Explosive Growth Projected: Electric Vehicle Market Set to Reach $2,495.4 Billion by 2027
Added: (Wed Sep 20 2023)
Pressbox (Press Release) -
CAGR of 33.6% expected, driven by government support and environmental concerns
[18-09-2023]— The global Electric Vehicle Market is anticipated to witness an outstanding Compound Annual Growth Rate (CAGR) of 33.6% from 2020, with a projected market value of $2,495.4 billion by 2027. The electric vehicle market's growth is primarily attributed to factors such as robust government policies and regulations promoting EV adoption, substantial investments by major automotive OEMs, mounting environmental concerns regarding automotive emissions, and declining battery prices.
However, the market’s growth is expected to be impeded by the lack of charging infrastructure and standardization. Despite this, the increasing adoption of electric mobility in emerging economies and the rise of autonomous driving vehicles are expected to present substantial growth opportunities for market vendors. Key trends supporting market growth include the proliferation of charging stations by retail multinational corporations, the escalating adoption of shared mobility, and the deployment of smart charging systems.
Eco-Mobility Leaders: Top 10 Companies Revolutionizing the Electric Vehicle Market: https://meticulousblog.org/top-10-companies-in-electric-vehicle-market/
Tesla, Inc. - A trailblazer in sustainable energy solutions, Tesla designs, manufactures, and sells high-performance, fully-electric vehicles, along with energy generation and storage systems.
BMW Group - A leading premium automobile and motorcycle manufacturer, known for innovation, sustainability, and production technology advancements.
BYD Company Ltd. - An innovative automobile company offering traditional and new energy vehicles, batteries, and more, catering to a global market.
Volkswagen AG - The largest carmaker in Europe, with a diverse portfolio of automotive brands and a strong presence across multiple continents.
Hyundai Motor Company - A multinational automotive manufacturer producing a wide range of vehicles, from compact cars to SUVs and commercial vehicles.
AB Volvo - A Swedish multinational manufacturing company offering comprehensive transport and infrastructure solutions, trucks, buses, and power solutions.
Daimler AG - A global giant in premium and luxury cars, as well as commercial vehicles, providing financing, leasing, and innovative mobility services.
Ford Motor Company - An American multinational automaker with a rich history, manufacturing a broad range of vehicles and mobility solutions.
General Motors Company - One of the world’s largest auto manufacturers, producing trucks, cars, crossovers, and more.
Honda Motor Co., Ltd. - A Japanese public multinational company known for automobiles, motorcycles, and power equipment, sold worldwide.
For a comprehensive analysis of these key players, along with detailed insights into their recent financial performance, key products, significant company strategies, partnerships, and acquisitions, refer to Meticulous Research®’s latest report titled "Electric Vehicle Market – Global Opportunity Analysis and Industry Forecast (2020-2027)."
Top 10 Companies Revolutionizing the Electric Vehicle Market: https://meticulousblog.org/top-10-companies-in-electric-vehicle-market/
This all-encompassing report offers comprehensive global market size estimates, thorough market share analysis, revenue figures, and coverage of pivotal issues and trends shaping the Electric Vehicle Market.
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