The automotive industry is undergoing a monumental shift, with electric vehicles (EVs) rapidly moving from niche status to the mainstream.1 Driven by environmental concerns, technological advancements, and supportive government policies, the global EV market is poised for explosive growth over the next decade. While exact figures vary between analytical firms, the consensus is clear: EVs will command a significant portion of the total vehicle market by 2030.2
Current Landscape: A Glimpse of the Surge
In recent years, EV sales have surged dramatically, consistently breaking previous records.3 This growth is evident across various segments, from passenger cars to commercial vehicles. Tesla, a pioneer in the space, continues to be a dominant force, but traditional automakers like Volkswagen, General Motors, Hyundai, and BYD have rapidly scaled up their EV offerings, introducing compelling models that rival their internal combustion engine (ICE) counterparts in performance, range, and increasingly, affordability.
Government incentives, …
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