Global Electric Vehicles (EV) Market Insights, Size and Growth Forecast To 2031
Global electric vehicle (EV) market is estimated to be worth USD 197.4 Billion in 2020 and is projected to grow at a CAGR of 21.64% between 2020 to 2031. An electric vehicle (EV) basically operates on electricity and these vehicles runs on fuel. The internal vehicles run on an electric motor that requires constant supply of energy from batteries. There are a variety of EV batteries used in these vehicles and includes molten salt, lithium ion, zinc-air, and various nickel-based designs. The EV use one or more than one electric motors or traction motors for propulsion. These vehicles are powered by a collector system through electricity from charging station deployments or can be charged by self-charging devices. Because of technological advancements and the production of electric vehicle batteries on a mass scale in great volumes, the cost of electric vehicle batteries has been declining over the past decade. This has led to a decrease in the cost of electric vehicles ...