With the ongoing electrification of the transportation sector, the number of new electric vehicles (EVs) on the world's roads stood at over 6.6 million in 2021, representing a 100% year-over-year increase. Besides, EV market share more than doubled in 2021, rising from 4.11% in 2020 to 8.57%.
According to Allied Market Research, the global EV industry is estimated to grow at a CAGR of 22.6% between 2020 and 2027, hitting $802.81 billion in the final year. Consequently, EV manufacturers should be in a solid position to benefit from the industry's tailwinds.
