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Electric Mobility Market Projected to Grow Significantly in near Future

Acumen Research and Consulting, announced new study on “Electric Mobility Market Size, Share, Revenue, Growth Opportunities and Forecast, 2019 - 2026”.

Drivers and Challenges of Market

LOS ANGELES, March 13, 2020 (GLOBE NEWSWIRE) -- Emission levels caused by fossil fuel vehicles that are harmful and dangerous for human health and the environment led to the proposal, design and development of environmentally friendly machinery and vehicles in global regulatory and State regulatory bodies. This resulted in electric mobility being developed and operated as the best alternative to the environment. A significant factor which is anticipated to surge the electric mobility demand will be the substantial increase in demand for hybrid vehicles and sales in developing countries due to concerns about the high level of air pollution.

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In addition to subsidies or tax benefits available to buyers and car makers, governments in several countries work to make EVs easier through investments in the development of EV charging infrastructure. The Indian Government, for example, recently announced tax benefits for e-vehicles to accelerate the country's adoption of e-mobility. As in many nations worldwide, the Indian Government is also in the process of implementing regulations to phase out internal combustion engine vehicles and reduce the production volume of such vehicles significantly by the year 2030, thereby improving the growth potential of the E-mobility market.

Governmental regulatory bodies promote the introduction of electric two wheelers by providing a tax waiver, which will add to the global electric mobility market's encouraging growth prospects. Many businesses have started to invest in e-motorcycles, which are likely to contribute further to the development of a sustainable e-motorcycle business environment in the near future.

Regional Outlook

The European EV sector, albeit from a small sales base, expanded almost 40 percent in 2016-2017. A variety of factors such as constant diesel-based headwinds and increased customer interest in EVs have contributed to this. In Europe, most of the market trends occurred, with the EV demand more than twice.

China seems too to be implementing a long-term program to dump fossil-fuel cars, which allows manufacturers to reach a compulsory EV loan deadline by 2019. A new EV strategy is now introduced. Several international car manufacturers have therefore announced new Joint Undertakings to develop and produce several EVs together with domestic Chinese firms.

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Asia Pacific held significant market share in 2018, due to higher EV prices, especially electric bicycles and electric scooter, in economies such as, China, Japan and India. The pollution and the rapid rise of the price of fuel are responsible for this. In terms of both the production and sales of EVs, Asian economics like are also among the leaders. Moreover, China is projected to dominate the regional market as most of China's EV demand is satisfied.

About the Market

The history of electric vehicles began in the beginning of 1800, but only when Tesla was introduced to the market and public interest in electric cars began to re-ignite. In 2018, worldwide sales of electric vehicles reached a level of nearly two million and many countries called for an increase in the number of electric cars. Mainland China currently leads with nearly 56 per cent market share, leaving the United States and Europe well behind. Car manufacturers seek to develop new technologies for electric cars and have big plans for the future.

Key Players & Strategies

The number of players in the E Mobility market around the world is increasing steadily. Participants include major global players such as Tesla, Inc., BYD Company Limited., General Motors, Toyota Motor Corporation., Nissan Motor Corporation., Ford Motor Company, Renault, Hyundai Motor Company, BMW, AB Volvo, Daimler AG, Mitsubishi Motors Corporation, Honda Motor Co., Ltd., Tata Motors, and Others.

Key electric mobility companies launch advanced products to address the growing needs of customers. Moreover, leading actors in the industry work with and recruit top market players to increase their customer base and continuously develop their business proposition.

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