Electric Vehicle Market Share Increases Worldwide
Electric Vehicle Market Share Increases Worldwide As we are heading towards the end of the 2023 year, we are seeing a worldwide shift in the automotive industry. Vehicle electrification is here to stay. As the sale of electric vehicle is projected to, grow over 40% year-over-year we are going to see more and more electric vehicles on the road and dealership lots. Although the automotive industry experienced a momentary dip during the beginning of covid in 2019 it did undergo an immediate expansion just the year after. The IEA estimates that global EV sales exceeded 3 million units in 2020. That’s over 4% of global vehicle sales and that number is expected to climb. In fact, the 2020 electric car sales surpassed expectations, by having the largest electric vehicle adoption rate in history. More and more people are leaving the conventional internal combustion vehicles for the more modern and electric alternatives. Both t...