United States Electric Vehicle Market Charting the Course to Boom with 18.23% CAGR
As of 2022, the United States Electric Vehicle Market size is approximately 750 thousand units. However, projections suggest an exponential surge in adoption rates, with a compound annual growth rate (CAGR) of 18.23% anticipated from 2023 to 2028. Such an unprecedented growth trajectory underscores the escalating demand for electric vehicles across the nation. Electric vehicles (EVs) are based on the principle of energy conversion in which the electricity generated from the battery is converted into mechanical energy. Whereas, in combustion engines, the energy generated from the burning of fuels is under high pressure which in turn drives the pistons. EVs are transforming the mobility system everywhere in the world together with the arising technologies, such as autonomous vehicles and connected cars. EVs are helping in overcoming various issues, such as pollution, global warming, and preserving natural resources. Therefore, they are viewed as a prospective s...