Global Electric Vehicles (EVs) Market to Reach 92.8 Million Units by 2027
Amid the COVID-19 crisis, the global market for Electric Vehicles (EVs) estimated at 3.2 Million Units in the year 2020, is projected to reach a revised size of 92.8 Million Units by 2027, growing at aCAGR of 61.5% over the period 2020-2027. Battery Electric Vehicles (BEV), one of the segments analyzed in the report, is projected to record 60% CAGR and reach 59.8 Million Units by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Plugin Hybrid Electric Vehicles (PHEV) segment is readjusted to a revised 64.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at 988.3 Thousand Units, While China is Forecast to Grow at 58.6% CAGR
The Electric Vehicles (EVs) market in the U.S. is estimated at 988.3 Thousand Units in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of 14.6 Million Units by the year 2027 trailing a CAGR of 58.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 54.9% and 52.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 41.5% CAGR.We bring years of research experience to this 18th edition of our report. The 161-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Bayerische Motoren Werke AG
- BYD Company Limited
- Daimler AG
- DONGFENG ELECTRIC VEHICLE Co., LTD.
- FDG Electric Vehicles Limited
- Ford Motor Company
- General Motors Company
- Global Electric Motorcars (GEM)
- Groupe Renault
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Karma Automotive
- Lucid Motors
- Mitsubishi Motors Corporation
- NEXT Future Transportation Inc.
- NextEV Ltd. (NIO)
- Nissan Motor Co., Ltd.
- Tesla Motors Inc.
- Toyota Motor Corp.
- Volkswagen AG