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New Energy Vehicle (NEV) Market

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New Energy Vehicle (NEV) Market - Growing Environmental Pollution From
Conventional Vehicles Is A Major Concern That Is Projected To Boost The Market
New energy vehicle (NEV) is term coined in China for electric vehicles, which
includes vehicles that are either partially or fully powered by electricity. New energy
vehicles are zero or low emission vehicles, which include battery operated electric
vehicles, plug-in hybrid vehicles, hybrid vehicles and fuel-cell vehicles. NEVs do not
emit exhaust gases, unlike conventional IC engine vehicles that emitted exhaust gases,
comprising constitute carbon monoxide, hydrocarbons, particulates matter, and other
highly harmful gases, which are hazardous and harmful to human health.
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Growing environmental pollution from conventional vehicles is a major concern that
is projected to boost the NEV market during the forecast period. Further, rising
government support through incentives and subsidies offered on zero-emission
vehicles and consistent increase in fuel prices are other factors that are projected to
boost the NEV market during the forecast period. Additionally, governing bodies
around are the world are forming alliances and enacting stringent emission norms to
counter the temperature surge caused primarily due to vehicular emission. However,
introduction of NEVs is projected to eliminate conventional vehicular pollution. These
factors are expected to offer lucrative opportunities to the NEV market during the
forecast period. Lack of recharging infrastructure facilities, especially in developing
and underdeveloped countries, and its higher initial investment are major factors that
are likely to restrain the NEV market during the forecast period.
The global NEV market can be segmented based on type, vehicle type, and
geography. Based on type, the market can be divided into battery operated electric
vehicle, plug-in hybrid vehicle, hybrid vehicle, and fuel-cell vehicle. Battery operated
electric vehicle is a highly attractive segment of the market, and the adoption rate of
these vehicles is significantly high across the globe. This is majorly attributed to
government incentives and growing awareness toward adoption of zero-emission
vehicles, as they do not emit any pollution. They utilize a battery as a power source
to power the electric motors, which drive these vehicles. The battery operated
electric vehicle segment is projected to dominate the market during the forecast
period.
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In terms of vehicle type, the global new energy vehicle market can be split into
passenger vehicle and commercial vehicle. The passenger vehicle segment is projected
to lead the NEV market during the forecast period. This expansion of the segment is
primarily due to rising awareness and implementation of stringent norms resulting in
significantly higher sales of passenger vehicles of the NEV market. The segment is
projected to maintain its leading position in the market during the forecast period.
Based on region, the NEV market can be bifurcated into North America, Europe, Asia
Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a
dominant share of the global NEV market. Well-developed charging infrastructure,
presence of electric vehicle manufacturers in the region, government subsidies,
increase in fuel rate, decline in new energy vehicle cost, surging emission awareness,
and stringent emission policies have driven the NEV market in Asia Pacific. China
leads the NEV market in Asia Pacific. Besides China, Japan, South Korea, and India
are also anticipated to be highly lucrative markets for new energy vehicle in Asia
Pacific region, during the forecast period.
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monaliraghu
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