Regulatory pressures on internal combustion engines (ICEs), in combination with improvements in battery and electric powertrain technologies, have been pushing the requirement for electric vehicles (EVs). With the onset of the industrial revolution, carbon emissions depicted a steady, constant rise, as fossil fuels prevailed as dominant energy sources for decades. In a bid to overcome emission-induced pollution and fuel shortages, strategies have been put in place to keep energy consumption in check, and EVs have been deemed as a realistic solution for tackling climate change and poor air quality.

Fact.MR provides exclusive market intelligence on various areas, ranging from design to development, which impact the demand and supply trends of EVs. Recent investments by leading automotive OEMs, coupled with acquisitions by power companies, have resulted in a necessity-driven approach by energy players to establish a firm foothold in the EV charging infrastructure space. In addition, these acquisitions depict the eagerness of energy producers to combat load-balancing challenges, while ridding the requirement for new fossil fuel production plants.

The electrification of passenger cars is set to unsettle current business models constructed around ICE vehicles. Lower maintenance requirement and relatively lesser number of parts in EVs have trimmed the global market demand for mechanics and part supplies. Leading stakeholders in the electric vehicles market are eyeing global dealerships with an objective to deliver enhanced SLAs with recurring revenue generation. Manufacturers who make adjustments to business models in the wake of the impending EV boom are likely to witness robust growth in the near future.

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