Over the next 10 years, the global automotive industry is expected to face one of the most significant changes in its history – the replacement of internal combustion engine (ICE) vehicles with electric vehicles (EVs). EVs are seeing strong year-on-year (YoY) growth in some Asian markets (28% in South KoreaFootnote and 76% in ChinaFootnote), more than 40% in the U.S.Footnote, and over 100% in certain European marketsFootnote[4]. We expect the industry will see double-digit compound annual growth rates (CAGRs) for the next decade.
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