As per Fortune Business Insights analysts the global Electric Vehicle Market is expected to grow from USD $246.74 billion in 2019 to USD $985.72 in 2027 at a CARG of 17.4% in the 2020-2027 period.
Growth slowed down by almost 10% in 2020 because of Covid-19 restrictions. This is however expected to change in the coming years due to US President Biden's new agenda to be carbon neutral. The worlds' gearing up for an EV revolution by focusing on building an infrastructure that can handle this surge of Electric Vehicles, building better battery tech and securing natural resources that can help supply chains meet production demands.