Study of Electric Vehicle Market Dynamics and Forecasting
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Abstract
Over the past several years, the market for electric vehicles (EVs) has experienced extraordinary growth. This growth has been driven by developments in technology, shifting attitudes among consumers, and regulations that are supportive of the electric vehicle industry. A complete examination of the forces that are influencing the electric vehicle industry is presented in this article, along with an exploration of approaches for predicting the market's future trajectory. We investigate major aspects that influence the adoption of electric vehicles (EVs), including technological innovation, regulatory environment, consumer behaviour, economic considerations, and charging infrastructure. Our analysis is based on a study of the current literature as well as empirical data. Our research sheds light on the intricate relationship that exists between these elements and the influence that they have on the expansion and development of the electric vehicle industry. Further, we investigate the numerous forecasting approaches that are utilised in the process of projecting the trends and demand patterns of the electric vehicle industry. We analyse the merits and limits of several forecasting methodologies, ranging from quantitative models to scenario analysis, and explain the consequences that these approaches, together with their implications for stakeholders, have. In this article, we provide insights into the changing landscape of the electric vehicle industry by conducting a comprehensive study of data pertaining to sales of electric vehicles, the dynamics of market share, and trend analysis.
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