Bulls on the Street Watching Billion Dollar Electric Vehicle (EV) Market Shift into High Gear

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Jan. 26, 2021 /PRNewswire/ -- The global market for EVs has been growing consistently over the last few years, but 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. Grand View Research projects that 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. Their report said that: "The market is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles… Stringent vehicle emissions regulations have led to the rise in demand for electric vehicles. For instance, the European Union set itself a target of net-zero greenhouse gas emissions by 2050. Electric vehicles produce lower emissions as compared to conventional vehicles. This has led governments around the world to increase awareness and promote the adoption of EVs to reduce oil consumption, air pollution, and related emissions… Thus, the market will grow at a notable rate during the forecast period."    Active stocks in the markets this week include Tesla, Inc. (NASDAQ: TSLA), Altair International Corp. (OTCPK: ATAO), NIO Inc. (NYSE: NIO), Nikola Corporation (NASDAQ: NKLA), Blink Charging Co. (NASDAQ: BLNK).

The Grand View report added: "Rising investments in electric vehicles is considered a major driver for the market.  Major companies such as Companies such as Daimler AG, Ford Motor Company, and Groupe Renault are investing heavily in their plan to manufacture EVs… Thus, the market is anticipated to rise (through 2027)."  Another report from Allied Market Research projected that the revenues will also increase. They said: "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."