Electric Vehicle Market Analysis, Trends, Forecast 2020-2027

NOIDA, India - June 21, 2021 - PRLog -- The global electric vehicle market is estimated to have reached USD 121.8 billion in 2020 and is further projected to reach USD 236.3 billion by 2027, growing at a CAGR of 10.6% during the forecast period. The electric vehicle market has witnessed rapid evolution with the ongoing developments in the automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates, and other non-financial benefits in the form of carpool lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.

Growth Drivers

Stringent Vehicular Emission Rules and Regulations

There are several laws and regulations set up by the government across the globe in countries to monitor vehicular emissions. The countries have adopted strict versions of European and United Nations Economic Commission for Europe (UN-ECE) emission regulations. These rules and regulations that had been made to control the emission in the environment would likely to drive the demand for electric vehicles. Even some countries have adopted more than advanced regulations based on the most recent version of European and U.S. regulations. For instance, in Germany, more than half of Germany's electricity is generated from coal and gas. For instance, China adopted emission regulations for large cities based on European Stage V emission standards.

Benefits associated with commercial electric vehicles

There are various advantages associated with electric vehicles that are driving their demand in the market. For instance, less pollution: The Commercial electric vehicle helps to reduce harmful air pollution from exhaust emissions. An EV has zero exhaust emissions. According to the International Energy Agency (EA), more than 20% of the CO2 global emissions can be reduced through the adoption of sustainable transportation systems. To achieve this goal, a crucial role is played by the Electric Vehicles (EVs)- based mobility, that has the merits of declining the dependence from the petroleum industry, and at the same time enables alternative energy market scenarios, leveraging the synergy with the Smart Grid. Renewable energy: Commercial Electric vehicle helps to reduce greenhouse gas emissions.

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