Electric Vehicle Market Worth $1,212.1 Billion By 2027 | CAGR: 41.5%


Posted September 7, 2020 by sitakant

The global electric vehicle market demand is expected to reach $1,212.1 billion by 2027, expanding at a CAGR of 38.1% over the forecast period.

 
The global electric vehicle market demand is expected to reach $1,212.1 billion by 2027, expanding at a CAGR of 38.1% over the forecast period, according to a study conducted by Grand View Research, Inc. The market is driven by initiatives taken by governments of various countries to promote manufacturing of Electric Vehicles (EVs). For instance, the Electric Vehicles Initiative (EVI), a multi-government forum, aims at increasing the adoption of EVs globally. As of now, there are thirteen countries participating in this forum, namely Canada, Chile, U.K., Germany, Sweden, Netherlands, Norway, Finland, France, China, Japan, India, and New Zealand. Several campaigns and programs have been launched under this forum such as the EV30@30 in 2017, which sets a target for 11 countries to have at least 30.0% sales of new EVs by 2030.
Rising investments in the EVs by numerous manufacturers is one of the key market drivers over the forecast period. For instance, in January 2020, General Motors announced its plan to invest USD 2.2 Billion in its Detroit plant to manufacture electric trucks and SUVs. The company plans to introduce over 20 EVs by 2023. Furthermore, in 2018, the demand for global electric cars surpassed 5 million units, more than 2 million units from 2017. China is considered as one of the major markets of electric cars along with Europe and U.S. However, lack of infrastructure is anticipated to hinder electric vehicle market growth over the forecast period.
For PDF sample Copy or More Details please visit link @: https://www.grandviewresearch.com/industry-analysis/electric-vehicles-ev-market
Growing awareness regarding reduction of air pollution is propelling the demand for EVs during the forecast timeframe. EVs produce less carbon emissions as compared to conventional gasoline cars. It is estimated that EVs emit an average of 4,450 pounds of CO2 equivalents every year, which is almost half of the carbon emissions generated by conventional gasoline cars annually. Thus, EVs help in reducing air pollution and improve the air quality, thereby improving public health. This has led various government agencies promote the usage of electric vehicles. For instance, the U.S. Department of Transportation, Great Plains Institute, and Pollution Control Agency are working in tandem to accelerate the adoption of EVs in Minnesota, U.S.
Electric Vehicle Market Report Highlights
• The Plug-in Hybrid Electric Vehicles (PHEV) segment is projected to witness the fastest CAGR of over 45.0% in terms of revenue during the forecast period owing to the advantages of two power sources, electricity and fuel
• The Battery Electric Vehicles (BEV) segment is expected to hold the largest market share of over 60.0% in terms of revenue in 2019. This share is attributed to the initiatives taken by government of countries such as Germany, Sweden, China, and India to promote the usage of EVs
• Asia Pacific held a market share of over 60.0% in terms of revenue in 2019. However, Latin America is anticipated to witness the fastest CAGR of over 75.0% in terms of revenue during the forecast period. This growth is attributed to the growing environmental awareness among the citizens of Brazil
• The electric vehicle market is consolidated and characterized by high competition with the presence of major global players such as BYD Company Ltd.; Daimler AG; Ford Motor Company; General Motors Company; Groupe Renault; Mitsubishi Motors Corporation; Nissan Motor Company; Tesla, Inc.; Toyota Motor Corporation; and Volkswagen Group. These companies are engaged in collaborations, mergers, and acquisitions to enhance their market presence and to expand their product portfolio
To request research report sample copy with TOC please visit @: https://www.grandviewresearch.com/industry-analysis/electric-vehicles-ev-market/request/rs1
Electric Vehicle Market Segmentation
Grand View Research has segmented the global electric vehicle market based on product and region:
Electric Vehicle Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2016 - 2027)
• Battery Electric Vehicles (BEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
Electric Vehicle Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Norway
o Netherlands
o Sweden
• Asia Pacific
o China
o India
o Japan
o Korea
• Latin America
o Brazil
o Mexico
• Middle East & Africa
For Inquire before buying please visit @: https://www.grandviewresearch.com/inquiry/696/ibb
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By sitakant
Country United States
Categories Business , Electronics , Engineering
Tags electric vehicle market
Last Updated September 7, 2020