Automakers around the world are racing to electrify their vehicles as they pursue strategies to drive the next phase of mobility. This would add up to billions of dollars aside from new job creation, efforts to reach sustainability goals and several new vehicle models being introduced to accelerate the transition to next-generation transport. Meaning dollar investment.
“Electric vehicle sales have grown exponentially in recent years, with increased range, greater model availability and improved performance,” said the International Energy Agency. “But electric vehicles are not yet a global phenomenon. Sales in developing and emerging markets are sluggish due to high initial costs and a lack of charging infrastructure.
The potential of the technology. Many governments also offer incentives to encourage their residents to adopt EVs. According to a Goldman Sachs study, electric vehicles will account for half of the global car sales by 2035, from 2 million in 2020 to nearly 73 million by 20 0. is expected to.
Meanwhile, the share of electric vehicles in global car sales is expected to rise from 2% to 61%. According to the latest data from Precedence Research, the market value of the sector is expected to grow from about $209 billion in 2022 to $1.1 trillion in 2022, at a compound annual growth rate of more than 23% by 2023. It is expected to reach more than a dollar.
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