Global electric vehicle market could exceed $800 billion by 2027

Published onJune 25, 2020

Although recent report total revenue numbers may differ in the global electric vehicle market, but they agree that the future is very optimistic and project a significant rise in revenues in the next several years. A research report from Statista projected that between 2019 and 2026, the size of the global electric vehicle market is expected to increase almost five-fold to reach an estimated global market size of $567 billion U.S. dollars by 2026. This translates to a notable compound annual growth rate (CAGR) of around 15.6 percent between 2019 and 2026. A report from Allied Market Research projected even higher revenues stating that 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%. Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability.