The automotive industry has witnessed dramatic growth over the past decade. With advanced technology integration, innovative zero-emission vehicles and autonomous self-driving vehicles are expected to be more prevalent in the near term. There are currently 1.2 million electric vehicles in use in the United States, which is expected to be 18.7 million by 2030.
Moreover, with countries prioritizing cleaner and sustainable technologies, the global electric vehicle (EV) market is expected to surpass $980 billion by 2028, growing at a CAGR of 24.5% between 2022 to 2028.
