Global Electric Vehicles (On Road) Market is estimated to reach $168.3 Billion by 2024; growing at a CAGR of 8.4% from 2016 to 2024. An electric vehicle uses one or more electric motors or adhesive friction motors for impulsion.
the global on-road electric vehicles market is forecast to record 64.4 million units volume sales by 2019. In terms of revenue, it is expected to reach a value of USD 271.67 billion by 2019, growing at a CAGR of 19.2% from 2013 to 2019.
Programs such as the Corporate Average Fuel Economy make it mandatory for manufacturers to maintain the level of fuel efficiency across the entire fleet. Initiatives taken to minimize the dependency on fossil fuels.