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Electric Vehicle Market Size To Be Valued At $1,212.1 Billion By 2027 Owing To Rising Number Of Government Initiatives Globally To Promote Manufacturing & Adoption Of EVs | Million Insights


News provided by

Million Insights

02 Mar, 2021, 09:40 GMT

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FELTON, Calif., March 2, 2021 /PRNewswire/ -- 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, 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 EV30@30 in 2017, which plans for 11 countries to account for a minimum 30.0% sale of the new electric vehicles by 2030.

What are the Driving Factors for the Electric Vehicle Market?

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.

Please click here to get the sample pdf and find more details on "Electric Vehicles Market" Report 2027.

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.

Key Questions Answered in The Report:

Which Product Segment to Register Fastest Growth Rate?

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.

Which Products Segment to Account Largest Market Share?

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.

Which Region is Anticipated to Hold Leading Market Share?

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.

Who are the Key Players in the Market?

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.

Browse 120 page research report with TOC on "Global Electric Vehicle (EV) Market" at: https://www.millioninsights.com/industry-reports/electric-vehicles-ev-market

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
      • U.S.
      • Canada
    • Europe
      • U.K.
      • §Germany
      • France
      • Norway
      • Netherlands
      • Sweden
    • Asia Pacific
      • China
      • India
      • Japan
      • Korea
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa

Explore the Latest Press Releases by Million Insights:

  • U.S. Automotive Aftermarket - The U.S. automotive aftermarket size is projected to touch USD 86.2 billion by the year 2025. It is anticipated to grow at a CAGR of 1.8% through the forecast period of 2019-2025. The market is anticipated to grow because of rising adaption of automotive technologies like safety and exhaust technologies along with several other aspects that influence vehicular performance.
  • Household Cooking Appliances Market - The global household cooking appliances market size is anticipated to value USD 124.8 billion until 2025. It is also expected to register a CAGR of 6.5% over the forecasted years, 2019 to 2025. This growth can be associated with the rising preference over homemade food prevailing among the millennial population coupled with the integration of technologies like IoT in kitchen appliances for enhancing the ease of cooking.
  • MEMS Microphones Market - The global MEMS microphones market size is estimated to be worth USD 2,991.0 million by 2025. The industry is expected to witness substantial growth due to raising the extensive use of microphones in several end-use applications, especially consumer electronics.
  • Road Haulage Market - The global road haulage market size is anticipated to generate revenue of USD 4,071.7 billion by 2025. It is also expected to register a 5.5% CAGR during the forecasted period, 2019 to 2025. The rising need for cargo transport and the emergence of e-commerce industry is projected to boost the market growth in the upcoming years.

About Million Insights:

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact:

Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: +1-408-610-2300
Toll Free: 1-866-831-4085
Email: sales@millioninsights.com 
Web: https://www.millioninsights.com/ 
Follow Us: LinkedIn | Twitter

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