Reportstack has announced a new market research report on the Global Battery Electric Vehicles Market, which is expected to grow at a CAGR of 59.42 percent from 2014-2019.
The report emphasizes subsidies and incentives as major market growth drivers, as governments in many countries extend benefits in the form of financial incentives to the buyers of battery electric vehicles.
“In some countries like China, Japan, India and Germany, governments and local authorities have exempted drivers from having a driver’s license to operate some battery electric vehicles,”.
“Quadricycles have also become a popular mode of transportation for the elderly in Europe as the trouble of renewing driving licenses is avoided, which has made them quite popular in UK, Germany, France and Sweden.”
Furthermore, the report draws attention to growing concerns surrounding environmental protection and the need to reduce greenhouse gas emissions. The automobile sector is a primary contributor to these emissions, which is driving vendors in the sector to develop innovative technologies to reduce emissions.
“Battery electric vehicles have become a viable alternative to ICE-powered automobiles and a solution to the problem of emissions,”.
Complete report available @ Global Battery Electric Vehicles Market 2015-2019.