The global Electric Vehicle Market Size was estimated at USD 162.34 Billion in 2019 and is expected to reach USD 802.81 Billion by 2027, at a CAGR of 22.6 percent says the report of Valuates.
An automobile with a large battery to store energy and propelled by one or more electric motors is known as an electric vehicle. Some of these vehicles also come with an additional Internal Combustion Engine (ICE). Such vehicles are called Hybrid Electric Vehicles (HEVs). When a hybrid electric vehicle is provided with a plug-in function for directly recharging the battery, it is known as a Plug-in Hybrid Vehicle (PHEV). The difference between a HEV and a PHEV is their battery capacity and the ability to charge the battery via a direct power source.
The global electric-vehicle (EV) industry is expanding rapidly. The regional output differs, with some EV markets reaching near-mainstream status, while others remain neutrally stuck. However, the Global EV sales are getting big enough to create substantial profit pools for well-positioned suppliers and other upstream players.
This report presents the analytical depiction of the global EV, HEV and PHEV market analysis along with the current trends and future estimations to depict imminent investment pockets.