We have seen rapidly increasing adoption of Electric Vehicles worldwide and EVs emerging as practical transport solutions in recent times. Arguably, this dare I say, the EV revolution has been pushed on by the efforts of Tesla and other automakers.
For example, Germany plans to accommodate 10 million EVs by 2030. By 2030, the Chinese Government is targetting that 40 per cent of all vehicles sold in China will be electric. "Factors such as the increasing cost of fuel and the government initiatives across different geographies to increase awareness about EVs are expected to promote the usage of electric vehicles over the forecast period. Infrastructure for charging stations continues to expand. Countries like China continue to lead the passenger vehicles and urban buses market due to a well-established supply chain for batteries and Traction Motors.
"The increasing demand for reducing carbon emissions and developing more advanced and fast-charging stations is expected to propel the growth of electric vehicles during the forecast period."