Global Electric Vehicle Market Revenues Are Expected to Exceed $800 Billion By 2027
Palm Beach, FL – March 16, 2021 – The global market for EVs has been growing consistently over the last few years along with a rapid growth in popularity with consumers, and expectations for the next several years are projected to grow at an even more substantial rate as to both number of vehicles and resulting revenues. The electric vehicles market has witnessed rapid evolution and is projected to achieve continued growth in the coming years. Favorable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of car pool 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. In addition, the growing sensitivity of various governments toward a cleaner environment has increased the demand for zero-emission vehicles. Developed nations such as the US, Germany, and the UK are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales. The future of EVs is expected to be bright and with time the price of batteries, one of the most vital components in an EV, is reducing significantly which would make EVs more affordable. Mid-Priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. Active companies with recent developments in the EV Industry include: NIO Inc. (NYSE: NIO), Extreme Vehicle Battery Technologies Corp. (CSE: ACDC), Workhorse Group Inc. (NASDAQ: WKHS), Nikola Corporation (NASDAQ: NKLA), Li Auto Inc. (NASDAQ: LI).
A report from Allied Market Research projected that the global electric vehicle market is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by 2027, with a CAGR of 20.1%. 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. Another report, from Grand View Research also projected significant growth, saying: “The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027. The market is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles.
Extreme Vehicle Battery Technologies Corp. (CSE: ACDC) BREAKING NEWS: EV Battery Tech Launches the IoniX Pro Smart Charger – EV Battery Tech targets disrupting one of the fastest growing segments in the EV industry – Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) is pleased to officially announce the launch of its previously unveiled IoniX Pro EV Smart Charger Series (the “EV Smart Charger”).
One of the World’s Fastest Growing Markets – The Electric Vehicle (EV) market is one of the fastest growing markets in the world. Projected to grow almost 5x over the next 6 years, the Company wants to ensure it was not only part of this rapidly growing revolutionary change, but also wants to be a disruptive force in it.
In order for EV’s to grow at such a rapid pace, it is necessary that infrastructure be built to allow for such growth. One of the most obvious necessities are EV charging stations. Similar to the absolute requirement of gas stations for gasoline and diesel fueled vehicles to operate, it is equally important to build EV charging stations for EV’s to be able to operate.
Billions of EV Charging Infrastructure Spending – EV infrastructure has become a global priority as major governments and corporations have committed to spending billions of dollars (USD) towards building EV charging infrastructure.
Royal Dutch Shell (Shell), one of the world’s largest oil and gas companies, has recently announced its plans to increase its number of charging stations to 500,000 by 2025.
President Joe Biden has recently proposed to build 550,000 EV charging stations in the next few years, as part of the $2 trillion USD plan to fight climate change.
“Our brilliant design and engineering teams have done it again!” stated Bryson Goodwin, President and CEO of EV Battery Tech. “The Company has once again taken one of the fastest growing products and introduced what we expect to be a version that is far superior to anything else on the market today. We believe the EV Smart Charger will be one of best-selling products and we are very excited for this launch.”
“To say we have had a busy start to the new year would be a massive understatement. We have no plans in slowing down, in fact, we have just scratched the surface of what’s to come in 2021.” Read this entire press release and more news for ACDC at: https://www.financialnewsmedia.com/news-acdc
Other industry developments from around the markets include:
NIO Inc. (NYSE: NIO), recently announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020. Deliveries of vehicles were 17,353 in the fourth quarter of 2020, including 4,873 ES8s, 7,574 ES6s and 4,906 EC6s, compared with 8,224 in the fourth quarter of 2019 and 12,206 vehicles delivered in the third quarter of 2020. Deliveries of vehicles were 43,728 in 2020, compared with 20,565 vehicles delivered in 2019.
Vehicle sales were RMB6,174.0 million (US$946.2 million) in the fourth quarter of 2020, representing an increase of 130.0% from the fourth quarter of 2019 and an increase of 44.7% from the third quarter of 2020. Vehicle marginii was 17.2% in the fourth quarter of 2020, compared with negative 6.0% in the fourth quarter of 2019 and 14.5% in the third quarter of 2020.
Workhorse Group Inc. (NASDAQ: WKHS) recently provided an additional update related to its bid to participate in the United States Postal Service Next Generation Delivery Vehicle (“USPS NGDV”) program.
As previously announced, on February 23, 2021 the USPS issued a press release announcing that it had made an award under the NGDV contract to a competing finalist. After being informed of the USPS decision, the Company requested, pursuant to the bid process rules, additional information from the USPS. On March 3, 2021 Workhorse met with USPS representatives to discuss the award and further specifics of the USPS selection process, the details of which cannot be disclosed at this time. As further updates are provided, Workhorse intends to share that information through appropriate communications channels to the extent that the Company is permitted to do so.
Nikola Corporation (NASDAQ: NKLA), a global leader in zero-emissions transportation and infrastructure solutions, recently announced details about its North American hydrogen fuel-cell electric vehicle (FCEV) commercial truck program.
Following the launch of North American production of the Tre battery-electric vehicle (BEV), Nikola plans to introduce a FCEV variant of the Nikola Tre Cabover, and the long-range Nikola Two FCEV Sleeper targeting best-in-class efficiency for ranges between 300-900 miles in the North American market.
“To expedite the transition to a carbon-free future, the trucking industry needs heavy-duty, zero-emission commercial vehicles engineered to match the weight and range capabilities of today’s diesel trucks. Nikola is excited to introduce additional detail about our portfolio of FCEV trucks and our continued commitment to sustainable commercial transportation,” said Nikola’s Global Head of FCEV Jason Roycht.
Li Auto Inc. (NASDAQ: LI) recently announced that the Company delivered 2,300 Li ONEs in February 2021, representing a 755.0% year-over-year increase, which took cumulative Li ONE deliveries to 41,276.
“Our February deliveries were affected by seasonal factors related to the Chinese New Year holiday, as well as the localized COVID-19 outbreaks in northern China,” said Yanan Shen, co-founder and president of Li Auto. “With the continuous expansion of our direct sales and servicing network, and the effective control of the pandemic in China, we are confident of our growth momentum going forward.”
As of February 28, 2021, the Company had 60 retail stores covering 47 cities, and 125 servicing centers and Li Auto-authorized body and paint shops operating in 90 cities. Looking ahead, the Company plans to accelerate the expansion of its direct sales and servicing network in order to cater to increasing user demand, and in preparation for new model launches in 2022 and beyond.
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