According to Electric Vehicle Market Study, the analysis made by electric buses and commercial vehicles and highlighted by increasing adoption of fossil fuel-based and public transport fleet. It contributes to the growth of electric commercial vehicle segment in China and India. Global electric vehicle market growing at 21.1% CAGR and estimated to grow from 3,269,671 units in 2019 to reach 26,951,318 units by 2030 research study added to ReportsnReports.
European Electric Vehicle Market is projected to experience steady growth, owing to a well-developed infrastructure for electric vehicles, while Asia Pacific market is the fastest due to strong presence of major electric vehicle manufacturing OEMs. Increased emphasis on reduction in carbon emissions is expected to boost the market. However, lack of availability of charging stations and initial high costs can create a hurdle for its growth. Encouraging investments made by governments for electric vehicle across the globe to increase the adoption of electric vehicles, creating opportunities for OEMs to expand their revenue stream and geographical presence. Additionally, the growth of ecommerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period.