The global light duty EV market is expected to grow from 2.7 million vehicle sales in 2014 to 6.4 million in 2023, According to Navigant Research.
The market for vehicles that reduce fuel consumption is getting competitive due to other fuel efficient and alternative fuel technologies.
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Another important factor is advances in fuel efficiency made to conventional internal combustion engines (ICEs) through stop-start technologies, the use of lightweight materials for body panels and chassis, engine downsizing, and growing interest in diesel.
Growth in HEV, PHEV, and BEV platforms will be conditional on expanding EV availability outside of the small hatchback segment into larger vehicle formats such as SUVs and trucks.
Subsequently, governments have demanded automakers to develop EVs and incentivized citizens to buy them.
The rapidly changing market for electric vehicles includes hybrid, plug-in hybrid, and battery electric vehicles, is a small but important part of the global automotive industry.
Governments want to promote use of EVs globally due to their environmental, economic, and energy security benefits.