Market Update: Electric Vehicles (.PDF Download)

June 1, 2021
Automakers worldwide are throwing their hats into the EV ring in a race to meet consumer demand and lessen dependence on fossil fuels.

The time when electric vehicles (EVs) were seen as pet projects that would someday come of age and go mainstream are long gone. In its place is a mad rush to develop EVs across numerous different vehicle categories—from small passenger cars to huge tractor trailers, and all points in between. Automakers across the board are involved in the push, which is driving up expectations about just how many EVs will be on the road and operating within the next few years.

According to a new SpendEdge report, the frenzy is expected to drive the market for EVs up by 20% annually (compound annual growth rate) between now and 2024. At that point, the worldwide EV market will be worth $200 billion, up from about $162 billion in 2019. The charge is being led by companies like Tesla, Volkswagen, BMW, Nissan, Hyundai and Groupe Renault, but also includes nearly all other automakers (in some form or fashion).

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