Global electric vehicle market was estimated to be USD 103.2 billion in 2016 -GMI Research
According to GMI Research report, u201cGlobal Electric Vehicle Market By Component and By Geography u2013 Opportunities & Forecast 2016u20132024u201d, the global electric vehicle market was estimated to be USD 103.2 billion in 2016 and is projected to reach USD 480.1 billion by the end of 2024, exhibiting a CAGR of 21.2% during the forecast period. The major reasons stimulating the market growth are favorable government policies and regulations, rise in demand for environment friendly vehicles by the consumers and increased focus of OEMu2019s towards the development of technologically advanced components.
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