Global Electric Vehicle Market Could Exceed $800 Billion by 2027

Global Electric Vehicle Market Could Exceed $800 Billion by 2027

PR Newswire

PALM BEACH, Florida, June 23, 2020

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, June 23, 2020 /PRNewswire/ -- Although recent report total revenue numbers may differ in the global electric vehicle market, but they agree that the future is very optimistic and project a significant rise in revenues in the next several years. A research report from Statista projected that between 2019 and 2026, the size of the global electric vehicle market is expected to increase almost five-fold to reach an estimated global market size of $567 billion U.S. dollars by 2026. This translates to a notable compound annual growth rate (CAGR) of around 15.6 percent between 2019 and 2026. A report from Allied Market Research projected even higher revenues stating that the global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability. EVs have taken the automotive market in northern European states by storm. Furthermore, almost 1.7 million electric vehicles are projected to be sold in China through 2019, and sales figures are expected to double to reach about 3.7 million in 2021. Electric vehicles are seen as the future in China, with market size and demand continuously growing, and it is expected that electric vehicles will make up between 25 and 50 percent of the country's passenger vehicle market by 2025 Active companies with recent developments in the EV market include: Arcimoto, Inc. (NASDAQ: FUV), Tesla, Inc. (NASDAQ: TSLA), Nikola Corporation (NASDAQ: NKLA), Electrameccanica Vehicles Corp. (NASDAQ: SOLO), NIO Inc. (NYSE: NIO).

Statista reported: "Norway has the largest share of electric vehicles in its fleet: such automobiles accounted for almost 50 percent of new registrations and roughly seven percent of the nation's car parc in 2018. This number will continue to grow - 58 percent of all new vehicles sold in March 2018 were battery-powered. Electric vehicles are so popular in Norway in part because of strong incentives put forward by the government, but also because of the availability of charging ports. The widespread availability of charging outlets is paramount in making electric vehicles a viable option for car users."

Arcimoto, Inc. (NASDAQ: FUV) BREAKING NEWS: Arcimoto Begins Renting Pure Electric Deliverator in Los Angeles Using HyreCar - Arcimoto, Inc.® and HyreCar (HYRE), the carsharing marketplace for ridesharing and delivery, announced that the Deliverator, Arcimoto's ultra-efficient, three-wheel electric vehicle designed for local and last-mile delivery, will be available to rent using the HyreCar platform beginning this summer in Los Angeles.

"Last month, roughly one-third of Americans ordered groceries online for the first time, and the need for both gig drivers and sustainable delivery vehicles is at an all-time high," said Joe Furnari, HyreCar Chief Executive Officer. "We're happy to work with Arcimoto to begin providing access to Deliverator on our platform. This will give the growing number of delivery gig drivers access to the lowest per-mile-cost-to-operate delivery vehicle on the road, and it will enable fleet operators tied to the retail industry and small business owners the ability to leverage the Deliverator to profit from Mobility as a Service while reducing their carbon footprint."

Hyrecar is using this opportunity to provide alternative vehicle solutions on its platform for last-mile food and package delivery in heavily populated areas that can benefit from this environmentally sensitive smaller footprint vehicle.

"We are thrilled to work together with HyreCar to bring the Deliverator to gig drivers for sustainable home delivery," said Mark Frohnmayer, President and Founder of Arcimoto. "The HyreCar platform creates a win-win for vehicle owners and working drivers to monetize vehicles that would otherwise sit parked 90 percent of the day. We see this as an incredible opportunity for gig drivers looking to save on operating costs, for small businesses who wish to rent out their vehicles when not in use, and for entrepreneurs looking to build all-electric delivery fleets of their own."

Built on the modular Arcimoto Platform, the Deliverator features a top speed of 75 mph, 102 city mile range, 20+ cubic feet of cargo space, and its right-sized footprint allows three vehicles to be parked in a single space.

To pre-order the Deliverator, please visit https://www.Arcimoto.com/deliverator. For fleet inquiries, please email fleet@arcimoto.com. Read this entire press release and more news for FUV at:  https://www.financialnewsmedia.com/news-fuv

Other industry developments from around the markets include:

Tesla, Inc. (NASDAQ: TSLA) reported in the first quarter, produced almost 103,000 vehicles and delivered approximately 88,400 vehicles. This is our best ever first quarter performance. Model Y production started in January and deliveries began in March, significantly ahead of schedule. Additionally, our Shanghai factory continued to achieve record levels of production, despite significant setbacks. Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q1 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company's financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.

Nikola Corporation (NASDAQ: NKLA) The founder and chairman of fuel-cellpioneer Nikola, Trevor Milton, said in a recent tweet that his company would give away a $60,000-plus truck. The announcement demonstrates that the heavy-duty trucking startup is moving faster than expected on its light-truck strategy.  Milton and Nikola made news last week when he tweeted that Nikola's electric-powered pickup truck called Badger could be reserved beginning June 29. That was much earlier than expected. Milton said in an interview the decision was made in part because consumer demand for the vehicle was much higher than expected. 

Electrameccanica Vehicles Corp. (NASDAQ: SOLO) a designer and manufacturer of electric vehicles, recently announced the accelerated expansion of the Company's retail footprint for its flagship SOLO EV with new locations planned for Arizona and Oregon. In recent weeks, individual states and counties have begun the process of re-opening storefronts and businesses at varying rates and times. In recognition of this evolving situation, ElectraMeccanica has responded with an updated retail awareness strategy focused on dynamically entering select, new markets where interest and consumer demand is greatest.

"As we emerge from the pandemic, the public is looking for transportation alternatives that allow for personal independence in a safe, secure and self-contained driving environment—a solution that our flagship SOLO EV fully embodies," said Paul Rivera, Chief Executive Officer of ElectraMeccanica.

NIO Inc. (NYSE: NIO) a pioneer in China's premium smart electric vehicle market, recently provided its May 2020 delivery results. NIO delivered 3,436 vehicles in May 2020, representing a strong 215.5% growth year over year. The deliveries consisted of 2,685 ES6s, the Company's 5-seater high-performance premium smart electric SUV, and 751 ES8s, the Company's 7-seater high-performance premium smart electric SUV and its 6-seater variant. As of May 31, 2020, cumulative deliveries of the ES8 and the ES6 reached 42,342 vehicles, of which 10,429 were delivered in 2020.

"In May, we achieved record-high monthly deliveries in our history. We truly appreciate the trust and support that NIO users have been giving us and we remain fully committed to the vision of building the best user enterprise by offering high-quality premium smart electric vehicles in the years to come," said William Bin Li, founder, chairman, and chief executive officer of NIO.

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