electric vehicle market review
Vine Strategy electric vehicle market review
At the current rate of growth the global Electric Vehicle Market is projected to reach the valuation of USD 434 billion by 2028.
Research analysis of the electric vehicle industry highlights the potential for growth. Estimates that global sales of plug-in electric vehicles will exceed 15 million units in 2028. One key factor driving this growth is the growing demand for sustainable transportation.
China will be the biggest market for electric vehicles, with a cumulative sales volume of more than 20% total vehicle fleet by 2025. Charging power supply infrastructure will become increasingly important as the number of electric vehicles increases. 50% of all customers who own an EV would need EV chargers at home and workplace.
EV manufacturer Tesla currently has the highest share in the global electric vehicle market. The company sold almost 1 million EVs in 2021. Mass players in the automatove market are already adopting many EVs into their portfolios. There are still challenges to overcome before electric vehicles can become mainstream, for example, cost-effective energy storage solutions; battery durability; and regulatory hurdles .
Millions of chargers needed
As battery technology improves, charging times are gradually shortened but there is still much progress to be made in reducing recharging time to minutes or even seconds. By 2028, more than 50% of the world's population will live in areas where electric vehicles are the only choice for transportation. This increase ownership in electric vehicle industry and creating new demand for charging infrastructure.
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