Electric Car Industry Growth
The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicle. The global electric vehicle market demand was estimated at 8 6 million units in 2018 and it is projected to reach 40 6 million units by 2026 ev industry exhibiting a cagr of 21 1 during the forecast period.
The automotive industry in the countries such as china japan and south korea is inclined toward innovation technology and development of advanced electric vehicle.
Electric car industry growth. The electric car sales are expected to reach 5 3 million units globally by 2023 at a cagr of 33 6 between 2017 and 2023. Sales of electric cars topped 2 1 million globally in 2019 surpassing 2018 already a record year to boost the stock to 7 2 million electric cars 1 electric cars which accounted for 2 6 of global car sales and about 1 of global car stock in 2019 registered a 40 year on year increase. As technological progress in the electrification of two three wheelers buses and trucks advances and the market for them grows electric vehicles are expanding significantly.
Asia pacific was the highest revenue contributor accounting for 84 84 billion in 2019 and is estimated to reach 357 81 billion by 2027 with a cagr of 20 1. Global electric passenger car motor market growth size analysis outlook by 2021 trends opportunities and forecast to 2026 by ashwin naphade. Looking back at bevs in 2019 they accounted for 74 per cent of global ev sales.
The electric passenger car motor market research report added by market study report llc delivers a comprehensive analysis on the newest market drivers. Among all the regions europe is expected to witness the fastest growth in the market during the forecast period mainly due to the rapidly rising adoption of electric cars in countries such as norway germany and the u k. An increase of six percentage points since 2018.
The report also offers extracts regarding statistics market valuation and revenue estimates which further strengthens its status in the competitive spectrum and growth trends embraced by leading manufacturers in the business. The global electric vehicle market was valued at 162 34 billion in 2019 and is projected to reach 802 81 billion by 2027 registering a cagr of 22 6. The electric passenger car motor market research report added by market study report llc delivers a comprehensive analysis on the newest market drivers.
As bev and phev sales surpassed two million vehicles in 2019 see figure 1 evs staked their claim on a 2 5 per cent share of all new car sales last year.
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