Experts call Electric Vehicles (EVs) the future of mobility for the right reason, given the recent rise in their popularity. According to the International Energy Agency (IEA), the EV market share has risen from 2.5 percent in 2019 to 9 percent in 2021.
This rise is due to rapidly increasing worldwide EV sales that have doubled in just a year— 6.6 million units in 2021 compared to 3 million units in 2020. “Growth has been particularly impressive over the last three years, even as the global [Covid-19] pandemic shrank the market for conventional cars and as manufacturers started grappling with supply chain bottlenecks,” IEA stated in its report.
The rise in EV demand is due to the arrival of more options in the market, as well as the increased coverage and improvement in charging infrastructure. Furthermore, the recent technological advancements have improved the ownability experience and desirability of these vehicles.
However, the industry experts believe that their global normalization will take decades due to concerns such as extravagant prices, limited infrastructure, quality control, and general compatibility.
Governments, including the US and China, are heavily incentivizing EV production to expedite the social transition to EVs.
The advent of EVs seems undeniable, given the rapid growth in their market share as of late.