With over 6.6 million electric vehicles (EVs) being sold worldwide in 2021, the global EV industry is estimated to grow swiftly over the next five years, showing a CAGR of 22.6%. This growth rate implies a total EV market value of $802.81 billion in 2027.
That’s due to the increasing demand for low emission vehicles and government support via subsidies and tax rebates should serve as key growth catalysts. Consequently, EV manufacturers should be in a solid position to capitalize on the industry’s long-term growth.
