Electric Vehicle Market to Grow at a CAGR of 33.6% from 2020 to Reach $2,495.4 Billion by 2027 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
In terms of volume, this market is expected to reach 233.9 million units by 2027, at a CAGR of 21.7% from 2020.
- In terms of volume, this market is expected to reach 233.9 million units by 2027, at a CAGR of 21.7% from 2020.
- Furthermore, the range limitations of electric vehicles, lack of fast-charging infrastructure, and high procurement costs are the major challenges for the growth of the electric vehicles market.
- However, the electric vehicles market is expected to recover quickly due to the strong market recovery in China.
- Based on propulsion type, the electric vehicles market is segmented into hybrid vehicles,battery electric vehicles, and fuel cell electric vehicles.