Boost for the EV Market

Nov 18, 2019

Boost for the EV Market

There is now a growing demand for fuel-efficient and low-emission vehicles, which is one of the key factors expected to drive the electric vehicle market growth over the next coming years.

The adoption of electronic vehicles (EVs) is rising amongst those consumers focusing on purchasing fuel-efficient vehicles.

Fuel prices are only going to grow, coupled with the increasing demand having prompted automobile manufacturers and consumers for adopting to alternatives to conventional vehicles running on petrol or diesel. As well as this, the development of policies, growing concerns for the environment and advances in technology are all stimulating demand for electronic vehicles!

Technological advances

One of the main growth factors is that various stakeholders in the industry are witnessing new opportunities for boosting the adoption of electronic vehicles. More time and energy is being invested in research and design to launch electric vehicles with long-range features.

Prices of lithium-ion batteries that are used in EVs are likely to reduce, meaning the cost of producing electric vehicles will reduce, in turn, boosting the electric vehicle market growth.

As well as technological advances, more models are expected to come on to the market making the market more lucrative for consumers.

Other factors expected to boost EV market growth

  • New mobility models.
  • Increasing shift towards sustainable and energy-efficient modes of transport.
  • Increasing government support for those buying EVs.
  • Stringent rules and regulations petrol and diesel models.
  • Growing concerns regarding emissions.
  • Better safety standards.

If you’re considering purchasing an electric vehicle but are sceptical, the benefits and demands for the models are only going to grow. Therefore, if you’re ready to change your model and an electric car could benefit you, now is the time to do it!

Be sure to conduct your research to find out which EV is going to be best for you, should you choose a hybrid model or battery-electric models? Your choice will all depend on how you use your car, and if it is going to benefit you in the long run.

Have a look at our blog on the cheapest EV models on the market now!

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