Electric Vehicle Market Size, Share & Trends Analysis Report By Product, By Region And Segment Forecasts, 2020 - 2027
Electric Vehicle Market Size, Share & Trends Analysis Report By Product (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV)), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2020 - 2027
- Electric Vehicle Market Size, Share & Trends Analysis Report By Product (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV)), By Region (North America, Europe, APAC, LATAM, MEA), And Segment Forecasts, 2020 - 2027
The global electric vehicle market demand is expected to reach $1,212.1 billion by 2027, expanding at a CAGR of 38.1% over the forecast period, according to a study conducted by Grand View Research, Inc. - The market is driven by initiatives taken by governments of various countries to promote manufacturing of Electric Vehicles (EVs).
- For instance, the Electric Vehicles Initiative (EVI), a multi-government forum, aims at increasing the adoption of EVs globally.
- However, lack of infrastructure is anticipated to hinder electric vehicle market growth over the forecast period.