A research report from Statista projected that between 2019 and 2026, the size of the global electric vehicle market is expected to increase almost five-fold to reach an estimated global market size of $567 billion U.S. dollars by 2026. This translates to a notable compound annual growth rate (CAGR) of around 15.6 percent between 2019 and 2026. A report from Allied Market Research projected even higher revenues stating that the global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability. EVs have taken the automotive market in northern European states by storm. Furthermore, almost 1.7 million electric vehicles are projected to be sold in China through 2019, and sales figures are expected to double to reach about 3.7 million in 2021. Electric vehicles are seen as the future in China, with market size and demand continuously growing, and it is expected that electric vehicles will make up between 25 and 50 percent of the country’s passenger vehicle market by 2025 Active companies with recent developments in the EV market include: Arcimoto, Inc., Tesla, Inc. , Nikola Corporation, Electrameccanica Vehicles Corp. , NIO Inc. .
Statista reported that, Norway was the largest share of electric vehicles in its fleet: such automobiles accounted for almost 50 percent of new registrations and roughly seven percent of the nation’s car parc in 2018. This number would continue to grow – 58 percent of all new vehicles sold in March 2018 were battery-powered. Electric vehicles were so popular in Norway in part because of strong incentives put forward by the government, but also because of the availability of charging ports. The widespread availability of charging outlets was a paramount in making electric vehicles a viable option for car users.