An electric car is a self-propelling transportation machine that is powered either by a collector system through electricity from charging station deployments or else can be charged by self-charging devices like regenerative braking systems and turbochargers.
Demand Scenario
The global electric car market was USD 134.32 billion in 2018 and is estimated to reach USD 413.95 billion by 2025 at a CAGR of 17.44% during the forecast period.
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Growth by Region
Asia-Pacific region accounted for the largest market in 2018 owing to the rising government incentives in the form of subsidies, grants and tax rebates, thus, continuously improving charging infrastructure in the region.