The Electric Vehicle Market is projected to grow at a CAGR 19.27% rate during the forecast period. Investments made by Governments across the globe to increase the adoption of electric vehicles, creating opportunities for OEMs to expand their revenue stream and geographical presence. The mid-priced segment is expected to grow at the highest CAGR during the forecast period. In the Asia Pacific region, China is one of the leading countries for mid-priced vehicles. Companies such as BYD, Smart, and Great Wall Motors are manufacturing comparatively less expensive automobiles.

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Asia Pacific electric vehicle market is expected to register the fastest growth during the forecast period. This region has a strong presence of EV manufacturing OEMs such as BYD, BAIC, SAIC, and Geely, among others. Moreover, the region has high technology adoption rate. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the electric vehicle market growth.

The prominent players in the Global Electric Vehicle Market are Tesla (US), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan).

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