The future of vehicular transport is undoubtedly electric. Several governments of countries in Europe, Asia and the Americas have pledged to replace a large percentage of the gas-powered vehicles on their roads with zero-emission electric vehicles (“EVs”) over the next few decades as the effects of human-induced climate change become more apparent. For most of the nascent EV sector’s life, Europe and China have competed for the top spot as the world’s largest EV market. According to a new market research report, Europe’s chances of cementing its position at the top by the end of the decade are quite high.
Published by Meticulous Research(R), the report projects that from 2021, the European electric vehicle market will grow at a compound annual growth rate (“CAGR”) of 40% to hit a whopping $855.17 billion by 2028. By electric vehicle volume, the European market is projected to grow at a CAGR of 29.6% from 2021 to 2028, reaching…
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