Another factor in driving the EV market is increased urbanization. As suburbs spread, the need for a dependable commuter vehicle (preferably one that won't gas the planet) grows. The long-held fear of “range anxiety” is simultaneously decreasing as governments and global movements work to update infrastructure and supply charging stations.
Where is the super market?
Additionally, China, India, Indonesia, and Korea are rapidly growing economies based on electric vehicles, largely due to local governments investing in the industry within their countries.
North America comes in squarely in the middle. With recent program implementations— such as the $5 billion investment into electric infrastructure and tax cuts for EV purchases—this will hopefully grow.
A future illuminated by electric
So what do all of these projections mean for EV owners and enthusiasts?
It means the future is looking bright: the united movements of major countries to improve charging options and reward EV owners is a start. On top of that, we’re seeing significant economic growth in the global market, leading to competition among automakers to produce the best technology the fastest. So, not only will we be witnessing the evolution of incredible technology, but the expense will be falling by the month.
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