The global electric vehicle market is expected to grow from USD 180.12 billion in 2020 to USD 801.76 billion by 2027, registering a CAGR of 21.6 % during the forecast period 2021-2027. Electric vehicle (EV) also called electric motors, is a self-propelling vehicle that needs one or more electric motors and makes its own electricity for propulsion.

The growing government strategies and supports, significant investments from automakers in EVs, rising prices of petroleum, the launch of novel & innovative technologies, expanding vehicle range, and amplified vehicle variety per charge are the major growth drivers for the electric vehicle market.

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Globally industry players are leveraging market growth through launching new products. Different players are investing in development of new battery technology to lower the cost of electric vehicles to compete against gasoline vehicles in terms of price and performance.

Geographically, Asia-Pacific is the largest electric vehicle market and is expected to witness the fastest growth in the market due to government initiatives in the form of permits, supports, and tax rebates. Constantly refining charging set up in countries such as Japan and China and expanding vehicle range are also up expanding the growth in Asia-Pacific electric vehicle market.

Toyota launched the new LS and Mirai models in japan which come with advanced driving assist technology.

BYD launched four new electric vehicle models equipped with Blade batteries in Chongqing. The new vehicle models, Tang EV, Qin Plus EV, Song Plus EV and E2 2021 come with advanced battery safety features.

Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda and Daimler are the key players offering electric vehicle.

Source: VynZ Research