Regionally, the global EV market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2037, owing to the large production of electric vehicles in the region. China is the top producer of electric vehicles as per International Energy Agency. The electric car registration rose from year 2019 with almost 1000 thousand units to year 2020 with around 1300 thousand units. Further, the large population in the region is expected to increase the demand of electric vehicle in the assessment period. The population in East Asia and Pacific as per World Bank was 2.37 billion in 2021. Additionally, technological advancements, growth in Gross Domestic Level (GDP) along with rise in disposable income are another factors that are anticipated to fuel the market size.
Author Credits: Saima Khursheed
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