The electric vehicle (EV) industry has transitioned from a niche market to an essential and rapidly expanding sector. This growth is fueled by the expansion of the EV charging network across various regions, governmental support in the form of incentives and subsidies for EV adoption, and advances in EV technology that address safety and reliability concerns.  

Additionally, increasing consumer consciousness about environmental issues is leading to greater acceptance of EVs. This maturation of the sector has also intensified manufacturer competition, as evidenced by a significant increase in market share.