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A vehicle that uses one or more electric motors for propulsion is referred to as an electric vehicle . EVs include, but are not limited to, road and rail vehicles, surface and underwater vessels, electric aircraft, and electric spacecraft.
It can be powered by a collector system, with electricity from extravehicular sources, or it can be powered autonomously by a battery (sometimes charged by solar panels, or by converting fuel to electricity using fuel cells or a generator).
For almost 100 years, internal combustion engines predominated as the primary means of propulsion for cars and trucks, but electric power remained prevalent in other vehicle types, such as trains and smaller vehicles of all kinds.
Due to technology advancements, a greater emphasis on renewable energy, and the possibility to lessen the impact of transportation on climate change, air pollution, and other environmental issues, EVs have had a comeback in the 21st century. Electric vehicles are ranked among the top 100 modern options to combat climate change.
Growing public interest and awareness, as well as structural incentives, like those being built into the green recovery from the COVID-19 pandemic, are expected to significantly increase the electric vehicle market.
The NIgeria 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.
During the forecast period, the Nigerian electric vehicle market is expected to expand gradually. Despite Nigeria’s late entry into the electric vehicle market, the government is determined to promote electric mobility there in order to reduce the harmful gas and carbon emissions from the traditional combustion of fossil fuels that cause environmental imbalance and global warming.
Furthermore, the adoption of electric vehicles in Nigeria will increase in the next few years due to the public’s growing knowledge of environmental degradation and the benefits that using them can provide. For the purpose of encouraging electric vehicles across the nation, the Nigerian government has implemented a number of support measures in the form of incentives and subsidies.
Jet Motor Company, an automaker with operations in Nigeria, has secured substantial funding from overseas investors to accelerate the production of electric vehicles and spur market expansion. Other factors that will contribute to the growth of the electric vehicle market over the forecast period include increasing government spending and improved FDI regulations.
