According to JMS, the global market for electric vehicles is expected to expand from USD 121.8 billion in 2020 to USD 236.3 billion in 2027, with a CAGR of 10.6% between 2021 and 2027.

In 2020, global sales of battery electric vehicles (BEVs) and other electric vehicles (EVs) were estimated to have reached nearly 2.5 million units, with a 70 percent increase expected in 2021.

More than 240 new battery electric trucks (BEV) and plug-in hybrid electric vehicles (PHEV) are expected to hit the market in the next two years. By 2030, it is estimated that 130 million electric cars will be on the road worldwide. To meet this target, massive charging stations will be needed, which will be very costly.

Around USD 100 billion to USD 170 billion should be invested in the next ten years to meet worldwide demand for electric vehicle charging stations, both in public spaces and inside homes (2020-2030). For the foreseeable future, charging in residential and industrial buildings will be the most popular option, and it will be critical to the industry's growth in the most advanced electric vehicle markets.

In Europe, rules requiring each manufacturer's light-duty fleet to emit no more than 95 grams of CO2 per kilometre have increased EV sales and will continue to do so. Sales of electric vehicles are crucial to balancing emissions from other vehicles because businesses can earn and trade credits. JMS reported that Europe BEV sales climbed to nearly 7% of total sales in the most recent month for which full data is available, October 2020, "aiding all major car makers in reducing potential gap-to-compliance."

According to JMS Senior Analyst Peter Davenport, more European regulatory support for zero-emission cars is on the way. "The 2030 passenger car carbon dioxide target is expected to become stricter under the Green Deal framework, compared to the current legislative requirement of 37.5 percent carbon dioxide reduction from 2021 levels," he said.

In countries like the United States and Canada, the automotive industry is geared toward innovation, technology, and the growth of advanced electric vehicles. During the forecast period, the North American market is expected to expand by over 14% in terms of volume sales. Electric cars are expected to increase in popularity due to rising demand for carbon reduction and the development of more advanced and fast charging stations. Additionally, in 2018, Electrify America, a non-profit organization dedicated to promoting electric vehicle adoption, announced plans to invest USD 200.0 million in California. As a result, electric vehicle demand in North America is expected to increase over the forecast period.

JMS Financial Limited
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Press Contact: Esther McVeigh

JMS Financial is an independent wealth & asset manager, bringing our diverse clientele a personalised approach to the handling of their finances.

From our Dublin and Hong Kong bases, we aspire to serve the ever-changing needs of private investors, their families, and their businesses, as we work together to achieve our remit of providing industry-leading investment gains.

This release was published on openPR.