With the increasing demand for low emission vehicles, along with government benefits for electric vehicle (EV) buyers, the global EV market should hit $823.75 billion by 2030, registering a CAGR of 18.2% during the forecast period.
In addition, the current increase in gasoline prices acts as one of the growth catalysts for the EV industry, thus accelerating the transition toward EVs and plug-in vehicles. Notably, global electric car sales hit 851,000 units in March 2022, representing a 60% year-over-year increase, with a market share of 15%. Also, China's EV sales stood at 458,000 in March 2022, up 118% compared to a prior-year period.
