Electric vehicles (EVs) are transforming the automotive industry, with global sales expected to grow by 22% in 2024. The overall EV market share is expected to reach 18% of all new car sales by the end of 2023. China, the United States and Europe continue to drive sales, accounting for most of the global EV transformation. As more car models and manufacturers enter the market, the availability of electric vehicle models is expected to increase significantly.
Market share and regional impact
Light commercial EV sales to increase by 90% worldwide in 2022. This growth is driven by increasing demand for electric deliveries and the expansion of charging infrastructure. Many countries have committed to achieving 100% zero emissions for public buses and trucks by 2040. Government policies are driving the growth of the electric vehicle market with incentives and regulations aimed at reducing greenhouse gas emissions and encouraging the adoption of electric vehicles.
Diversification and technological progress
The compound annual growth rate (CAGR) for the electric vehicle market is projected to be around 10% in 2023. This growth is expected to drive electric vehicle market revenue of $561.3 billion by 2023. The growing demand for electric vehicles is driven by technological advancements, government initiatives, and consumer interest in environmentally friendly transportation.
Sales and growth projections
The electric vehicle market is expanding rapidly, growing by nearly 30% in 2022 alone to reach around 26 million units on the road worldwide. Electric cars represent a substantial part of the global car market, with 14% of all new cars sold in 2022 being electric. The number of electric car models is increasing every year, with more than 500 models available in 2022 compared to less than 450 in 2021. .
