Global EV Market to Grow by USD 343 Billion by 2028

-The global electric vehicle (EV) market is projected to grow by USD 343.01 billion from 2024 to 2028, at a CAGR of 13.51%.

-Increased demand for low-emission and fuel-efficient vehicles is driven by high fuel prices and geopolitical tensions.

-Government policies, technological advancements, and consumer awareness are accelerating the transition to EVs.

-The Battery Electric Vehicle (BEV) segment is leading the market, with popular models like Tesla Model 3 and Nissan LEAF.

-Challenges include inadequate EV charging infrastructure and high costs of charging stations, which require government and vendor collaboration to resolve.

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