From the perspective of revenue for manufacturers, distributors and dealers, the global market for electric vehicles was valued at more than $83.5 billion in 2012. And North America handles a 38.3 percent share of the total. Furthermore, global value continues to rise each year as government organizations around the world embrace initiatives to promote alternative transportation.

Although the market is expanding, it is facing a few challenges. However, these are being overcome by new advances in technology. For instance, nanotechnology has recently been introduced to lithium-ion batteries to improve the efficiency of transferring energy to motors and to increase storage capacity. Research within the industry is booming, and new partnerships have formed with the goal of speeding advancements in performance and lowering production costs.