The global market for electric vehicles (EVs) has expanded dramatically over the past decade, a trend which will only continue through 2050 with government and consumer spending on EVs increasing, driven by efforts to accelerate the decarbonization of the transport industry, according to a study released by automobile services provider, Vehicle Freak. The study, titled, EV Statistics 2023, states that while consumers spent approximately $250 billion to purchase EVs in 2021 and global governments doubled EV investments to $30 billion during the same year, EV sales increased by 57% in 2022 compared to 2021 levels.
