Electric Vehicle Market Overview
The electric vehicle market was valued at USD 370.86 billion in 2021, and it is expected to reach USD 1298.32 billion by 2027, growing at a CAGR of 23.35% over the forecast period (2022-2027). The automotive industry in countries such as China, India, Japan, and South Korea is inclined toward innovation, technology, and advanced electric vehicle development. China’s Ministry of Transport is offering subsidies and other benefits for the development of low emission bus fleets, thereby, further positively influencing the market. For instance, 61,000 more new energy buses were sold by Chinese bus makers during 2020, despite the pandemic. The bus production in China accounted for around 15,000 units during 2020. Moreover, in November 2020, Yutong Bus signed an agreement with Qatar Free Zones Authority (QFZA) and Mowasalat to establish a KD factory in Qatar. The company is expected to supply 741 units of e-buses for FIFA World Cup 2022.
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Electric Vehicle Market – Geographical Overview
The Asia-Pacific region is expected to witness the fastest growth, followed by Europe and North America. The increasing demand for reducing carbon emissions and developing more advanced and fast-charging stations is expected to propel the growth of electric vehicles during 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 resulted in the growth of electric vehicle sales. To fulfill the charging station gap in North America, Tesla will construct numerous charging stations across the United States and Canada, including solar-powered charging stations, to improve infrastructure for EVs.
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Key Highlights of the Electric Vehicle Market
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Mordor Intelligence has segmented the global electric vehicle market based on propulsion type, vehicle type, charging type, and geography:
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