According to Fortune Business Insights, the electric vehicle market is expected to reach $1,318.22 billion by 2028.
Electric vehicles (EVs) are on their way to dominate the global market and become the “new normal” mode of transportation. With oil prices surging by more than 15 percent in January 2022 alone — reaching nearly $100 a barrel, surpassing the global benchmark of $90 a barrel — and growing concerns about the adverse effects of greenhouse gas emissions and other air pollutants on environment and health, electric vehicles represent a viable, cost-effective and sustainable alternative to fossil fuel-dependent vehicles.
The electric car adoption trend is expanding at a tremendous speed as more well-known car companies join the global race for a zero-carbon economy and micromobility revolutionizes the daily commute. Fortune Business Insights reported that the global electric vehicle market is expected to reach $1,318.22 billion in 2028 at a CAGR of 24.3 percent from 2021 to 2028. Meanwhile, a report by VynZ Research showed that the global light electric vehicle market vehicles is poised to achieve a CAGR of 10.4 percent from 2021 to 2027, driven by rapid industrialization, stringent emission norms, and increasing government support for EV adoption.