The global Electric Vehicles (EVs) market size reached USD 238.67 Billion in 2021 and is expected to register a revenue CAGR of 22.2% during the forecast period, according to latest analysis by Emergen Research. Increasing need for reducing dependency on imported oil and other fossil fuels is a major factor creating higher demand for EVs and thus, driving market revenue growth.

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Substantial investments towards Research & Development (R&D) activities in EVs by governments and several government initiatives such as favorable tax treatment, funding for vehicle charging stations, and subsidies for purchasing those vehicles, are creating lucrative growth opportunities for EVs, and such factors are expected to drive market revenue growth during the forecast period.