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Forex Reviews

Overview of Electric Vehicle Market Trends in Forex Trading

The rapidly growing electric vehicle (EV) market is at the forefront of a massive shift in​ technology ⁢and ⁤infrastructure. Although EVs have been ⁣around since⁤ the 19th century,⁤ it’s only now‌ that they are⁣ becoming more widely adopted, ‍both by carmakers, governments, and ‍ consumers. This article explores the emerging‍ electric vehicle⁤ market trends and how they are⁢ changing the way we transport ourselves and power our vehicles.

Electric Vehicles: ⁤Booming Global Market Set to Expand⁣ Even​ Further

The‍ electric vehicle market has quickly‌ become a major global industry ⁢in recent years,​ with demand for‌ electric vehicles (EVs) increasing rapidly and sales ⁢expected to reach $823.75 billion⁣ by‌ the end of​ 2030. It’s no ⁤secret that EVs are helping to reduce our carbon footprint; this type of car ​typically emits 40-60%⁣ less ⁣CO2 ‌than a similar petrol or diesel vehicle, making them a⁢ more ecofriendly option. Additionally, a wide variety ‍of EVs are now⁤ available to ​the ‌consumer, from⁣ hybrids‌ and plug-in hybrids, to ⁤fully electric battery-powered cars.⁢ Increased ⁣government support for green​ initiatives and ever-improving technology are⁣ some of⁣ the⁤ reasons⁢ for the‌ fast growth⁣ of ‍the global ‌EV market.

By the end of 2023, battery EVs ⁢are projected to‌ soar with a ‍CAGR (compound annual growth rate) of 19%. ⁣This will be followed by commercial vehicles with a CAGR‍ of​ 19.3%. ​Light electric vehicles such as cars and two-wheelers‌ are projected to grow the most-‌ with their ⁢sales expected to be at 53% of⁢ the⁢ global ⁤market by ⁤2030. ​Eventually, the⁤ global ‍electric vehicle‍ market size is forecasted to reach USD 951.9 billion by ⁢2030.

Significant Growth in Electric Vehicle Sales⁢ Expected in⁢ 2021

The share ‌of electric cars in​ total sales has ​more than tripled in three years- rising from around 4% in 2020 to 14% in 2022.⁤ The ​trend is only set to continue, with‍ overall EV sales predicted‍ to increase 45% in 2021- higher than the 28% growth in 2020.

Research ‍conducted by ​S&P Global Mobility⁣ provides near real-time ⁤updates⁤ of electrified ⁢(BEV and hybrid) light vehicle sales volumes for over 150 countries, broken down by brand, model and fuel type. ‌According to this report, global EV sales in 2020 set​ a new record of 4.84 million cars. This‌ was a ⁣dramatic increase from the 1.7 ‍million electric ⁤vehicles sold​ in 2019. In ‌the​ first ‍quarter ⁤of​ 2021 alone, sales of electric⁢ vehicles skyrocketed by 60%, with⁤ almost 1.6⁢ million sold worldwide.

Policies and Government Incentives to Boost Electric ⁣Car Adoption

Incentives​ and policies play a⁤ critical role in‍ the success of the‍ electric vehicle market.⁢ For example in 2019 global⁢ sales of EVs grew by 15%, largely attributable to increased government support and incentives being offered, ​which attracted new customers. In Europe, government ‌incentives⁢ for electric cars boosted sales by 93%, while in China ‌they increased by 17%. These⁢ figures illustrate how critical ⁣incentives and subsidies can be ⁤to promoting the⁣ adoption of‌ EVs​ on​ a wider scale.

Currently, governments around the world are introducing‌ policies ⁣that incentivise ⁣the purchase‌ of electric ​cars in an effort to reduce their overall ‌emissions. In China, for instance, policy ⁤makers are introducing technology-neutral regulations that ensure electric vehicles across⁢ different technologies⁣ receive equal financial support in the form of subsidies or ‍tax incentives.

Incentives for electric car purchases have ‍become increasingly popular over the past few years. According ⁢to ⁤data‍ from the International Council on Clean Transportation, consumers spent‌ $120 billion USD on electric ​car ⁣purchases in 2020-⁤ a 50% ⁣increase ‌from 2019. This massive boost was aided‍ by an ‌increase in sales of 41%, combined with a 6% ‌rise in average EV prices.​

The Future of ‌the⁤ Market

The future of the EV market‍ looks promising, with forecasts suggesting electric ‌cars could make up a majority of new car sales by‍ 2035. To achieve this, electric vehicle production needs to be​ ramped up significantly to match the expected growth in demand. ⁤With many governments increasingly supporting the adoption of electric vehicles, ‍we can expect to see ​these vehicles becoming an increasingly common ‌sight on our ‌roads- making an important ‍contribution to reducing our⁤ carbon footprint⁤ and tackling climate change.