At the turn of the 20th century, electric cars were popular, accounting for about one-third of vehicles on the road. And, at the turn of 21st century following decades of fossil fuel-driven vehicles, electric vehicles (EVs) reemerged as environmentally friendly modes of transportation. According to CBRE’s recently published report “Electric Vehicle Trends and Challenges for Industrial Real Estate,” EVs are more popular than ever with significant growth anticipated in coming years. The Edison Electric Institute noted that by 2030 there will be 26.4 million EVs on U.S roads compared to 2.4 million at end 2021; annual sales will reach nearly 32% light duty vehicle market share in same year according to Statista projections which also anticipate worldwide revenue from EV market growing 10% annually between 2023 -2028 resulting in projected $906 billion global volume by 2028 and 17 billion unit sales globally by then too .
CBRE analysts attribute environmental benefits , affordability and government incentives as drivers behind this growth noting most major automotive manufacturers investing billions into EV facility investments throughout US while plants & factories provide auxiliary products & services like lithium ion batteries & semiconductors required for manufacture . Yet challenges remain such as power availability due high voltage power supply , charging foundation installation capabilities , advanced robotics/automation systems requiring stabilized energy flow ; labor force training with need 200k specialized engineers needed within 4 years ; retooling facility design needing adequate space battery storage /charging infrastructure/maintenance plus increased electrical capacity taking 3-5 yrs from planning through full operation ; supply chain issues related raw materials mining /transport/refining quickly enough straining current resources .
