Despite the lingering global semiconductor chip shortage, the electric vehicle (EV) industry has witnessed impressive growth over the past year thanks to multiple government incentives and increasing concerns surrounding climate change. U.S. EV market sales more than doubled to surpass half a million in 2021.
In addition, the recently announced EV Charging Action Plan by the Biden Administration has garnered positive investor sentiment. According to PR Newswire, the global electric vehicle industry is slated to grow at an 18.2% CAGR from 2021 to 2030.
