Despite its rapid growth, the EV market faces several challenges:
High initial costs: The upfront cost of EVs remains higher than that of traditional internal combustion engine vehicles. Charging infrastructure: The availability and convenience of charging stations are still limited in many regions, posing a significant barrier to widespread adoption. Battery technology: While advancements have been made, issues related to battery life, charging time, and raw material sourcing persist. Consumer awareness: There is still a lack of understanding among consumers about the benefits and practicalities of owning an EV.