The demand for the global electric vehicle market is projected to value at $1,212.1 billion by 2027, according to a new report published by Million Insights, Inc., with a CAGR of 41.5 % from 2020 to 2027. The growth can be imputed to the number of government initiatives across the globe to promote the adoption and manufacturing of EVs. For example, the Electric Vehicles Initiative (EVI), which is a multi-government forum, focuses on promoting the purchase of electric vehicles globally. In the current scenario, there are around 13 countries as participants in the forum. The countries include China, Chile, U.K., Sweden, Germany, Canada, Norway, Finland, Netherlands, Japan, New Zealand, France, and India. Numerous programs and campaigns are held under the forum like [email protected] in 2017, which plans for 11 countries to account for a minimum 30.0% sale of the new electric vehicles by 2030.
Large-scale investment in this market is one of the major drivers for market growth. For example, General Motors, in January 2020, announced to invest USD 2.2 Billion in the Detroit Plant for manufacturing SUVs and electric trucks. The company aims to launch above 20 EVs by 2023. Moreover, the demand for electric cars increased to 5 million units in 2018 as compared to 2 million units in 2017. China is viewed as one of the most lucrative markets for electric cars along with U.S. and Europe. However, limitation in infrastructure is expected to remain the obstacle for electric vehicles market growth in the near future.
The rising awareness of air pollution is surging the demand for electric vehicles during the forecast period. EVs emit fewer carbon gases than traditional gasoline cars. EVs are estimated to emit a mean of 4,450 pounds of CO2 each year, which is approximately half the carbon emissions produced by conventional cars per year. EVs help in lowering air pollution thereby, improving air quality and public health. This has resulted in several agencies promoting the use of EVs. For example, the U.S. Pollution Control Agency, Great Plains Institute, and the Department of Transportation are engaged to promote the use of electric vehicles in Minnesota, U.S.
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Further key findings from the report suggest:
• The Plug-in Hybrid Electric Vehicles (PHEV) is expected to register the fastest CAGR of above 45.0% based on revenue from 2020 to 2027 due to its benefits relating to two power sources, fuel and electricity.
• The Battery Electric Vehicles (BEV) segment is anticipated to account for the largest share exceeding 60.0% based on revenue in 2019. The growth is imputed to the various government incentives in countries like Sweden, Germany, India, and China to promote the adoption of EVs.
• Asia Pacific accounted for the leading market share of above 60.0% in 2019. Moreover, Latin America is expected to register the fastest CAGR exceeding 75.0% based on revenue from 2020 to 2027 owing to the rising awareness for environmental protection among the population of Brazil.
• The key players include BYD Company Ltd.; Ford Motor Company; Daimler AG; General Motors Company; Mitsubishi Motors Corporation; Groupe Renault; Nissan Motor Company; Volkswagen Group; Toyota Motor Corporation; and Tesla, Inc. The companies are engaged in mergers & acquisitions and collaborations to strengthen their customer base and enhance their product portfolio.
Million Insights 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
• Asia Pacific
• Latin America
• Middle East & Africa