Electric Car Market COVID-19 Impact
Analysis By Segmentations, Key Company
Profiles & Demand
The implementation of strict government regulations regarding vehicular emissions is one of
the biggest factors responsible for the mushrooming sales of electric cars across the world. In
the recent years, there has been a considerable increase in greenhouse gas (GHG) emissions.
This has made the governments of several countries, especially those in Europe, focus heavily
on reducing the emission of these gases. As a result, various environmental targets have been
set by many governments during the last few years.
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Due to the above-mentioned factors, the sales of electric cars will climb all over the world in
the forthcoming years. The global electric car market is predicted to grow from 0.8 million
units in 2016 to 5.3 million units by 2023. Furthermore, the market is predicted to progress at
a CAGR of 33.6% from 2017 to 2023. Depending on technology, the market is divided into
plug-in hybrid and battery electric vehicles.
Amongst these, the medium electric car category is predicted to demonstrate the fastest
growth in the market in the upcoming years. The economy category is also predicted to
register huge expansion in the market in the forthcoming years. This would be because of the
lower costs of these cars than the medium, premium, and low category vehicles.
Geographically, the electric car market is predicted to boom in the Asia-Pacific (APAC)
region in the future.
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The key factor driving the expansion of the electric car industry in the APAC region is the
increasing implementation of favorable policies and regulations such as the provision of huge
financial incentives for the manufacturing and sales of electric c