Electric Vehicle Market to Reach $802.81 Billion, Globally, by 2027: Allied Market Research

Demand for high-performance and low-emission vehicles along with stringent government regulations drive the growth of the global electric vehicle market.

Portland, OR, June 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric vehicle industry garnered $162.34 billion in 2019, and is estimated to reach $802.81 billion by 2027, growing at a CAGR of 22.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.

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Increase in demand for high-performance, fuel-efficient, and low-emission vehicles along with stringent government regulations toward vehicle emissions propel the growth of the global electric vehicle market. Whereas, the high cost of manufacturing and less fuel economy & serviceability restrain the market growth. Moreover, advancements in technologies and supportive government initiatives offer new opportunities in the coming years.

Covid-19 Scenarios:

  • In order to contain the impact of COVID-19, the industries including automotive have drawn up several projects, due to lockdown.
  • On the other hand, China, being the most affected country and a major hub for automotive production, has stopped functioning supply chains in different regions. This has created a major impact on the global electric vehicle industry.
  • Moreover, various automakers are planning to revitalize their plans & projects and recover the investments to meet the restoring demands in the market.

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The global electric vehicle market is segmented on the basis of type, vehicle type, and region. By type, the market is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). The hybrid electric vehicle (HEV) segment accounted for the highest market share in 2019, contributing to nearly half of the global electric vehicle market, and is expected to maintain its dominant share throughout the forecast period. On the other hand, the battery electric vehicle (BEV) segment is estimated to portray the highest CAGR of 23.3% from 2020 to 2027.

Based on vehicle type, the market is classified into two-wheelers, passenger cars, and commercial vehicles. The passenger car segment contributed to nearly three-fourths of the global electric vehicle market in 2019 and is estimated to continue its leadership position during the forecast period. However, the commercial vehicle segment would portray the largest CAGR of 30.0% from 2020 to 2027.

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Based on the region, North America is anticipated to contribute the fastest CAGR of 27.5% from 2020 to 2027. On the other hand, Asia-Pacific held more than half of the global electric vehicle market in 2019 and is expected to maintain its lion's share throughout the forecast period. The report also analyzes regions including Europe and LAMEA.

Key players operating in the EV market include Volkswagen AG, Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Ford Motor, General Motors, BYD Company Motors, and Daimler AG, Energica Motor Company S.p.A.

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