Electric vehicles (EVs) are transforming the transportation sector as concerns over climate change and air pollution grow. In 2022, global EV sales surged by 55% to reach 10 million, making up 14% of new car sales. China led this shift, accounting for nearly 60% of global sales, while Norway saw 80% of new car sales become electric.
Supportive government policies and technological advances have played a crucial role, with battery costs dropping from $1,100 per kWh in 2010 to $120 per kWh in 2023. Incentives like tax credits are further encouraging EV adoption. Public awareness is increasing, with 65% of consumers considering an EV for their next vehicle.
Challenges such as sustainability and ethical supply chains remain, but a 20% compound annual growth rate is projected through 2025. By 2040, most new car sales are expected to be electric, alongside innovations in autonomous driving and shared mobility solutions.
BANADI SHERDIL,
Kech.