The Electric Vehicle (EV) market continues to show impressive growth, with the International Energy Agency (IEA) reporting that there were around 10 million electric cars on the road in 2020, and this number is projected to reach 145 million by 2030.
The COVID-19 pandemic has significantly accelerated the shift towards EVs, with the closure of conventional car manufacturing units leading to a surge in demand for electric cars. This shift towards EVs is crucial in reducing carbon emissions, as the transportation sector is one of the biggest contributors to greenhouse gas emissions.
Governments across the globe are providing various incentives and subsidies to promote the adoption of EVs. For instance, the Indian government aims to have 30% of its total vehicles on the road to be electric by 2030.
Investments in clean energy and EVs have been on the rise over the years, and the trend continues in 2022. In 2020, BloombergNEF reported that investments in clean energy and EVs reached a record high of $501.3 billion, representing a 9% increase from the previous year.
Clean energy, EVs, and cleantech have emerged as significant area of focus for governments, businesses, and investors, and we can expect to see continued growth in these sectors as technology advances and public awareness of the importance of reducing carbon emissions grows.