Global electric vehicle market value projected to reach $800 billion in five years

The global electric vehicle market, valued at $162 billion in 2019, is projected to reach $803 billion by 2027, according to a report by Allied Market Research.

Factors such as increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations toward vehicle emission are expected to supplement the growth of the electric vehicle market over the next five years.

According to the report, North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%. Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share.

North America and Europe are expected to witness considerable CAGRs of 27.5% and 25.3%, respectively, during the forecast period. The cumulative share of these two segments was 40.1% in 2019 and is anticipated to reach 51.0% by 2027.

Factors such as increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations toward vehicle emission are expected to supplement the growth of the electric vehicle market over the next five years.

Electric vehicle sales are currently soaring in major economies, with sales of battery-electric vehicles in Germany increasing three-fold to more than 194,000 units in 2020, according to the country’s road-traffic regulator.

Citing the appeal of a more diversified product offering and of more reliable technology, Richard Damm, president of German regulator KBA claimed that “e-mobility has become a mainstream feature of the mobile society”.

Vehicles with full or partial electric propulsion reached a market share of 22% in the fourth quarter of 2020, with the German government well on its way to reach its goal to have 7-10 million registered electric vehicles on German roads by 2030, he added.

Battery-electric vehicles made up 1.2% of all registered passenger cars in Germany at the end of 2020, up from 0.5% a year earlier, KBA said.

With 108,839 plug-in passenger cars registered in 2019, Germany was the top selling country market in the European continent in 2019, with sales up 60.9% from 2018. The plug-in car segment achieved a market share of 3.10% in 2019.

According to the report, North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%. Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share.

Follow us on twitter: @risksEmerging

BEWARE! Amazon scam emails up 500%😲
Protect Yourself! ->> https://redfox.ntrigo.com

#infosec #cybersecurity #100DaysOfCode #womenintech #javascript #Python #nodejs #opensource #Pune #indiedev #globalhealth #Flutter #SocEnt #osint @BlazedRTs #twitch #java
https://bit.ly/3A6U7I3

AI Security: How Human Bias Limits Artificial Intelligence http://ibm.co/2RIOQEB #ArtificialIntelligence #Security #DDoS #MachineLearning #DataScience #CyberSecurity #Data #Humanbias #Network #technology #QAcycle

Only 1 week left! #EUHaveYourSay to help us further develop and fine-tune the initiative "Digitalising the energy ⚡️ sector".
The public consultation closes next Monday 24 January at 🕛midnight (CET) ➡️ https://europa.eu/!7qG9gv #energysystem #digitalisation #cybersecurity

Buying your groceries online could leave you missing key information, study says https://cnn.it/3Kq6ILj

Infographic: The Future of Artificial Intelligence

#metaverse #technology #tech #future #innovation #MachineLearning #IIoT #DevOps #DataScience #coding #programming #ai #100DaysOfCode #developer #robot #ML #DL #ArtificialIntelligence #infosec #cybersecurity

#LSO should consider dual process method in new #cybersecurity authentication rules: #Vaultie https://www.canadianlawyermag.com/resources/legal-education/lso-should-consider-dual-process-method-in-new-cybersecurity-authentication-rules-vaultie/363224#.YeZy7OWvN50.twitter

Happy Thursday, Everybody! 👋😃

There is still time if you have not answered this week's cyber-related question. Click below and let us know! 👇😉

This week, we want to know more about your company's approach to #cybersecurity #awareness #training. 🎓🧑‍💻

#poll #infosec #vote https://twitter.com/IYS_GmbH/status/1483006379480825857

Increase Your Skills@IYS_GmbH

Good morning Twitter! We hope you all had a cyber secure weekend. 😁👍

Q: How does your company handle its cybersecurity awareness training? 👨‍💻🎓

#Poll #Cybersecurity #Infosec #Awareness #Training #AskTwitter

How do you secure employee smartphones and tablets given today’s expanded attack surface? That's a question we often hear. That's why we decided to answer it in our recent article. https://bit.ly/3A9Fbrc #cybersecurity #mobilesecurity

Load More...
SHARE: