With governments worldwide focusing on emission control initiatives and building green energy infrastructures, the electric vehicles (EVs) market has achieved significant growth over the past years. According to a Bloomberg New Energy Finance study, Zero-emission vehicles (ZEV) will account for 70% of new passenger vehicles globally by 2040.
Furthermore, President Biden’s push to transform the U.S. automotive industry to electrification through various initiatives, including tax subsidies for EVs, vehicle emissions restrictions, and funding to build charging infrastructure, are contributing to this industry’s growth. Biden signed an executive order directing the U.S. government to end purchases of gas-powered vehicles by 2035. And his administration’s infrastructure legislation has allocated $7.50 billion to build a nationwide network of 500,000 EV chargers. The EV market is expected to grow at a 24.5% CAGR to $980 billion by 2028.
