Electric vehicles (EVs) are novel automobiles that can transport products and passengers while remaining self-propelled. Standard models include plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and hybrid electric vehicles (HEVs). EVs run on stored energy from batteries, which can be easily charged using self-charging equipment like turbochargers and regenerative braking systems, which convert kinetic energy to electricity. One significant advantage of EVs is that they produce no tailpipe emissions, which contributes to a cleaner environment and lowers reliance on conventional fossil fuels. Furthermore, their operational cost-effectiveness in comparison to traditional automobiles makes them a more enticing option for consumers worldwide, hastening their acceptance and assuring a sustainable future for transportation.
According to SPER Market Research, ‘Turkey Electric Vehicle Market Size- By Vehicle Type, By Propulsion, By Range, By Battery Capacity – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Turkey Electric Vehicle Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.
Drivers:
Battery-powered electric automobiles are classified into three categories: autonomous delivery vehicles, industrial vehicles, and public transportation vehicles. It can calculate the cost of an electric car battery in kilowatt-hours (kWh), which influences the battery’s range and the power output of the motor it powers. Several technological advancements have decreased the cost of electric vehicles. High-capacity battery production and cheap battery costs are the primary goals of EV battery manufacturers in order to keep the entire cost of a car within the subsidized range. The industry is expanding as a result of a number of government legislation that phase out fossil fuel-powered vehicles, growing concerns about the environmental impact of conventional vehicles, advances in battery capacity, and supportive government policies and regulations.
Restraints:
Despite having a lower total cost of ownership, an electric car requires a significantly larger initial investment than a combustion vehicle. An electric car is around $19,000 more expensive to purchase than a gas-powered vehicle, according to the Natural Resources Defense Council. It’s challenging for budget-conscious buyers to choose an electric car because of the huge difference in the upfront cost of ownership. As more people learn about the overall advantages and low costs of having an electric vehicle, this situation is anticipated to alter in the next years. In addition, it is anticipated that as battery technology advances and production volume rises, the disparity in car purchase prices will diminish in the coming years.
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Impact of COVID-19 on Turkey Electric Vehicle Market
The COVID-19 pandemic has led to a health crisis that has caused a decline in nearly every business. Government lockdowns and other travel restrictions were implemented nationwide, which significantly constrained the growth of the industry. To further stop the disease’s spread, only travel that was absolutely required was allowed at this time. Sales of electric vehicles fell as a result of shifting consumer behaviour during the pandemic. The supply chain for electric vehicles suffered due to the halt of production and commercial activities.
Turkey Electric Vehicle Market Key Players:
The key players of this market are Turkey’s Automobile Joint Venture Group Inc, Ford Motor Company, Tesla Inc, Toyota Motor Corporation, Groupe Renault, and Others.
Turkey Electric Vehicle Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Turkey Electric Vehicle Market is segmented as; Two-Wheeler, Passenger Car, LCV, M&HCV.
By Propulsion: Based on the Propulsion, Turkey Electric Vehicle Market is segmented as; BEV, PHEV, FCEV.
By Range: Based on the Range, Turkey Electric Vehicle Market is segmented as; 0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles.
By Battery Capacity: Based on the Battery Capacity, Turkey Electric Vehicle Market is segmented as; <50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh.
By Region: This research includes data for Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, Eastern Anatolia.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Turkey Electric Vehicle Market Revenue
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