According to the IEA, the global electric car market reached the 10 million mark in 2020. The year saw a 43% increase in new car sales from the previous year, resulting in $120 billion in revenue for the market. The leading EV markets are China, Europe, and the US.

The growth in electric vehicles is due to several factors such as:

Supportive government policies and regulations like grants and tax benefits that promote the manufacture and adoption of EVs
Climate change awareness and the shift towards reducing fossil fuel emissions
Technology for batteries getting better and cheaper
Automakers investing heavily in viable EVs
New entrants into the auto market, such as Tesla, NIO, Fisker, and possibly Apple

Tesla is currently the leader in the EV market. When most manufacturers were focusing on making bigger fuel-guzzling cars, it made an investment in EVs that seemed like a long shot at the time. Yet, they have built a car brand synonymous with innovation, clean energy, and the “cool factor'' over the years.

Moreover, as governments and consumers worldwide become more aware of the human impact on the environment, they started to actively adopt products that aligned more closely with their beliefs and goals. This has led legacy auto manufacturers to take note and invest in releasing new EVs for the market:

Ford plans to have EVs make up [url=https://www.freep.com/story/money/cars/ford/2021/05/26/ford-electric-vehicles-global-sales-2030-40-percent/7445074002/#:~:text=DETROIT%20(AP)%20%E2%80%94Ford%20expects,from%20this%20year%20to%202025.]40% of its global sales[/url] by 2030
At its Annual General Meeting, BMW announced that it would reduce its carbon emissions by over [url=https://erticonetwork.com/bmw-group-sets-ambitious-goal-to-reduce-co2-emissions-by-2030/#:~:text=BMW%20Group%20sets%20ambitious%20goal%20to%20reduce%20CO2%20emissions%20by%202030,-May%2025%2C%202021&text=The%20BMW%20Group%20is%20underpinning,tonnes%20of%20CO2%20by%202030.]200 million tonnes[/url] by 2030. To achieve this, it will adopt green technology and boost sales of EVs by an average of over 50% per year till 2025. It forecasts that this will lead to 50% of global sales being EV by 2030.
General Motors plans to only sell EVs by 2035, which will be a massive shift from its gasoline and diesel-powered cars, trucks, and SUVs.
Apple is rumored to be actively looking for a partnership agreement with a legacy carmaker to enter the EV market.

However, automakers still face significant barriers to mass adoption, with one of them being the lack of charging infrastructure and standardization. Nonetheless, the market is undeniably moving towards EV, and no automaker wants to be left behind.

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Soon it will start in Nigeria a smart person should start building EVN in your stations soon get solar power equipment install for future because is coming to africa at large south south oil will be useless soon