
The automotive industry has been rebounding from the pandemic-led slowdown. Worldwide, car sales grew from a low of 63.80 million units in 2020 to about 66.70 million in 2021. Moreover, technological advancement in this space is expected to drive further growth in the coming years.
Carmakers are now moving increasingly toward cleaner and sustainable technologies. The global electric vehicle (EV) market is expected to surpass $980 billion by 2028, growing at a CAGR of 24.5% between 2022 and 2028.