Despite the current supply chain disruptions, chip shortages, and increase in commodity prices, the global electric vehicle (EV) market keeps expanding quickly. It is important to note that global EV sales were reported at 603,000 in January 2022, which is 87% more than a year ago, with a market share of 10% for January 2022.
Furthermore, the global EV industry is estimated to grow at a CAGR of 22.6% between 2020 and 2027, reaching $802.81 billion in the terminal year, driven by the growing demand for EVs along with government support through subsidies and tax rebates.
