Global Growth in EV Market Size and Share Set to Exceed $1298.32 Billion by 2027 – Exclusive Report by Mordor Intelligence
The electric vehicle market was valued at US$370.86 billion in 2021 and is expected to reach US$1298.32 billion by 2027, growing at a CAGR of 23.35% over the forecast period (2022-2027). To fill the charging station gap in North America, Tesla will build numerous charging stations in the United States and Canada, including solar-powered charging stations, to improve EV infrastructure.
Overview of the electric vehicle market
The electric vehicle market was valued at US$370.86 billion in 2021 and is expected to reach US$1298.32 billion by 2027, growing at a CAGR of 23.35% over the forecast period (2022-2027). The automotive industry in countries like China, India, Japan and South Korea is prone to innovation, technology and advanced electric vehicle development. China’s Ministry of Transport offers subsidies and other perks for the development of low-emission bus fleets, further influencing the market positively. For example, 61,000 more new energy buses were sold by Chinese bus manufacturers in 2020 despite the pandemic. Bus production in China accounted for around 15,000 units in 2020. In addition, in November 2020, Yutong Bus signed an agreement with Qatar Free Zones Authority (QFZA) and Mowasalat to set up a KD factory in Qatar. The company is expected to deliver 741 units of electric buses for the 2022 FIFA World Cup.
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Electric Vehicles Market – Geographical Overview
The fastest growth is expected in the Asia-Pacific region, followed by Europe and North America. Rising demand for reducing carbon emissions and developing more advanced and fast charging stations are expected to drive the growth of electric vehicles over the forecast period. Developed nations such as the United States, Germany and the United Kingdom are actively promoting the use of electric vehicles to reduce emissions, which has led to an increase in electric vehicle sales. To fill the charging station gap in North America, Tesla will build numerous charging stations in the United States and Canada, including solar-powered charging stations, to improve EV infrastructure.
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Key Highlights of Electric Vehicle Market
- Ford previously pledged to spend $11.5 billion to electrify its vehicle lineup by 2022, and in its most recent announcement it increased its investment in autonomous and electric vehicles amid continuous lockdowns to boost vehicle sales.
- Mercedes Benz had confirmed that it would launch 25 new plug-in hybrid electric vehicles by 2025 in addition to the all-electric vehicles. The companies’ wide range of products attracted many consumers and led to a growing market for electric vehicles.
- In November 2021, Tesla Inc announced plans to invest up to 1.2 billion yuan (US$187.91 million) to expand production capacity at its Shanghai plant. Tesla’s Shanghai plant was designed to produce up to 500,000 cars per year and currently has the capacity to produce Model 3 and Y vehicles at a combined rate of 450,000 units per year.
- In August 2021, Toyota announced its new BEV series, Toyota bZ, to build a full range of electrified vehicles. A concept version of the first model in the series was unveiled at Auto Shanghai, and 15 BEVs are set to be launched worldwide by 2025.
Recent developments in the electric vehicle market
- In February 2022, Tesla Inc announced plans to expand parts production at its Shanghai plant to meet growing demand for exports.
- In December 2021, the Volkswagen Group announced that it would invest 89 billion euros in new technologies over the next four years in order to make a quarter of its total sales battery-electric by the end of 2026.
- In December 2021, Toyota enters into a partnership with BYD. Toyota Motor Corp will launch an all-electric small sedan in China late next year. The new electric vehicle will reportedly be slightly larger than the Toyota Corolla and will sell for less than under 200,000 yuan
- In September 2021, Tesla Inc. received 120 million euros in funding from the Brandenburg state parliament for its new Gigafactory Berlin. In addition to its vehicle assembly lines, Tesla is also planning a battery cell factory in Grünheide.
Related reports and links
List of Major Players in Electric Vehicle Market
- Tesla Motors Inc.
- Daimler AG
- BYD Company Ltd
- Volkswagen AG
- Toyota Motor Corporation
- honda motor company ltd
- Nissan Motor Co.Ltd
- Chery Automobile Co.Ltd
- SAIC Motor Corp. ltd
*List not complete
Mordor Intelligence has segmented the global EV market based on powertrain type, vehicle type, charging type and geography:
- Drive Type (Market Size & Forecast Based on Revenue (Billion USD), 2018-2027)
- Vehicle Type (Market Size & Forecast Based on Revenue (Billion USD), 2018-2027)
- passenger cars
- commercial vehicles
- Billing Type (Market Size & Forecast Based on Revenue (Billion USD), 2018-2027)
- Normal charging
- Fast charging
- Geography (Market Size & Forecast Based on Revenue (Billion USD), 2018-2027)
- North America
- United States
- Rest of North America
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- United Kingdom
- rest of Europe
- rest of the world
- South America
- Middle East and Africa
- North America
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