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The electric vehicles market is expected to reach $2,495.4 billion by 2027, at a CAGR of 33.6 % during the forecast period, 2020-2027.
In terms of volume, this market is expected to grow at a CAGR of 21.7% to reach 233.9 million units by 2027
This market s growth is mainly attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, rising environmental concerns, and decreasing prices of batteries. The increasing adoption of electric mobility in emerging economies and growing adoption of autonomous driving vehicles also aid in the growth of this market.
Based on vehicle type, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. This segment s rapid growth is mainly attributed to the growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles