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Electric vehicles use energy to recharge their batteries as opposed to using fossil fuels like gasoline or diesel. Electric cars are more cost-effective to charge than gasoline or diesel vehicles due to their higher efficiency and lower cost of energy.
When electric vehicles are powered by renewable energy sources, their use can be more environmentally friendly.
The price of electricity can be further reduced if charging is done with the help of renewable energy sources installed at home, such as solar panels.
The Montenegrin electric vehicle market is still in its infancy. In these market circumstances, the products, technical know-how, and experiences offered are adequate and capable of meeting the very low current demand.
As a result, information policy tools, particularly campaigns and good practice examples, should be used to increase demand.
It is vital to make sure that electric vehicles are given a competitive advantage over conventional ones by regulatory actions, particularly tax and customs regulations and criteria for placing automobiles on the market.
In order to increase demand, financial subsidies are imposed as a required and essential strategy.
Increased demand will serve as the finest catalyst for the supply side, which is already stated to be aware of the changes that will occur and is acting in accordance with their commercial interests to fulfil rising demand.
The Montenegro Electric Vehicle Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
The area that requires the most reform is the transportation sector, which is responsible for approximately a quarter of greenhouse gas emissions.
The nation’s greenhouse gas emissions are now accounted for by the Montenegrin transportation system. According to estimates, the percentage of national greenhouse gas emissions will increase if pollution by emissions continues to rise in this manner.
Soon, charging electric vehicles will be as simple as charging smartphones. Future-proofing transportation with less pollution, lower CO2 emissions, less noise, higher energy efficiency, and independence from fossil fuels is possible with electric vehicles.
The most significant market players in the electric vehicle supply area are dealers/distributors, maintenance specialists, and financial institutions.
This market segment is also one of the most competitive. As a result, it is clear that all of these organisations have begun to plan for the rise in demand for electric vehicles and modify their operations accordingly.
The largest motivation for this market segment will be a growth in the demand for electric vehicles, therefore there won’t be a need for further incentives in that regard.
