The Global Electric Vehicle market accounted for $162.34 billion in 2019 and is expected to reach $716.87 billion by 2027, growing at a CAGR of 20.4% during the forecast period says the report of ResearchAndMarkets.com.
Some of the key factors propelling market growth include favourable government policies and subsidies, growing concerns over environmental pollution, demand for increased vehicle range per charge, rapidly increasing sales of electric vehicles, and rising fuel prices will boost the demand for electric vehicles. However, lack of standardization of charging infrastructure is likely to hamper the market.
By propulsion type, plug-in hybrid electric vehicle segment is projected to witness the lucrative growth during the forecast period, due to the growing infrastructure of electric vehicle charging stations globally. This upsurge is due to the initiatives taken by the government of developing countries such as India and China to promote the usage of electric vehicles. Furthermore, companies such as Volkswagen Group are focusing on increasing its plug-in electric car sales.
On the basis of geography, The Asia Pacific market is expected to witness the significant growth, during the forecast period, due to increasing demand for reducing carbon emission and developing. The automotive industry in countries such as China, Japan and South Korea is inclined toward innovation, technology, and development of advanced electric vehicle. More advanced and fast charging stations are expected to propel the growth of electric vehicle. BYD, BAIC, Chery and SAIC among others are some of the key players in the Asia Pacific electric vehicle market.
Some of the key players in electric vehicle market include Energica Motor Company S.P.A, Ford Motors, General Motors Company, Volvo, Honda Motor Company Ltd, Nissan Motors Co. Ltd., Tesla, Inc., Toyota Motor Corporation, Hyundai, Bayerische Motoren Werke AG (BMW), BYD Company Limited, Daimler AG, Continental, Volkswagen AG, Geely Automobile Holding Limited, Groupe Renault, Mitsubishi Motors Corporation, Jiangling Motors Corporation Limited, Lucid Motors, Inc., and Zotye International Automobile Trading Co. Ltd.