Electric Vehicle Market 2028 By Type, Vehicle Category and Geography

 An electric vehicle runs on electricity, unlike other vehicles, which run on fuel. Instead of having an internal combustion engine, these vehicles have got an electric motor which needs continuous supply of energy from batteries. Popular batteries used in these vehicles are molten salt, lithium ion and zinc-air. An electric vehicle has got competitive edge over conventional vehicles in terms of low carbon emission, fuel economy and maintenance. Demand for electric vehicles is going to accelerate considerably in upcoming years.

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MARKET SEGMENTATION

• Based on type, the global electric vehicle market is segmented into battery electric vehicles, plug-in hybrid electric vehicles and hybrid electric vehicles.
  
• On the basis of vehicle category, the market is segmented into passenger cars, commercial vehicles and two wheelers.

MARKET DYNAMICS

Drivers

• Strict government norms regarding carbon emission.
  
• Rising urbanization and increasing per capita disposable income to boost market growth of electric vehicles.
  
• Smooth drive and convenience of charge the vehicle at home.