A Review of Global Electric Vehicle Market Growth
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https://doi.org/10.5281/zenodo.19816681
The global transportation sector is changing rapidly all over the world. Growing environmental worries, new technologies, and government policies are pushing the world toward more sustainable mobility (Sovacool et al., 2018). One of the most important developments is the rise of electric vehicles (EVs). EVs are seen as a practical way to reduce greenhouse gas emissions and decrease reliance on fossil fuels (Hardman et al., 2017). In the last decade, the EV market has grown quickly. Several factors have contributed to this growth such as Battery costs have fallen significantly, Governments have introduced supportive policies and Charging infrastructure has also improved in many regions (Li et al., 2017). As per the International Energy Agency, global EV sales exceeded 14 million units in 2023. This marked a major milestone in the global shift toward electric mobility (IEA, 2024).
This review paper examines the growth of the global EV market. It looks at regional adoption patterns, recent technological developments, and the economic effects of EV expansion. The study also reviews previous research to identify the main drivers, challenges, and future opportunities in the EV sector.
Overall, the findings show that EV adoption is increasing rapidly around the world. However, continued investment is still necessary. Improvements in charging infrastructure, battery technology, and supportive policies will play a key role in ensuring long-term and sustainable growth of the EV industry.
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