Beatrice Lang
Electric vehicles (EVs) are an essential solution to decarbonizing transport. While the global share of electric mobility is still small, the EV fleet is expanding quickly. In 2022, there were 18 million battery-electric vehicles (BEVs) in use globally, rising to over 40 million in 2024. It is expected that there will be 77 million passenger vehicles in the global electric vehicle fleet by 2025. Electric vehicle use varies worldwide, with consumer demand, market prices, availability of charging infrastructure, and government policies all affecting adoption rates.
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What You'll Learn
- There were 40 million electric cars globally in 2023, up from 26 million in 2022
- China had the most plug-in cars in 2023, with 20.41 million
- Electric cars are growing in popularity due to government subsidies and environmental concerns
- Electric vehicles are essential for decarbonising transport
- The first commercially available EV was the Kia Soul EV in 2016
There were 40 million electric cars globally in 2023, up from 26 million in 2022
Electric vehicles (EVs) are becoming increasingly popular worldwide, with a growing number of electric cars on the roads globally each year. In 2023, there were an estimated 40 million electric cars in use around the world, a significant jump from 26 million in 2022. This increase in electric vehicles is part of a broader trend of growing electrification in the automotive industry.
The rise in electric car sales has been driven by several factors, including government subsidies, improved charging infrastructure, increased range, and lower battery costs. Environmental concerns have also played a crucial role in encouraging consumers to make the switch to electric vehicles. As a result, the market share of electric cars has expanded rapidly, with around one in five new cars sold globally being electric in 2023.
China has been a key driver of this trend, with its New Energy Vehicle (NEV) industry experiencing substantial growth. In 2023, China sold over 4 million cars, becoming the largest auto exporter globally. The majority of the additional sales came from China, which sold about half a million more electric cars than in the same period in 2022. China also dominates the market for charging stations, with over 85% of the world's fast chargers and 60% of slow chargers installed in the country in 2023.
Other countries have also made significant strides in EV adoption. Europe, the second-largest market for electric vehicles after China, accounted for 25% of global electric car sales in 2023. Norway, in particular, stands out with over 90% of new cars sold being electric, while France and the United Kingdom follow closely with 25%.
The increasing popularity of electric vehicles has had a notable impact on the overall car market. While sales of conventional internal combustion engine cars contracted by 8%, the total car market grew by 5% due to the strong performance of electric vehicles. With the continued maturation of the EV market, increasing price competition, and the availability of new models, the number of electric cars on the roads is expected to continue rising in the coming years.
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China had the most plug-in cars in 2023, with 20.41 million
Electric vehicles (EVs) are becoming increasingly popular worldwide, with consumer demand, market prices, availability of charging infrastructure, and government policies all influencing their adoption. As of December 2023, China had the world's largest stock of highway-legal plug-in passenger cars, with an impressive 20.41 million units on the roads. This figure represents almost half of the global plug-in car fleet in use. China's dominance in the EV market didn't happen overnight; it has consistently led global sales with millions of units sold annually, driven by several key factors.
Government incentives and infrastructure development have played a significant role in China's success. The Chinese government has implemented various policies and incentives, including generous subsidies for buyers and tax exemptions, making EVs more affordable for consumers. Additionally, the government has invested heavily in the development of charging infrastructure, addressing one of the main concerns of consumers—the availability and convenience of charging their electric vehicles. This has been a crucial factor in the growth of the EV market in China.
China's large population and rapid urbanization have also contributed to the increasing demand for environmentally friendly transportation options. As cities become more congested and air pollution becomes a pressing issue, EVs offer a compelling solution. Their compact size and maneuverability make them well-suited for navigating through crowded urban environments. Furthermore, the Chinese government's focus on sustainable development and stricter emissions regulations have raised awareness among consumers about their carbon footprint, making EVs a popular choice for those seeking a cleaner and more sustainable alternative to traditional gasoline-powered cars.
The momentum of EV adoption in China shows no signs of slowing down. In 2022, the country sold 6.8 million EVs, and this trend continued into 2023, with electric car sales reaching 8.1 million units, a 37% increase from the previous year. This surge in sales highlights a rapid acceleration in EV adoption, indicating a promising future for the industry in China. By 2025, China aims to have 25% of its car fleet electrified, further increasing demand for sustainable transport. With its booming EV market, China is projected to generate the highest revenue in the global EV industry in 2025, estimated at US$377.9 billion.
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Electric cars are growing in popularity due to government subsidies and environmental concerns
Electric cars are becoming increasingly popular with consumers, and this trend is being driven by a combination of government subsidies and environmental concerns. As of 2023, there are more than 10 million electric vehicles (EVs) on the world's roads, with over 6 million plug-in EVs sold yearly. This is a notable increase from the previous year, with 26 million electric cars on the roads in 2022, up 60% from 2021.
Government subsidies and incentives have played a significant role in encouraging the adoption of electric vehicles. For instance, the New Zealand government launched an Electric Vehicle Programme in 2016, which included exemptions from road user charges and clean car discounts for electric vehicles. Similarly, the provinces of Quebec and British Columbia in Canada offer purchase incentives for new EVs, and China, the country with the largest stock of electric vehicles, has set ambitious targets for reducing CO2 emissions from vehicles. These initiatives have helped to reduce the cost of electric vehicles, making them more accessible to consumers.
In addition to government support, the growing awareness of environmental issues has also contributed to the popularity of electric cars. Electric vehicles offer a greener alternative to traditional combustion engine vehicles, as they produce fewer greenhouse gas emissions and do not rely on petroleum, which has toxic and harmful effects on both humans and the environment. The shift towards electric vehicles is seen as a crucial step in reducing transportation emissions and mitigating climate change.
The increasing demand for electric vehicles has led to advancements in technology and infrastructure. Improvements in battery capacity and vehicle range have addressed initial concerns about the limitations of electric vehicles, particularly in cold climates like Norway, which has the world's highest market penetration per capita. The expansion of charging networks has also played a vital role, as more charging stations alleviate "range anxiety" and make electric vehicles a more viable option for consumers.
The democratization of EV brands and the introduction of accessibly-priced vehicles by legacy automakers have further contributed to the growing popularity of electric cars. Consumers are recognizing the cost savings associated with lower operating costs and reduced maintenance expenses compared to gas-powered vehicles. As a result, electric vehicles are no longer considered an indulgence of the wealthy but are becoming a more mainstream choice for a wider range of consumers.
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Electric vehicles are essential for decarbonising transport
Electric vehicles (EVs) are essential for decarbonising transport. Transport is one of the largest emitting sectors, and one of the most challenging to decarbonise. A global comparison of the life-cycle greenhouse gas emissions of combustion engine and electric passenger cars reveals that battery-electric vehicles are the technology with the lowest life-cycle GHG emissions today and in the foreseeable future. The supply of low-GHG biofuel is highly constrained and will only be able to displace a small fraction of road fuel in the next decade. By 2050, the maximum amount of low-GHG bioenergy available is estimated to be approximately 28 million barrels per day, which is less than the demand from the aviation, marine, and plastics sectors.
EVs are more efficient and use a cleaner fuel than the internal combustion engines they replace. They reduce carbon emissions and harmful smog-causing pollutants and vehicle soot. They also help decarbonise the electricity sector, as they can be managed to maximise the use of zero-carbon renewables like wind and solar. While electricity as a transportation fuel is getting cleaner, EVs can help speed up this process.
The popularity of EVs has been expanding rapidly due to government subsidies, improving charging infrastructure, their increasing range, and lower battery costs. However, the stock of plug-in electric cars represented just 1% of all passenger vehicles on the world's roads by the end of 2020, of which pure electrics constituted two-thirds. It is expected that there will be 77 million passenger vehicles in the global electric vehicle fleet by 2025, up from an estimated 20 million units in mid-2022.
To speed up the transition to electric vehicles, state leaders and private sector actors must work to create a consumer ecosystem that encourages consumers to buy EVs. Purchase incentives and tax credits have increased EV adoption in some places. For example, the New Zealand Government launched an Electric Vehicle Programme in 2016 to encourage EV uptake and added a Clean Car Discount in 2021. Electric vehicles in New Zealand are exempt from road user charges until at least 2024 and attract the Clean Car Discount when first registered in the country. In 2022, strict CO2 target legislation was enacted on vehicle importers for the period 2023-2027, and charges were imposed on the purchase of high-CO2 emission cars, which will accelerate electric vehicle adoption.
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The first commercially available EV was the Kia Soul EV in 2016
Electric vehicles are becoming increasingly popular, with the number of electric passenger cars on roads across the world rising from 20 million in 2022 to an expected 77 million in 2025. As of December 2023, China had the largest stock of highway-legal plug-in passenger cars, with 20.41 million units, constituting almost half of the global plug-in car fleet in use.
The first commercially available electric vehicle (EV) was the Kia Soul EV, which went on sale in 2014. The Soul EV is the only variant of the Soul sold in Europe, and it is now called the e-Soul in most European markets. The vehicle was unveiled at the 2014 Chicago Auto Show, and European retail deliveries began in July 2014. Sales in the US started in October of the same year, initially only in California. In 2015, Kia produced over a million units of the Soul, with over 100,000 units sold in the United States alone. The popularity of the gasoline-powered Soul was one of the reasons Kia chose to electrify it, building on a platform that was already a proven success.
Kia Motors introduced the Soul EV with a hamster-themed marketing campaign, featuring the song Animals by Maroon 5. The hamsters featured in the commercials became so popular that they were inducted into the Madison Avenue Walk of Fame in 2011. In 2016, Kia slotted the more affordable EV-e trim underneath the base model, and also introduced the Sun and Fun Package, which was available only for Plus models. The 2016 Soul EV came in three trims: EV-e, EV, and EV+. The EV-e was only available in California.
The Soul EV is a compact electric crossover with a smooth and quiet drive. It features a 27 kWh lithium-ion polymer battery pack and is capable of 100 kW DC CHAdeMO rapid charging. The US Environmental Protection Agency (EPA) official range for the 2015 model year Soul EV is 93 miles (150 km), with a combined rating of 105 MPGe (2.2 L/100 km equivalent). The 2018 model year saw a small 11% battery upgrade, and the 2020 model was priced at $36,600 in Norway.
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Frequently asked questions
There are over 40 million electric vehicles in use globally as of 2023, up from 26 million in 2022 and just 18 million in 2021.
In 2020, electric vehicles represented 1% of all passenger vehicles on the world's roads. This figure rose to 1.5% in 2022 and is expected to reach 3% by 2025.
As of December 2023, China had the world's largest stock of highway-legal plug-in passenger cars with 20.41 million units, constituting almost half of the global plug-in car fleet.
