New study predicts continued EV growth

A new study is predicting a 14% compound annual growth rate (CAGR) for the electric and hybrid vehicle market between 2021 and 2031.

According to ESOMAR-certified market research, short-term projections indicate that the market is poised to reach $29bn by 2021.

The research also found that gasoline hybrid vehicles will exceed $100m by 2031, hybrid electric vehicles will make up 40% of sales by 2032, while the European region will account for about 16% of the hybrid electric vehicle revenue share.

The report said: “Increasing tilt towards reducing carbon footprint is prompting automotive manufacturers to dole out hybrid electric vehicles deploying a combination of renewable and conventional vehicles, spurring market growth.”