Despite the ongoing chip shortages and supply chain disruptions, the electric vehicle (EV) market continues to grow exponentially. Notably, the global EV sales stood at 603,000 in January 2022, representing an 87% year-over-year increase, with a market share of 10% for January 2022.
Furthermore, rising demand for EVs and favorable government policies should enable the global EV industry to grow at a CAGR of 22.6% between 2020 and 2027, reaching $802.81 billion in the terminal year. Consequently, EV manufacturers should benefit from the industry's tailwinds.
