Rising concerns over high gas prices and attractive tax incentives contributed to robust electric vehicle (EV) sales in the first quarter of 2022. Registrations for new EVs soared 60% in the first three months of 2022. Several sanctions imposed on Russia in response to its invasion of Ukraine, including bans on Russian oil imports by the U.S. and other countries, resulted in skyrocketing oil prices. Amid the turmoil in the global energy market, consumers have been encouraged to shift to electric cars. Furthermore, with sales of EVs expected to double every couple of years, 40 million EVs could be on the road by the end of 2030, says Loren McDonald of EVAdoption, which analyzes EV
Also, this month the Biden administration announced that it would begin a $3.1 billion plan to boost domestic manufacturing of batteries in an effort to help the country switch from gas-powered cars to electric vehicles. The White House has set a goal of 50% of total auto sales to be electric vehicles by 2030 and is also constructing a national network of EV charging stations. The EV charging station market’s revenue is estimated to grow at a 27.4% CAGR to $33,284 billion by the end of 2050.
