8
Projected EV Unit Sales in Millions 18 16 14 12 10 8 6 4 2 0
2023
2024 Battery vehicles
2025 Plugin Hybrid Electric Vehicle
2026
2027
Total
Figure 5: Source: Statista One of the greatest potentials in the EV industry is innovation. A significant proportion of the automotive market prefers fuel-based cars because charging an EV battery takes relatively long and may delay a journey when recharging has to be done during a journey. Having longerrange batteries that can charge faster is and have a longer range can make EVs very popular since they are some of the strongest arguments against EVs. Top three (3) companies Tesla is the market leader in the American EV market. Even though it does not fit the literal definition of a monopoly, it is a monopolistic competitor in a monopolistically competitive EV market. About 64% of EVs in the US are Tesla. However, in the global market, it is not such a dominant force and has a share of only 18.2% (Liu et al., 2022). This figure was a decrease from 21% in 2021. The 2021 share also decreased from 2020's 23%. Tesla is losing Ground, both
