The global electric vehicle market demand is expected to reach $1,212.1 billion by 2027, expanding at a CAGR of 38.1% over the forecast period, according to a study conducted by Grand View Research, Inc. The market is driven by initiatives taken by governments of various countries to promote the manufacturing of Electric Vehicles (EVs). For instance, the Electric Vehicles Initiative (EVI), a multi-government forum, aims at increasing the adoption of EVs globally. The Electric Vehicles Initiative (EVI) is a multi-government policy forum committed to speeding up the worldwide implementation and acceptance of electric vehicles. The IEA serves as a coordinator to assist member governments of the EVI in this endeavor. EVI was initiated under the Clean Energy Ministerial (CEM), a high-level dialogue involving energy ministers from the major economies of the world. Fifteen countries officially participate in the EVI: Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, and the United Kingdom. Several campaigns and programs have been launched under this forum such as the EV30@30 in 2017, which sets a target for 13 countries to have at least 30.0% sales of new EVs by 2030.
Rising investments in EVs by numerous manufacturers is one of the key market drivers over the forecast period. For instance, in January 2020, General Motors announced its plan to invest USD 2.2 Billion in its Detroit plant to manufacture electric trucks and SUVs. The company plans to introduce over 20 EVs by 2023. Furthermore, in 2018, the demand for global electric cars surpassed 5 million units, more than 2 million units from 2017. China is considered as one of the major markets of electric cars along with Europe and the U.S. However, the lack of infrastructure is anticipated to hinder the electric vehicle market growth over the forecast period.
Growing awareness regarding the reduction of air pollution is propelling the demand for EVs during the forecast timeframe. EVs produce less carbon emission as compared to conventional gasoline cars. It is estimated that EVs emit an average of 4,450 pounds of CO2 equivalents every year, which is almost half of the carbon emissions generated by conventional gasoline cars annually. Thus, EVs help in reducing air pollution and improve air quality, thereby improving public health. This has led various government agencies to promote the usage of electric vehicles. For instance, the U.S. Department of Transportation, Great Plains Institute, and Pollution Control Agency are working in tandem to accelerate the adoption of EVs in Minnesota, U.S.
Electric Vehicle Market Report Highlights
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The Plug-in Hybrid Electric Vehicles (PHEV) segment held a market share of over 30% and is estimated to register the highest CAGR of over 45% percent in terms of revenue during the forecast period. This upsurge is attributed to the measures taken by the government to encourage the use of electric vehicles in emerging countries such as India and China.
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The Battery Electric Vehicles (BEV) segment is expected to witness a CAGR of over 25.0% in terms of revenue during the forecast period. This is due to the growing environmental awareness and benefits of BEV among individuals.
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North America held a significant market share of more than 15% in terms of revenue. This can be attributed to the rising demand in the United States for electric vehicles.
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The Asia Pacific is expected to emerge as one of the most profitable regions in terms of revenue over the forecast period. This upsurge is attributed to the increasing demand for electric cars in China, Japan, and India.
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As the alarming COVID-19 outbreak has put a brake on the worldwide automotive industry, with NEV sales plunging to an all-time low in the world’s largest EV hub, China, the electric vehicle industry has been no exception.
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Electric Vehicle Market Segmentation
Grand View Research has segmented the global electric vehicle market based on product and region:
Electric Vehicle Product Outlook (Volume, Thousand Units; Revenue, USD Billion, 2016 – 2027)
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Battery Electric Vehicles (BEV)
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Plug-in Hybrid Electric Vehicles (PHEV)
Electric Vehicle Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2016 – 2027)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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France
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Norway
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Netherlands
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Sweden
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Asia Pacific
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China
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India
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Japan
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Korea
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Latin America
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Brazil
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Mexico
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Middle East & Africa
List of Key Players of Electric Vehicle Market
• Tesla, Inc.
• Daimler AG
• Volkswagen Group
• Toyota Motor Corporation
• Groupe Renault
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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