Electric Vehicle Market Projects $803B Value by 2028
According to a recent market study published by Growth Market Reports, the electric vehicle market size was valued at $273.31 billion in 2020 and is projected to reach $802.75 billion by 2028, expanding at a compound annual growth rate (CAGR) of 21.6 percent during the forecast period 2021 to 2028. Asia-Pacific and Europe collectively accounted for around 74.8 percent share in 2019. North America and Europe are expected to record considerable CAGRs of 27.5 percent and 25.3 percent respectively during the forecast period.
The cumulative share of these two segments was 40.1 percent in 2019 and is anticipated to reach 51 percent by 2027. The growth of the market is attributed to increasing fuel prices and adverse effect of traditional fuel vehicles.
Different types of batteries are used in electric vehicles such as molten salt, lithium ion, several nickel-based designs and zinc air.
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