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 Post subject: Electric Vehicle Market to Reach USD 985.72 Billion by 2027;
PostPosted: Wed Mar 24, 2021 5:12 am 

Joined: Wed Mar 24, 2021 4:57 am
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Top companies covered are Bayerische Motoren Werke AG (BMW) (Munich, Germany), BYD Company Limited (Shenzhen, China), Daimler AG (Stuttgart, Germany), Energica Motor Company S.P.A (Modena, Italy), Ford Motors (Michigan, USA), General Motors Company (Michigan, United States), Nissan Motors Co. Ltd. (Kanagawa, Japan),Tesla, Inc. (California, United States), and Other key players profiled in Electric Vehicle Market report research report

The global electric vehicle market size is expected to reach USD 985.72 billion by 2027, exhibiting a CAGR of 17.4% during the forecast period. The growing popularity of battery-powered hybrid cars among consumers will simultaneously elevate the demand, states Fortune Business Insights, in a report, titled “Electric Vehicle Market Size, Share & Covid-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)) and Regional Forecasts, 2020-2027.” The market size stood at USD 273.22 billion in 2019.

Stringent Emission Regulations to Enhance Business Development

The constant efforts to curb greenhouse gas emissions have led to the implementation of strict emission laws by the governments, which, in, turn will bolster the healthy growth of the market. For instance, in Europe, a regulation was imposed to reduce the CO2 emissions of light and medium commercial vehicles by 15% by 2025. More countries have mandated the regular pollution-check of vehicles. The implementation of the Bharat Stage VI (BS-VI) norm in India with an aim to use efficient engines in reducing carbon emissions. Moreover, the increased promotion of electric cars will have a subsequent effect on the global electric vehicle market growth during the forecast period.

Halt on Production Activities to Obstruct Business Amid COVID-19

The massive impact observed by the automotive industry due to coronavirus will consequently impede the development of the market. However, increased government initiatives for battery-powered cars can facilitate the sales of the market. The latest report from the International Energy Agency shows that despite the Covid-19 pandemic, electric car sales have witnessed a raise this year, the number of electric vehicles on electric roads is expected to reach nearly 10 million units this year.

Increased EV Sales to Augment Growth in Asia Pacific

The market size in Asia Pacific is predicted to witness a high growth rate during the forecast period owing to the increasing demand for passenger cars. The rapid adoption of fuel-efficient vehicles will influence the healthy growth of the market in Asia Pacific. Moreover, rising disposable income is predicted to foster healthy growth in Asia Pacific. Europe is expected to lead the global market share during the forecast period owing to the rising government initiatives to reduce carbon emissions. The increasing production of cars in the United Kingdom, Germany, and France will contribute positively to the growth of the market in the region.

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