Electric vehicle (EV) demand is expected to expand manifold in the coming years. According to a new report by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% year-over-year. Moreover, the total value of EVs sold to date in the passenger vehicle segment has now crossed $1 trillion.
However, logistic hindrances remain a matter of concern for EV production. Global geopolitical conflicts, insufficient EV charging infrastructure, and scarcity of critical raw materials such as lithium, cobalt, and nickel could hamper the optimal productivity of the EV industry.
