Electric Vehicle Market is projected to be around USD 364.67 billion by 2023 | CMR
Industry Outlook and Trend Analysis: The Electric Vehicles Market was worth USD 72.23 billion in 2014 and is expected to reach approximately USD 364.67 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 19.71% during the forecast period. Electric vehicles are self-moving transportation machines for passengers and products using the power that is stored in the batteries by means of electric engines or with the assistance of both interior combustion engine and electric engines working in tandem. Electric vehicles are thought to be the vehicles without bounds and are very liable to make regular vehicles obsolete. The development of electric vehicles is attributed to the ever increasing generation and sales of automobiles. Vehicles have become an increasingly affordable commodity due to the rising discretionary incomes across the world. Competitive Insights: The leading players in the market are Mitsubishi Motors Corporation, G...