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Demand for EVs has led to rapid growth rates in recent years. More than half of all electric&nbsp;cars on the road are in China. In 2022, Europe and the U.S. realized robust sales increases&nbsp;of 15% and 55%, respectively. Several prominent automakers announced they would manufacture&nbsp;only electric vehicles as early as 2030. This continued growth rate will create significant&nbsp;opportunities and challenges for both existing companies and newer EV-only manufacturers.

New regulatory targets in the U.S. and Europe aim for an EV share of 50% by 2030. Several&nbsp;countries, including those in the EU, have gone well beyond this, announcing accelerated&nbsp;timelines for internal combustion engine (ICE) sales bans in 2030 or 2035.

Many national governments offer subsidies, such as federal tax credits on the purchase of certain EVs in the U.S. In addition, some U.S. and EU member states offer special&nbsp;incentive programs to stimulate the market uptake of electric vehicles.

The industry has attracted more than $400 billion in investments over the last decade &ndash; with about $100 billion of that pie since the beginning of 2020. This influx targets companies and start-ups working on automotive technology innovations to help reduce EV&nbsp;costs.

Consumers can now choose from a large number of EV model options. In 2022, there were 500 electric car models, more than double the options available in 2018. EV prices, while still higher than comparable ICE vehicles, continue to decrease as automakers look to&nbsp;improve consumer affordability.

<a href="#" rel="nofollow">What's fueling EV growth? <img src="https://cdn.buttercms.com/SH0C67qZTmCd8ZH8yqWq" alt="undefined" width="17" height="17"></a>

EVs in the winner’s circle