H. Yoo
Research expert covering South Korea
Electric vehicle startups worldwide - Statistics & facts
The electric vehicle market has rapidly increased since the beginning of the pandemic, spurred by an increased environmental consciousness from consumers and by government targets for the decarbonization of their domestic transport sector. This rising interest in EVs is incentivizing traditional automakers to electrify their vehicle models on offer and motivates new players to enter the market. The market is expected to keep growing, reaching 906.7 billion U.S. dollars in projected revenue for 2028 per a September 2023 forecast. This growing sector attracts consumers and investors alike, as the new car sales profit pool is estimated to be 44 times greater in 2035 than in 2021, including battery-electric and autonomous vehicles.
