Electric Vehicles (EVs)
Global Electric Vehicles (EVs) Market to Reach 27.5 Million Units by 2027
In the changed post COVID-19 business landscape, the global market for Electric Vehicles (EVs) estimated at 3.3 Million Units in the year 2020, is projected to reach a revised size of 27.5 Million Units by 2027, growing at aCAGR of 35.5% over the period 2020-2027. Battery Electric Vehicles (BEVs), one of the segments analyzed in the report, is projected to record 44.9% CAGR and reach 23.5 Million Units by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Plugin Hybrid Electric Vehicles (phevs) segment is readjusted to a revised 14.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at 314.8 Thousand Units, While China is Forecast to Grow at 36.6% CAGR
The Electric Vehicles (EVs) market in the U.S. is estimated at 314.8 Thousand Units in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of 12.3 Million Units by the year 2027 trailing a CAGR of 36.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 22.2% and 28.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 33% CAGR.
Select Competitors (Total 176 Featured) -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook