Electric Vehicles (EVs) are being dubbed the “future of transportation” by experts with good cause, given their growing popularity. The EV market share has climbed from 2.5 percent in 2019 to 9 percent in 2021, according to the International Energy Agency (IEA).
The rising demand for electric vehicles is attributable to the introduction of additional options on the market, as well as enhanced coverage and improved charging infrastructure. In addition, recent technical improvements have enhanced the ownability and desirability of these cars.
This increase is due to rapidly rising global EV sales, which have quadrupled in a year, from 3 million units in 2020 to 6.6 million units in 2021. “Growth has been particularly outstanding over the previous three years, even as the global [Covid-19] epidemic shrank the market for conventional cars and manufacturers grappled with supply chain bottlenecks,” according to the IEA.
However, industry experts say that due to factors such as exorbitant pricing, poor infrastructure, quality control, and general compatibility, their global normalization will take decades.
Governments around the world, particularly the United States and China, are strongly supporting EV production in order to hasten the social transition to electric vehicles.
Given their recent significant gain in market share, the arrival of electric vehicles appears unavoidable.