Electric Vehicles Market Analysis and Forecast
The market volume for electric passenger cars held the highest share and accounted for XX% share in 2016 and is also expected to grow at a higher rate in comparison to commercial vehicles. Factors such as government initiatives, urbanization, and increasing disposable income is responsible for such a gigantic share of electric passenger cars. A major factor expected to play a key role in the development of passenger electric vehicles is the development of adequate road infrastructure to make it easier to adopt these vehicles.
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The market volume for electric passenger cars was XX thousand units in 2016 and is expected to reach XX thousand units by 2026, registering a CAGR of XX% from 2016 to 2026.
Electric vehicle charging systems comprises of two types of chargers namely Alternating Current (AC) and Direct Current (DC) chargers. AC chargers are convenient as they work on 120V or 240 V which is used in residences and are inexpensive, thus accounting for a major share over DC chargers. DC chargers are able to transform high-voltage AC to DC, for storage in electric vehicles and are capable of charging an electric vehicle in 20-30 minutes. Private chargers (residential application) accounted for ~XX% share in 2016 and publicly available chargers are expected to grow at a faster rate as compared to the private chargers. Factors such as rapid increase in the number of fast chargers and growing sales of electric vehicles are expected to boost the demand for publicly available chargers.
