Could EV supply chain shortages lead to ICE innovation?

The transition toward electric vehicles (EVs) and away from internal combustion engines (ICE) has been gaining pace, with more demand than ever. More electric cars were registered in the UK in 2021 than in the previous five years combined, according to the Society of Motor Manufacturers and Traders (SMMT). Yet, despite the surging popularity of EVs and zero-emission regulations, the ICE market is set to continue growing.

According to the Data Bridge Market Research, studies indicated that in 2021, the global ICE market was valued at US$58,514.15bn and is expected to grow to US$93,615.18bn by 2029. Its estimated compound annual growth rate (CAGR) adds up to 6.05% throughout the forecast period of 2022-2029.