The electric vehicle (EV) industry remains optimistic despite challenges such as high costs related to expensive battery technology, limited model selection, and a shortage of trained technicians. Environmental concerns, expanding public charging infrastructure, and government incentives promise a positive demand outlook for EVs.
Notably, BloombergNEF forecasts a 21% rise in global EV sales to 16.7 million units by 2024. The Biden-Harris Administration allocated $15.50 billion to boost EV transitions, aiding factory retooling, job retention, and investing in domestic battery manufacturing. Hence, the global automotive industry is expected to reach $6.86 trillion by 2033, expanding at a CAGR of 6.8%.
