Electric Vehicle (EV) Proliferation 2022
- Aug 30, 2022 9:49 pm GMT
This item is part of the Electrification of Transportation - August 2022 SPECIAL ISSUE, click here for more
Markets for electric vehicles (EVs) span worldwide manufacturing and distribution. Several different nations provide access to the choice of buying an EV when searching for a new car. The three major geographical points of EV distribution are Asia, Europe, and North America. Currently, N. America holds 17% of EV commerce, Europe holds 31% and China is weighing in with 44% across Eurasia. This only leaves 8% of EV consumption occurring elsewhere in the global market.“In Brazil, India, and Indonesia, fewer than 0.5% of car sales are electric. However, EV sales doubled in a number of regions in 2021 – including in India– which could pave the way for quicker market uptake by 2030 if supporting investments and policies are in place.”1 EV sales are highest in Norway, while the largest proliferation of EV manufacturing is found in China. Although the three leading EV markets are separate in function and promotions, EV consumption is measured on a global scale. Hybrid engineering for EVs running on electric charges and gas holds a position in the global EV market as well. “The global electric vehicle market is anticipated to grow from $287.36 billion in 2021 to $1,318.22 billion in 2028 at a CAGR of 24.3% in the forecast period.”2 Since the global economy continues to embrace EV technology over traditional internal combustion engines (ICEs), the outlook of EVs’ market growth is positive on related EV use secondary environmental impacts, (such as less carbon footprinting and standardizing maintenance efficiencies).
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