Global Electric Vehicle Market Value Projected To Reach $802 Billion By 2027, Registering A CAGR Of 22.6%

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Jan 11, 2022, 08:30 ET

- FinancialNewsMedia.com News Commentary -

PALM BEACH, Fla., Jan. 11, 2022 /PRNewswire/ -- The consumer demand for Electric Vehicles (EV) has been growing substantially in the past few years and is projected to continue for years to come. An electric vehicle operates on electricity unlike its counterpart, which runs on fuel. Instead of internal combustion engine, these vehicles run on an electric motor that requires constant supply of energy from batteries. There are a variety of batteries used in these vehicles. These include lithium ion, molten salt, zinc-air, and various nickel-based designs. Electric vehicles were primarily designed to replace conventional ways of travel as they lead to environmental pollution. Electric vehicles have gained popularity owing to numerous technological advancements. The electric vehicle outperforms the conventional vehicle providing higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother drive, and reduced sound from engine. There are three types of electric vehicles-battery, hybrid, and plug-in hybrid electric vehicles. In addition, electric vehicles require no engine oil changes but are slightly expensive than their gasoline equivalents. According to a report from Allied Market Research, 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%. Asia-Pacific was the highest revenue contributor, accounting for $84.84 billion in 2019, and is estimated to reach $357.81 billion by 2027, with a CAGR of 20.1%. Active EV stocks in news today include: Jiuzi Holdings, Inc. (NASDAQ: JZXN), Li Auto Inc. (NASDAQ: LI), NIO Inc. (NYSE: NIO), XPeng Inc. (NYSE: XPEV), Rivian (NASDAQ: RIVN).

Allied Market continued: "North America is estimated to reach $194.20 billion by 2027, at a significant CAGR of 27.5%. Asia-Pacific and Europe collectively accounted for around 74.8% share in 2019, with the former constituting around 52.3% share. North America and Europe are expected to witness considerable CAGRs of 27.5% and 25.3%, respectively, during the forecast period. The cumulative share of these two segments was 40.1% in 2019 and is anticipated to reach 51.0% by 2027. The report concluded: "Factors such as increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations toward vehicle emission (will) supplement the growth of the electric vehicle market during the forecast period (2027)."

Jiuzi Holdings, Inc. (NASDAQ:JZXN) BREAKING NEWS - Jiuzi Holdings, Inc. Signs Strategic Cooperation Agreement with Chinese Leading E-Commerce Services Provider – Jiuzi Holdings, Inc. (the "Company"; Jiuzi New Energy), a new energy vehicles franchisor and retailer under the brand name "Jiuzi" in China, today announced that, on December 23, 2021, the Company, through its wholly-owned subsidiary, Zhejiang Jiuzi New Energy Vehicles Co., Ltd. ("Zhejiang Jiuzi"), has entered into a two-year strategic cooperation agreement (the "Agreement") with Shanghai Zhongtongji E-Commerce Co. Ltd. ("Zhongtongji"), a leading domestic E-Commerce and retail services provider founded by senior management of ZTO Express (NYSE: ZTO).

Pursuant to the Agreement, Zhejiang Jiuzi and Zhongtongji will jointly explore application of new energy delivery vehicles in an effort to promote the idea of "green" logistics. With its diversified products, Zhejiang Jiuzi will sell and rent to Zhongtongji new energy delivery vehicles such as Geely and Chongqing Ruichi branded minivan, van body truck and traditional truck to meet Zhongtongji's logistic needs, as well as offer the most optimal discount available to major clients on Zhongtongji's platform.

The two parties will also work proactively to propose new initiatives for the cooperation in order to fulfill their respective strategic plans and business goals, which include marketing, resource sharing, and staffing and technological support. Zhejiang Jiuzi is also tasked with providing up-to-date catalogue of the brands, prices and models of its new energy vehicles to Zhongtongji to meet their clients' changing demands.

Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: "We are excited to announce the partnership with Zhongtongji, a leading E-Commerce and retail services venture as well as an important business partner of ZTO Express (NYSE: ZTO). It's an important recognition of Jiuzi's industry position and brand image in domestic new energy vehicle retail market. We expect the cooperation to help Zhongtongji optimize its expense structure and operating efficiency, and bring financial contributions to Jiuzi going forward."

"This partnership represents our first step into the E-Commerce industry and we aim to keep expanding such tie-up in E-Commerce logistics segment in the future. The huge volume of domestic E-commerce and the great efforts of Chinese government to promote the use of new and clean energy logistic vehicles will bring promising market potential for NEVs, and Jiuzi will continue seeking more opportunities to grow our business scale in this area." Added Mr. Zhang. CONTINUED… Read this full press release for JZXN by visiting: https://www.financialnewsmedia.com/news-jzxn/

In other EV news of note:

Li Auto Inc. (NASDAQ: LI), an innovator in China's new energy vehicle market, recently announced that the Company delivered 14,087 Li ONEs in December 2021, representing a 130.0% increase year over year. This took its fourth quarter deliveries to 35,221, up 40.2% quarter over quarter and 143.5% year over year. Total deliveries in 2021 increased 177.4% year over year to 90,491. The cumulative deliveries of Li ONE reached 124,088 since the vehicle's market debut.

"We set another record with more than 14,000 deliveries in December. We would like to express our heartfelt gratitude to our family users for their trust and support. In December, we released the OTA 3.0 update to all our Li ONE users, further enhancing their in-car experience. This update includes our full-stack, self-developed Navigation on ADAS (NOA), which allows over 60,000 users to enjoy safer and easier driving. In 2022, we will continue to bring our users safer, more convenient and more refined products and services. We look forward to growing with more users, creating homes on the move that bring happiness to the entire family," said Yanan Shen, co-founder and president of Li Auto.

NIO Inc. (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, recently announced its December, fourth quarter and full year 2021 delivery results.

NIO delivered 10,489 vehicles in December 2021, increasing by 49.7% year-over-year. The deliveries consisted of 2,782 ES8s, the Company's six- or seven-seater flagship premium smart electric SUV, 4,939 ES6s, the Company's five-seater high-performance premium smart electric SUV, and 2,768 EC6s, the Company's five-seater premium smart electric coupe SUV. NIO delivered 25,034 vehicles in the fourth quarter of 2021, a new record-high quarterly delivery representing an increase of 44.3% year-over-year. NIO delivered 91,429 vehicles in 2021 in total, representing a strong increase of 109.1% year-over-year. As of December 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 167,070 vehicles.

On December 18, 2021, NIO held NIO Day 2021 in Suzhou and launched the ET5, a mid-size premium smart electric sedan, with deliveries expected to commence in September 2022. The pre-subsidy starting price of the ET5 is RMB328,000, or RMB258,000 with Battery as a Service (BaaS). In addition, the Company expects to begin the delivery of the ET7, a flagship premium smart electric sedan, in March 2022.

XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle ("Smart EV") company, recently announced its vehicle delivery results for November 2021. XPeng reached the monthly delivery target amidst global supply chain challenges with 15,613 Smart EVs delivered in November, representing a 270% increase year-over-year. The robust delivery momentum bears witness to the competitiveness of XPeng's Smart EVs and steady execution in light of the ongoing challenges in various aspects of the global supply chain.

Deliveries in November consisted of 7,839 P7 smart sports sedans, representing a 187% increase year-over-year. The P5 smart family sedan, launched in September 2021, has been building a solid order backlog with 2,154 units delivered in November. At the same time, the G3i smart SUV – launched in July 2021 - is gaining increasing customer traction with 5,546 units delivered in November (plus 74 G3s delivered).

Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, recently announced that electric vehicle maker Rivian (NASDAQ: RIVN) has selected AWS as its preferred cloud provider, deepening the companies' existing relationship. Across its enterprise, the automaker applies AWS capabilities in analytics, compute, containers, and machine learning to help streamline its business and improve the performance of its customers' electric vehicles—for battery range, driving experience, and owner experience—while simultaneously innovating the technological foundations for customers' electric vehicle fleet management and more efficient vehicle charging. Rivian applies these innovations across its vehicle lines, including custom-built electric delivery vans (EDVs) for Amazon.com.

"Rivian is focused on creating fantastic, category-defining products. Combining our vision with AWS's breadth and depth of services allows us to use data and connectivity to redefine what is possible in transportation, logistics, and delivery," said Wassym Bensaid, Rivian's Vice President of Software Development. "At Rivian, we have created a software-defined vehicle architecture with a technology foundation that powers advanced features such as deep over-the-air software updates to deliver continuous improvements to the vehicles, and the collection of a rich set of real-time vehicle data. By leveraging AWS, and building a central data lake to interconnect Rivian's operations, products, and services, we can enable proactive diagnostics and add intelligence to our vehicles, and then use what we learn to generate synergies and scale efficiencies. We look forward to furthering our work with AWS to continue to push the boundaries of innovation in engineering, customer service, fleet management solutions, and charging experiences."

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