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The global electric vehicle market is rapidly growing due to the rising demand for sustainable transportation. Various governments' increasing commitment to a healthier environment has resulted in an increased demand for zero-emission vehicles. Developed countries, such as the United States, Germany, and the United Kingdom, actively promote the use of electric vehicles to minimize pollution increasing electric vehicle sales. With the growing use of electric buses, especially in China and India, the growth of the commercial electric sector has been growing. Various countries will replace their current fuel-based buses with electric busses. The rise of commercial electric vehicles is motivated by a growing trend to replace public transport fuelled by fossil fuels with electric buses.
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The market is being driven by the growing innovations and product diversifications by the major players in the market. In April 2020, Tesla, Inc. (NASDAQ: TSLA), one of the leading players in the market, announced its longest-range electric vehicle. The company modified its models, Model S and Model X, to allow them to travel unparalleled distances without recharging. They broke their record for the production of the longest-range EVs on the road.
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The primary key players in the global electric vehicle market include companies like Tesla, Inc. (NASDAQ: TSLA), SAIC Motor Corporation Limited, BYD Company Limited, Toyota Motor Corporation, and Dongfeng Motor Group Co., Ltd, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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