The Global Electric Vehicle Charger (EVC) Market is projected to grow at a CAGR of 28.28 percent from 2014-2018, according to a new report from TechNavio.
Nowadays, Lithium-ion batteries have entirely replaced lead-acid batteries.
Lithium is characterized with the highest electrochemical potential of all metals.
Besides, these batteries have high energy and power densities.
The above said features of lithium-ion batteries have improved the performance and efficiency of micro electric vehicles, says, Faisal Ghaus, VP, TechNavio.
Governments have designed policies to curb emission levels by promoting clean and efficient means of transportation as well as finding alternatives to gasoline and diesel-based vehicles.
The report emphasizes the growing focus on increasing the life of lithium-ion batteries, used in a variety of applications like cellphones, laptops, electric bikes, electric scooters, UPS systems and transit buses.
The micro electric vehicles have become an alternative and a viable solution to the emission issues as the concerns for environmental protection and the greenhouse gas emissions reduction are growing.
Quadricycles and similar vehicles have achieved better reputation among consumers, which will boost the prospects for the Global EVC Market through the projected period.
Sabeena Wahid
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