The electric vehicle (EV) industry has witnessed accelerated growth, driven by substantial demand amid high oil and gas prices and rising environmental concerns globally. The EV sales in the United States climbed to a record high of over 200,000 vehicles during the first quarter of 2022.
Furthermore, supportive federal funding and policies should boost the industry’s growth. Under the Bipartisan Infrastructure Law, the government has provided $7.5 billion to build a nationwide network of 500,000 EV chargers. According to Facts and Factors, the global electric vehicle market is expected to reach $980 billion by 2028, growing at a CAGR of 24.5%.
