Growth of Traditional Vehicles

The traditional vehicles witnessed negative growth in 2015-20 due to the impact of COVID-19. However, it is forecasted to show decent growth due to the same reason in 2020-25 and low growth in 2025-30 due to the adoption of EVs.

As EVs is an emerging market, it has witnessed a growth of around 41.5% in 2015-20 despite the pandemic. Due to the increased adoption of EVs, an elevated growth of 33.4% in 2020-25 and 16.6% in 2025-30 is forecasted.

The ultimate goal here is to increase the mileage by reducing weight owing to less carbon footprint.

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