting for EVs due to their better performance, lower operational costs, and enhanced safety features.

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