Although recent report total revenue numbers may differ in the global electric vehicle market, but they agree that the future is very optimistic and project a significant rise in revenues in the next several years. A research report from Statista projected that between 2019 and 2026, the size of the global electric vehicle market is expected to increase almost five-fold to reach an estimated global market size of $567 billion U.S. dollars by 2026. This translates to a notable compound annual growth rate (CAGR) of around 15.6 percent between 2019 and 2026. A report from Allied Market Research projected even higher revenues stating that the global electric vehicle market was valued at $162.34 billion in 2019, and is projected to reach $802.81 billion by 2027, registering a CAGR of 22.6%. Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability.