Albany, NY -- (SBWIRE) -- 04/17/2018 -- Electric vehicles (EV) are vehicles that run on electricity in which the motors are powered by one or more rechargeable battery packs. The need for reducing reliance on petroleum-based fuels in vehicles among consumers has led automakers adopt electricity as a vehicle fuel. The growing adoption of electric vehicles is propelled by the myriad benefits they offer over conventional ones. These include no tailpipe emission, higher energy efficiency, smoother operations, enhanced acceleration, and requiring minimal maintenance.

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Over the past few years, electric vehicles have soared in popularity largely due to numerous favorable government mandates and subsidies across various developed regions and steadily decreasing total cost of ownership of these vehicles. Besides, increasing concerns of tackling climate changes have led governments in emerging and established markets set ambitious goals for electric vehicle adoption.

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The report provides in-depth and comprehensive insight into the key market dynamics, revenue share and size of major product segments, current trends, innovative product launches, and competitive landscape of the global electrical vehicle market. The study mirrors extensive primary and secondary researches from across a wide range of stakeholders including international energy agencies, leading automotive manufacturers, government organizations, and industry players. The report zeroes in on several government mandates and policy initiatives to track drivers and emerging trends in major regions. The factors influencing the pricing strategies of various electric vehicle manufacturers are evaluated. The strategically motivated insights help in evidence-based decision making for market participants.

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The electrical vehicle market is driven by the growing demand for environmental-friendly and low-emission technologies along with rising government subsidies and support initiatives to popularize electric vehicles. Significant increases in the prices of fuel such as gasoline, diesel, and petrol, coupled with increased governmental focus to lower emission standards, have led to a healthy demand for electric vehicles in emerging and developed markets. In addition, constant improvement in the battery technology and advancement in its production processes have led to decreasing the cost of these vehicles, thereby stimulating its adoption among users.