In 2023, the global vehicle market saw approximately 90 million sales, with 14.4 million of those being electric vehicles, showcasing a rapidly growing interest in EVs.

This trend is expected to continue, with electric vehicle sales projected to reach 18.1 million by 2024 as consumer preferences shift towards sustainable transport.

China currently leads the global EV market, particularly with the adoption of plug-in hybrid electric vehicles (PHEVs), while electric pickup trucks are gaining popularity in the United States.

Despite the rising popularity of PHEVs, they are anticipated to be phased out in favor of battery electric vehicles (BEVs) as stricter emission regulations come into play.

BEVs are crucial for reducing carbon emissions in the transport sector, producing zero tailpipe emissions and driving demand for lithium-ion batteries and electric motors.

The European Union is set to implement a ban on internal combustion engine vehicles by 2035, with tighter regulations starting in 2025 and 2030, pushing manufacturers to enhance their EV offerings.

IDTechEx's report predicts that by 2025, we will see the emergence of lower-cost EV models as electric vehicles transition from the premium market into mass market segments.

To support this growth, global investments in charging infrastructure are expected to exceed $104 billion by 2035, reflecting significant interest in expanding EV capabilities.

However, the current public charging infrastructure, while growing, remains limited, with nearly 4 million public charging points available in 2023 and a projected need for around 219 million by 2035.