The Electric Car Market is expected to reach a value of $1.9 trillion by 2028, at a CAGR of 37.1% during the forecast period 2021-2028. Electric Car Market – Global Opportunity Analysis and Industry Forecast (2021-2028)
In terms of volume, this market is expected to grow at a CAGR of 36.2% from 2021 to reach 69.3 million units by 2028. Electric car is an automobile that is propelled by one or more electric motors, using energy stored in batteries. Compared to internal combustion engine (ICE) vehicles, electric cars are quieter, have no exhaust emissions, and lower emissions. Electric cars have an electric motor instead of an internal combustion engine. The motor is powered by a large battery pack placed in the car, which can be recharged through a wall socket or portable charger.
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Electric cars use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the battery pack of the vehicle, which in turn runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles. In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric cars are increasingly used for private transportation and shared mobility services.
Electric Car Market – Global Opportunity Analysis and Industry Forecast (2021-2028)
https://www.meticulousresearch.com/product/electric-car-market-5187
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