Electric Vehicles - Worldwide | Statista Market Forecast (2024)

Analyst Opinion

The Electric Vehicles market is experiencing significant growth and development worldwide.

Customer preferences:

One of the main reasons for the growing popularity of Electric Vehicles is the increasing concern for the environment and the need to reduce carbon emissions. Customers are becoming more conscious of their ecological footprint and are opting for greener transportation options. Electric Vehicles offer a cleaner and more sustainable alternative to traditional gasoline-powered cars, making them a preferred choice for environmentally conscious consumers. Additionally, the rising cost of fuel and the desire for energy efficiency have also contributed to the increasing demand for Electric Vehicles.

Trends in the market:

The Electric Vehicles market is witnessing several trends that are driving its growth. Firstly, there is a growing number of government initiatives and incentives to promote the adoption of Electric Vehicles. Many countries are offering subsidies, tax benefits, and other incentives to encourage consumers to switch to electric cars. These initiatives are not only aimed at reducing carbon emissions but also at boosting the local economy by supporting the development of the Electric Vehicle industry. Another trend in the market is the improvement in battery technology. As battery technology continues to advance, Electric Vehicles are becoming more affordable, efficient, and have longer driving ranges. This has addressed one of the major concerns of consumers - range anxiety. With the development of fast-charging infrastructure, the charging time for Electric Vehicles has significantly reduced, making them more convenient for everyday use.

Local special circumstances:

The Electric Vehicles market is developing differently in each country, depending on various local circumstances. For example, in countries with high population density and limited space, such as Japan and some European countries, the demand for compact Electric Vehicles is higher. These countries also have well-established charging infrastructure, making it more convenient for consumers to own and use Electric Vehicles. On the other hand, in countries with vast landscapes and long distances between cities, such as the United States and Australia, the demand for Electric Vehicles with longer driving ranges is higher. These countries are also investing in the development of charging infrastructure along highways and major routes to support long-distance travel.

Underlying macroeconomic factors:

The development of the Electric Vehicles market is also influenced by underlying macroeconomic factors. For example, the availability of raw materials such as lithium, cobalt, and nickel, which are essential for battery production, can impact the growth of the Electric Vehicle industry. Countries with abundant reserves of these minerals, such as Australia and Chile, have an advantage in the production of Electric Vehicles. Additionally, government policies and regulations related to emissions standards and fuel efficiency also play a significant role in the development of the Electric Vehicles market. Stricter regulations and targets for reducing carbon emissions are driving the adoption of Electric Vehicles as automakers strive to meet these requirements. In conclusion, the Electric Vehicles market is experiencing significant growth worldwide due to customer preferences for greener transportation options, government initiatives and incentives, advancements in battery technology, and local special circumstances. The development of the market is also influenced by underlying macroeconomic factors such as availability of raw materials and government policies and regulations. As the demand for Electric Vehicles continues to rise, it is expected that the market will further expand and evolve in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Electric Vehicles - Worldwide | Statista Market Forecast (2024)

FAQs

What is the EV forecast for the global market? ›

Forecasts: EV market outlook by 2030 and beyond

It suggests that by 2030, the global electric vehicle stock (excluding two/three-wheelers) will reach nearly 250 million vehicles and grows to 525 million in 2035, when one in four vehicles on the road would be electric. Sales share could reach over 50% in 2035.

What is the future of electric vehicles globally? ›

Electric vehicles could make up as much as nearly half of global car sales by 2035, and our analysts forecast that more advanced autonomous or partially autonomous vehicles will make up the same share of sales just five years later. It's a fundamental shift, upending labor markets, supply chains, and commodity markets.

What is the forecast for electric cars? ›

In 2024, electric car sales in the United States are projected to rise by 20% compared to the previous year, translating to almost half a million more sales, relative to 2023. Despite reporting of a rocky end to 2023 for electric cars in the United States, sales shares are projected to remain robust in 2024.

What are the projections for the electric vehicle industry? ›

Electric car sales break new records with momentum expected to continue through 2024. Electric car markets are seeing robust growth as sales neared 14 million in 2023. The share of electric cars in total sales has increased from around 4% in 2020 to 18% in 2023. EV sales are expected to continue strongly through 2024.

What is the electric vehicle forecast for 2030? ›

Below is our latest long-term forecast for new electric vehicle (BEV and PHEV) sales in the US through 2030. EV sales should grow to reach approximately 29.5% of all new car sales in 2030 from an expect roughly 3.4% in 2021. This would also see sales increase to 4.7 million from a little more than 500,000 in 2021.

Which are the 3 biggest EV markets globally? ›

Greater China remains the largest EV market, shipping 7.6 million units with 55.5% market share. Europe, with a shipment of 3.2 million units and North America with a shipment of 1.8 million units will round up the top three markets in 2023.

Why are electric cars not the future? ›

Batteries are expensive, and legacy automakers are still figuring out how to make EVs. That means they're more expensive to make than gas-powered cars — and therefore, less profitable.

Will hydrogen cars replace electric cars? ›

Statistics cited by the outlet noted that the traditional EV maximizes 94% of its fuel efficiency, while FCEVs maximize just 68%. So will hydrogen cars overtake traditional EVs? "The answer is no," Michael Liebreich, the founder of the analyst firm Bloomberg New Energy Finance, said to The Guardian.

Will electric cars be mandatory? ›

As part of the Advanced Clean Cars II regulations, all new passenger cars, trucks, and SUVs sold in California will be zero-emission vehicles by 2035.

What is the long term forecast for EV? ›

For its part, BloombergNEF released its Long-Term Electric Vehicle Outlookin June. Using its base case scenario, the firm's analysts predict that by 2027, annual passenger EV sales will reach 30 million, representing 33 percent of total global vehicle sales, and forecast that EV sales will top 40 million in 2030.

What percentage of cars will be electric in the future? ›

EPA estimates that 56 percent of cars and light trucks will be fully electric by 2032 and 13 percent will be plug-in hybrids — which use a combination of batteries and gas.

How soon will cars be all electric? ›

Auto manufacturer conversions

Automakers are working on converting their offerings to all-electric vehicles, but their timetables for conversion differ. Some have committed to ending gasoline car sales by 2035; others may take until 2045-2050 to get there unless required by law.

What is the forecast for electric vehicles in 2050? ›

The US Energy Information Administration predicts that light-duty electric vehicles (including plug-in hybrids) will grow from 0.7% of the global fleet in 2020 to 31% in 2050, reaching 672 million vehicles.

What country sells the most electric cars? ›

In 2022, more than 4.4 million new electric vehicles were sold in China, and in 2023, annual new EV sales reached 9.49 million. As of January 2024, we estimate there are around 20 million electric vehicles on the road in China – the most of any country in the world.

What are the projections for EV sales globally? ›

Data from The International Energy Agency's Global EV Outlook 2024 makes vibes-based reporting on the demise of EV sales look silly - global EV sales could hit 17 million in 2024, meaning more than one in five cars sold worldwide will be electric.

What is the global EV sales forecast for 2025? ›

Domestic electric vehicle sales are likely to grow 15% to 20% per annum over 2024 and 2025, down from over 36% in 2023, meaning EV penetration will rise toward 40% by 2025.

What is global EV Outlook? ›

The Global EV Outlook is an annual publication that identifies and assesses recent developments in electric mobility across the globe.

What is the EV charging market prediction? ›

The EV revolution is gaining momentum, and the infrastructure to support it is rapidly evolving. A new report from Research and Markets predicts the global EV charging infrastructure market to reach a staggering US$125.39bn by 2030, expanding at a CAGR of 25.4% from 2024 to 2030.

What is the EV market share in 2024? ›

Fully-electric vehicles (BEVs) had 8.0% market share in Q2 2024. U.S. electric vehicle sales in Q2 2024 totaled 330,463 (up 22.9% from Q1 2024, and up 11.3% year-over-year) Cox Automotive's Kelley Blue Book estimates that Tesla's US sales totaled 164,264 in Q2 2024. This is down 6.3% from a year earlier.

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Kimberely Baumbach CPA

Last Updated:

Views: 6161

Rating: 4 / 5 (61 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Kimberely Baumbach CPA

Birthday: 1996-01-14

Address: 8381 Boyce Course, Imeldachester, ND 74681

Phone: +3571286597580

Job: Product Banking Analyst

Hobby: Cosplaying, Inline skating, Amateur radio, Baton twirling, Mountaineering, Flying, Archery

Introduction: My name is Kimberely Baumbach CPA, I am a gorgeous, bright, charming, encouraging, zealous, lively, good person who loves writing and wants to share my knowledge and understanding with you.