Electric Vehicle Market Outlook and Upcoming Future Growth By 2027

Felton, California , USA, July 27 2021 — /EPR Network/ — The report on the Electric Vehicle market report includes future industry Trends, Size, Share, Past, current data and deep analysis, and forecast. This market offers a coordinated and orderly methodology for the foremost important aspects that have influenced the market within the past and also the forthcoming market prospects on which the organizations can rely on before investing. It furnishes with an inexpensive examination of the marketplace for better decision-making and assessment to put resources into it. The report analyses the weather and a whole detailed outlook of the foremost players that are likely to feature to the demand within the worldwide Electric Vehicle market within the upcoming years.

 

Main features of the report:

• To provide detailed analysis of the market structure together with forecast of the varied segments and sub-segments of the world Electric Vehicle Market.
• A perfect background analysis, which has an evaluation of the parent market.
• Important changes in market dynamics
• Track and analyse competitive developments like joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments within the global Electric Vehicle Market.
• Emerging niche segments and regional markets

 

Get Free PDF Sample (Including Full TOC, List of Tables & Figures) @ https://www.millioninsights.com/industry-reports/electric-vehicles-ev-market/request-sample

 

The demand for the global electric vehicle market is projected to value at $1,212.1 billion by 2027, according to a new report published by Million Insights, with a CAGR of 41.5 % from 2020 to 2027. The growth can be imputed to the number of government initiatives across the globe to promote the adoption and manufacturing of EVs. For example, the Electric Vehicles Initiative (EVI), which is a multi-government forum, focuses on promoting the purchase of electric vehicles globally. In the current scenario, there are around 13 countries as participants in the forum. The countries include China, Chile, U.K., Sweden, Germany, Canada, Norway, Finland, Netherlands, Japan, New Zealand, France, and India. Numerous programs and campaigns are held under the forum like EV30@30 in 2017, which plans for 11 countries to account for a minimum 30.0% sale of the new electric vehicles by 2030.

 

Large-scale investment in this market is one of the major drivers for market growth. For example, General Motors, in January 2020, announced to invest USD 2.2 Billion in the Detroit Plant for manufacturing SUVs and electric trucks. The company aims to launch above 20 EVs by 2023. Moreover, the demand for electric cars increased to 5 million units in 2018 as compared to 2 million units in 2017. China is viewed as one of the most lucrative markets for electric cars along with U.S. and Europe. However, limitation in infrastructure is expected to remain the obstacle for electric vehicles market growth in the near future.

 

The rising awareness of air pollution is surging the demand for electric vehicles during the forecast period. EVs emit fewer carbon gases than traditional gasoline cars. EVs are estimated to emit a mean of 4,450 pounds of CO2 each year, which is approximately half the carbon emissions produced by conventional cars per year. EVs help in lowering air pollution thereby, improving air quality and public health. This has resulted in several agencies promoting the use of EVs. For example, the U.S. Pollution Control Agency, Great Plains Institute, and the Department of Transportation are engaged to promote the use of electric vehicles in Minnesota, U.S.

 

Top Key Players of Electric Vehicle Market:

BYD Company Ltd.; Ford Motor Company; Daimler AG; General Motors Company; Mitsubishi Motors Corporation; Groupe Renault; Nissan Motor Company; Volkswagen Group; Toyota Motor Corporation; and Tesla, Inc.

 

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