Electric vehicles market worth 106.6M units by 2027

The global electric vehicles market reached a volume of 12.7 million units in 2021, according to IMARC Group.

Looking forward, IMARC Group expects the market to reach 106.6 million units by 2027, exhibiting at a CAGR of 41.8% during 2022-2027. Electric vehicles (EVs) refer to the self-propelling, electrically-charged automobiles that are utilized for transporting passengers and goods. They are charged by self-charging devices, such as turbochargers, and regenerative braking systems that can convert kinetic energy into electrical energy. 

Electric vehicles are powered by large traction battery packs present at charging stations. The most common types of EVs available are battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), etc. Compared with the traditionally utilized automobiles, EVs minimize the dependency on oil and are more economical to operate.