Adoption of EVs is rising due to increasing need for reducing dependence on imported oil and rapidly depleting fossil fuels. Costs of oil production is rising, which is leading to high cost for importing oil, and countries that are majorly dependent on oil imports are required to invest substantial investments, thereby, creating economic pressure. EVs are powered by batteries, electricity, and fuel cells and therefore, lower dependence on foreign oils. This factor is expected to drive adoption of EVs during the next several years, according to industry reports. A report from Emergen Research said that the global Electric Vehicles (EVs) market size, which reached USD $238.67 Billion in 2021 is expected to register a revenue CAGR of 22.2% during the forecast period (2030). The report said: “Low emission level of EVs is driving its adoption and this factor is expected to boost market revenue growth during the forecast period. EVs emit lower levels of greenhouse gases and air pollutants than other petrol- or diesel-powered vehicles. EVs rely highly on rechargeable batteries and for this, driving it does not cause tailpipe emissions, which are one of the sources of pollution. Additionally, these vehicles do not emit smoke or toxic gases in the environment and contribute towards sustainable environment. Besides, increasing investments towards Research & Development (R&D) activities by governments and various government initiatives such as favorable tax policies, funding for vehicle charging stations, and subsidies for purchasing those vehicles, are creating lucrative revenue growth opportunities for EVs, and such factors are expected to drive market revenue growth during the forecast period.” Active Companies in the markets today include: Mullen Automotive, Inc., Rivian Automotive, Inc., Nikola Corporation, Lucid Group, Inc., XPeng Inc.

Emergen Research continued: “Electric vehicles market in North America is expected to account for larger revenue share among the regional markets during the forecast period. Increasing support from the U.S. Department Of Energy (DOE) such as R&D projects is driving adoption of EVs and this is expected to contribute to North America EVs market revenue growth. For instance, clean cities program sponsored by U.S. DOE is playing a vital role as it encourages deployment of EVs in order to reduce vehicle emissions in the environment. Additionally, Zero Emission Vehicle Infrastructure Program (ZEVIP), which is a five-year program (2019 to 2024) initiated by federal government of Canada is expected to support revenue growth of the EVs market in this region. The program will help in expanding hydrogen refueling infrastructure and build localized charging stations at places where people live and work. Moreover, increasing price of gasoline and growing environmental awareness is leading to bans on air-polluting vehicles, which in turn is driving adoption of EVs in Mexico. Additionally, government of Mexico has planned to replace local transportation with zero emission vehicles and has strategized to increase electricity generation from 25% to 35% through clean energies, that is renewable and zero emission sources by 2024. These factors are expected to create growth revenue opportunities for players operating in North America market during the forecast period.”