The U.S. electric vehicle (EV) market broke records in 2021, with an estimated light vehicle sales of 607,600, approximately 83% more than in 2018. The increasing efforts to combat climate change and stringent emission limits are bolstering the EV market.
Although the road to mainstream EV adoption seems lengthy, companies are investing heavily in technologies to power the vehicles of tomorrow, while the government is initiating attractive policies and incentives to overcome consumer barriers and encourage EV sales. The U.S. EV market is projected to grow at a CAGR of 25.4% from 2021 to 2028.
