Wiktor Wise
Electric vehicles (EVs) are growing in popularity, with global sales increasing by 43% in 2020 and doubling in 2021 to reach 6.75 million. In 2023, global electric car sales reached almost 3.2 million, with Europe accounting for 25% of sales and China remaining the largest EV market. The number of electric cars on the road globally is now over 40 million, up from 26 million in 2022. This rapid growth is driven by increasing consumer demand, government incentives, and the development of charging infrastructure. Automakers are setting ambitious EV deployment targets, and it is estimated that between 42% and 58% of car sales in 2030 could be electric.
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What You'll Learn
Electric vehicle sales in the US
According to Experian Automotive, the Tesla Model Y was the best-selling electric car in the first quarter of 2024, making up 39.3% of new EVs sold. Tesla has been the leading manufacturer in the US electric vehicle market, with a 56.5% market share in 2023. However, its market share has been falling, with other established automakers adding more EVs to their model lineups. Ford, for example, has the third-most EV sales in the US, thanks to the popularity of the Mustang Mach-E, which sold 28,822 units in the first three quarters of 2023.
While electric vehicles are gaining traction, they still have a long way to go to catch up to gas-powered vehicles, which make up the majority of cars on US roads. In May 2024, electric vehicles and plug-in hybrids combined made up only 8.5% of vehicle sales, while gas-powered vehicles accounted for 82.4%.
Looking forward, the US electric vehicle market is expected to continue growing. By 2028, EVs could make up over 17% of all auto sales in the US, and California is predicted to have a 56.6% adoption rate by 2030. The US has set a goal of reaching 50% electric vehicle sales by 2030 to curb rising emissions.
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Electric vehicle sales in China
Electric vehicle (EV) sales have been increasing globally, with over 40 million electric cars in use worldwide in 2024, up from 26 million in 2022. China has been a key driver of this growth, with its share of the global EV market reaching 76% in October 2024. This growth is due to various factors, including increasing demand for environmentally friendly transportation options, government support and incentives, and the development of charging infrastructure.
China's EV market has experienced significant growth in recent years, with a projected revenue of US$377.9 billion in 2025 and an anticipated steady annual growth rate of 2.61% from 2025 to 2029, resulting in a projected market volume of US$419 billion by the end of that period. The increasing demand for EVs in China is driven by consumers' growing environmental consciousness and willingness to invest in sustainable transportation options. As disposable incomes rise, more consumers can afford EVs, which were previously considered a luxury item.
The Chinese government has played a crucial role in promoting EV sales through stricter emissions regulations and sustainable development initiatives. Additionally, China has doubled the subsidy available to car buyers who trade in their conventional cars, further incentivizing the adoption of EVs. These factors have contributed to China's strong domestic demand for EVs, even as western tariffs threaten to impact exports.
China's EV sales have also been boosted by its exports to other countries, such as Russia, which have increased by 109% in the past two years. However, exports to the US have dropped by 23% due to increased levies on Chinese electric cars imposed by the Biden administration. Despite these challenges, China's EV market is expected to continue its upward trajectory, with an estimated 9.57 million vehicle units sold by 2029.
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Electric vehicle sales in Europe
The adoption of electric vehicles in Europe is actively supported by the European Union and various national, provincial, and local governments. Policies providing direct financial support, non-monetary incentives, subsidies for charging infrastructure, and long-term regulations with specific targets have contributed to the growing uptake of electric vehicles. As a result, Europe had about 5.6 million plug-in electric passenger cars and light commercial vehicles on the road by the end of 2021, making it the second-largest market globally after China.
Germany has been a key contributor to the electric vehicle market in Europe, recording over 699,900 electric vehicle sales in 2023. It became the third country after China and the United States to register half a million new battery-electric car registrations in a single year, with 18% of car sales being battery-electric. Norway has also been a leader in electric vehicle adoption, with battery-electric and plug-in hybrid electric vehicles representing approximately 90.4% of its 2023 new vehicle sales.
In terms of brands, Tesla has made significant inroads into the European market, with the Model Y becoming the best-selling car overall in Europe in 2023, with registrations exceeding 250,000 units. Volkswagen, Skoda, Volvo, MG, Audi, Ford, and BMW are also among the top-selling electric vehicle brands in Europe, with Volkswagen trailing close behind Tesla in market share.
Looking ahead, it is projected that electric vehicle sales in Europe will reach around 3.5 million units in 2024, reflecting modest growth of less than 10% compared to 2023. Despite this relatively low growth compared to other major markets, electric cars are still expected to represent about one in four cars sold in Europe.
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Electric vehicle manufacturing capacity
Electric vehicle (EV) manufacturing capacity is a critical aspect of the growing electric vehicle industry. The demand for electric vehicles has been increasing globally, and the manufacturing capacity has been ramping up to meet this rising demand.
In 2023, the global electric car industry experienced a significant boost, with sales increasing by more than 20% compared to 2022, resulting in almost 3.2 million electric cars sold. This growth is reflected in the manufacturing capacity, with battery production reaching 2.5 terawatt-hours (TWh) in 2023, a 25% increase from the previous year. This added 780 gigawatt-hours (GWh) of capacity, ensuring that battery manufacturing can keep up with the rising demand for electric vehicles.
The increasing demand for electric vehicles has led to a corresponding increase in battery demand. In 2023, EV battery demand increased by 40% compared to the previous year. This surge in demand has been addressed through efficient battery manufacturing processes, such as the cell-to-chassis concept, where battery cells are directly used in the EV structure without prior assembly into battery packs. Additionally, the announced battery manufacturing capacity for 2030 is expected to more than fulfil the demand for electric vehicle batteries, with existing and committed projects covering over 90% of the projected needs.
The electric vehicle market is highly dynamic, with new models being introduced and various incentives and policies driving sales. As of 2024, China remains the world's largest EV market, with people in China accounting for approximately 50% of all electric cars sold globally in 2023. Europe, the second-largest market, accounted for 25% of global electric car sales in 2023, with steady growth in most countries. In the United States, Tesla has been a dominant player, but competitors like General Motors, Ford, and the Hyundai Motor Group are gaining ground.
To further accelerate electric vehicle adoption, international initiatives and pledges have been established, reflecting government support for transitioning to zero-emission transport. These initiatives aim to address potential bottlenecks in EV manufacturing capacity and sales to avoid sunk investments in battery manufacturing. As the electric vehicle market continues to expand, efficient planning and management of electricity infrastructure will become increasingly crucial to accommodate the growing electricity demand for charging these vehicles.
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Electric vehicle charging infrastructure
Electric vehicle (EV) charging infrastructure is critical to the mass adoption of electric vehicles. The availability of charging stations and the ease of access to them are key considerations for consumers looking to purchase or lease an EV. As of February 2024, there were over 61,000 publicly accessible EV charging stations in the United States, and around 6-in-10 Americans live within 2 miles of a public charger. However, a 2022 Consumer Report survey showed that the top two barriers preventing consumers from buying or leasing an EV were charging logistics (61%) and range (55%). This "range anxiety" is a significant stumbling block to the widespread adoption of EVs.
To address these concerns, a robust and equitable network of consumer and fleet charging stations is necessary. This includes the development of both public and private charging stations, with careful planning of electricity infrastructure and the implementation of smart energy management solutions. The charging infrastructure industry has adopted a common standard, the Open Charge Point Interface (OCPI) protocol, which uses specific terminology to describe charging infrastructure components such as station location, EV charging port, and connector.
There are two main types of EV charging infrastructure: fast direct current (DC) charging stations and slower alternating current (AC) charging stations. DC charging stations, also known as Level 3 charging, enable rapid charging at power outputs up to 500 kW. As of 2023, more than 20% of public EV charging ports in the United States offered DC fast charging. The availability of these stations is expected to increase due to federal funding initiatives such as the National Electric Vehicle Infrastructure Formula Program and the Charging and Fueling Infrastructure Grants. AC charging, or Level 1 charging, is the slowest and simplest method, typically using a standard household electrical outlet.
In addition to the physical infrastructure, technological advancements such as Plug & Charge further enhance the EV charging experience. Plug & Charge simplifies the charging process by eliminating the need for charging cards or apps, improving ease of use and security while enabling faster and more seamless charging.
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Frequently asked questions
Almost 3.2 million electric vehicles were sold in 2023, with Europe accounting for 25% of these sales.
There were 381,970 electric vehicles sold in the UK in 2024, and over 1.9 million new cars registered in total. In the US, electric vehicles accounted for 7.3% of all new car sales in 2023, and this number is expected to increase in 2024.
There are now more than 40 million electric vehicles in use globally.
Global electric car sales are increasing, with between 42% and 58% of car sales in 2030 predicted to be electric.
