Wiktor Wise
Electric vehicles (EVs) are rapidly transforming the transport sector, reshaping the automotive market, and redefining global trade in transport equipment. In 2023, electric motor vehicles were the world's 16th most traded product, with a total trade value of $150 billion, representing a 60.1% increase from 2022. The top exporters of electric motor vehicles in 2023 were Germany, China, South Korea, Belgium, and the United States, while the top importers were the United States, Germany, the United Kingdom, France, and the Netherlands. China, Europe, and the United States are the leading electric vehicle markets, with China accounting for nearly 60% of all new electric car registrations globally in 2023. Norway and its Scandinavian neighbours, such as Iceland and Sweden, are leaders in EV adoption, with eight out of ten passenger car sales in Norway being electric vehicles in 2022.
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What You'll Learn
Top exporters of electric vehicles
Electric vehicles are an increasingly traded commodity, with global exports reaching US$150.6 billion in 2023, a 298.8% increase from 2019. The top exporters of electric vehicles in 2023 were Germany ($40.3 billion), China ($32.2 billion), South Korea ($13.7 billion), Belgium ($10.5 billion), and the United States ($7.65 billion).
Germany, the top exporter, accounted for 26.6% of global electric car exports in 2023. The country has the largest stock of plug-in electric vehicles in Europe, with 1,184,416 plug-in cars in circulation on 1 January 2022, representing 2.5% of all passenger cars on German roads. Germany also had 27,730 public charging stations as of March 2020. Despite the COVID-19 pandemic, the segment market share achieved a record 13.6% in 2020, with a record volume of 394,632 plug-in passenger cars registered.
China, the second-top exporter, is forecast to be the world leader in electric vehicle production over the next few years. The country already had the most electric vehicles in use worldwide as of 2019, with a total stock volume of around 3.3 million BEVs and PHEVs. China accounted for 25% of the global stock of electric light commercial vehicles in 2019, the largest in the world.
South Korea, the third-top exporter, experienced significant growth in exports of electric motor vehicles between 2022 and 2023, with a 5.54 billion increase. The country has also been a major supplier of electric vehicles to Germany, with a 106.1% increase in sales to German importers since 2022.
Belgium, the fourth-top exporter, has seen an overall expansion in the value of its electric car imports, with an average 61.2% increase since 2022. The fastest-growing suppliers to Belgium have been Romania (up 2,164%), the Czech Republic (up 301.7%), the Netherlands (up 294%), and France (up 226.6%).
The United States, the fifth-top exporter, has experienced a net export deficit of US$11.7 billion in the international trade of electric cars, indicating a competitive disadvantage in this product category. However, the country has also been working to meet the growing consumer demand for environmentally friendly products, and it remains one of the major global exporters of electric vehicles.
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Top importers of electric vehicles
Electric vehicles (EVs) are reshaping the automotive market and global trade in transport equipment. In 2023, EVs accounted for more than a third of all car imports in value terms. The top importers of electric vehicles in 2023 were:
United States
The United States imported $19.1 billion worth of electric vehicles in 2023, making it the largest importer. The country has seen a significant increase in demand for electric vehicles, with new electric car registrations totalling 1.4 million in 2023, a 40% increase from 2022. The fastest-growing suppliers of electric cars to the US since 2022 have been Austria, Japan, Hungary, and Italy.
Germany
Germany is the second-largest importer of electric vehicles, with imports worth $15 billion in 2023. The country also has the largest stock of plug-in electric vehicles in Europe, with 1,184,416 plug-in cars in circulation on 1 January 2022, representing 2.5% of all passenger cars on German roads. China was the fastest-growing supplier of electric cars to Germany in 2023, with a 293% increase from 2022.
United Kingdom
The UK imported $14.6 billion worth of electric vehicles in 2023, making it the third-largest importer. The UK's electric car imports rose by an average of 37.2% from all supplying countries since 2022. The fastest-growing suppliers to the UK in 2023 were the Netherlands, Japan, Hungary, and Spain.
France
France is the fourth-largest importer of electric vehicles, with imports worth $10.4 billion in 2023. While France was one of the fastest-growing importers of electric vehicles between 2022 and 2023, it saw a decline in the value of its electric car exports to the US in the same period.
Netherlands
The Netherlands rounds off the top five importers of electric vehicles, with imports worth $8.99 billion in 2023. The country also saw the fastest growth in imports between 2022 and 2023, with a 3.63 billion increase.
Other countries that have seen a significant increase in electric vehicle imports include Thailand, Australia, Italy, and Spain. Norway, a leader in EV adoption, posted a decline in imported electric car purchases in 2023.
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Electric vehicles in Europe
Several factors contribute to the growing popularity of electric vehicles in Europe. One key reason is the EU's stringent regulations and targets to reduce greenhouse gas emissions from the transport sector, which contributes significantly to EU emissions. EU legislation sets mandatory emission targets for new cars and vans, leading to the gradual improvement of fuel efficiency and the promotion of zero- and low-emission vehicles, such as electric cars, vans, trucks, and buses. The European Green Deal and the Sustainable and Smart Mobility Strategy shape policies for a more sustainable mobility system.
Financial support for the electric vehicle industry, public investment in charging infrastructure, and consumer incentives like preferential access to bus lanes and free charging at public stations also play a role in encouraging the adoption of electric vehicles. These measures are essential to achieving the EU's climate neutrality objective for 2050. While electric vehicles alone cannot ensure sustainable road transport, they are an important part of the solution, as they produce fewer greenhouse gases and air pollutants over their lifetime compared to petrol or diesel cars.
The production and adoption of electric vehicles in Europe are part of a broader strategy to reduce emissions and improve environmental sustainability. While progress has been made, it is important to note that electric vehicles are just one piece of the puzzle. A comprehensive approach to sustainable mobility includes improving public transportation, car-sharing schemes, and promoting alternative modes of transport like walking and cycling.
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Electric vehicles in Asia
Asia is the largest region in the global electric vehicle market, projected to register a CAGR of 18.5% from 2022 to 2030. The Asia Pacific electric vehicle market is projected to grow from USD 196.06 billion in 2022 to USD 839.01 billion by 2030. This growth is driven by the presence of major countries in the electric vehicle market, such as India, China, Japan, and South Korea.
China is a clear leader in the electric vehicle market in Asia and globally. In 2023, it surpassed Germany to become the world's second-largest car exporter, with 36% of new cars sold in China being electric vehicles, representing 57% of global EV sales. Chinese EV manufacturers are on track to produce up to 36 million EVs per year by 2025. The country also has a strong competitive advantage in the international trade of electric vehicles, with a net export surplus of US$31.9 billion in 2023, a 71.1% increase since 2022. Chinese automakers are well-positioned to benefit from the government's incentives to expand domestic EV adoption, and they dominate the leaderboard of Thailand's EV sales. According to reports, 75% of all EVs sold in Southeast Asia are imported from China, facilitated by the exemption from import duties under the China-ASEAN trade agreement. Chinese auto firms also dominate new factory investments across Southeast Asia, with the exception of Vietnam.
Other countries in Asia are also making significant strides in the electric vehicle market. Thailand, for example, had EVs constituting 10% of all automobile sales in 2023, with an estimated production capacity of 350,000 vehicles per year, supported by Chinese automakers. Indonesia has introduced tax incentives for imports of completely built-up EVs, and Vietnam is developing its market and production through policies such as reduced excise duties on battery EVs and incentives for EV purchases.
India is another key player in the Asian electric vehicle market, with massive investments in EVs led by its national brand, Tata Motors. The country is predicted to be the fastest-growing in the market due to the rising demand for fuel-efficient, high-performance, and low-emission vehicles. The sale of electric vehicles in India has increased annually since 2020, supported by the development of charging infrastructure.
Overall, Asia is at the forefront of the electric vehicle revolution, with new EV factories being built and incentives rolled out to encourage the adoption of renewable and electric technologies.
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Electric vehicles in North America
Electric vehicles (EVs) have gained significant traction in North America in recent years, with a growing number of individuals and businesses embracing the shift towards electrification. The region, comprising the United States, Canada, and Mexico, has played a pivotal role in the advancement and adoption of electric mobility. Here's an overview of the state of electric vehicles in North America:
The United States has been at the forefront of EV adoption in North America. As of 2022, the country accounted for the second-largest market for electric vehicles globally, following China. The US offers a diverse range of electric cars, including popular models from Tesla, Chevrolet, Ford, and Nissan. The federal government has implemented various incentives and policies to promote EV adoption, such as tax credits and grants for purchasing electric vehicles and investing in charging infrastructure. Additionally, states like California, New York, and Washington have taken the lead with aggressive targets for EV sales and ambitious plans to phase out internal combustion engine (ICE) vehicles. California, in particular, has been a trailblazer with its zero-emission vehicle (ZEV) mandate and incentives, influencing other states and even countries to follow suit.
Canada has also made significant strides in EV adoption and is committed to transitioning to a low-carbon economy. The Canadian government offers incentives such as purchase rebates and charging infrastructure grants to promote electric mobility. Provinces like Quebec and British Columbia have led the way with their own incentives and investments in charging networks. As a result, Canada has seen a steady increase in EV sales, with popular models including the Tesla Model 3, Chevrolet Bolt, and Nissan Leaf. The country is also home to innovative companies working on electric vehicle technologies and infrastructure solutions, contributing to the overall growth of the EV industry.
Mexico, while having a smaller EV market compared to the US and Canada, is also taking steps towards electrification. The Mexican government has implemented policies to promote the adoption of electric vehicles, including exemptions from import taxes and incentives for purchasing electric taxis and buses. The country has seen a growing interest in electric mobility, particularly in major cities like Mexico City and Monterrey. Additionally, Mexico has become an important hub for automotive manufacturing, including electric vehicle production. Several global automakers have established assembly plants in Mexico, catering to both the domestic market and export opportunities.
The North American region benefits from a well-established automotive industry, which has facilitated the growth of the EV market. Major automakers have recognized the potential and are increasingly offering electric models to cater to the region's demand. Additionally, the presence of robust supply chains and a skilled workforce has further bolstered the development and production of electric vehicles and their components. The collaboration and competition among these automakers drive innovation, improves technology, and makes electric vehicles more accessible and appealing to consumers.
Lastly, the charging infrastructure in North America is expanding to support the growing EV fleet. Efforts are being made to establish a comprehensive network of charging stations across the region. Companies like Tesla, with its Supercharger network, and Electrify America, a subsidiary of Volkswagen created as part of its emissions scandal settlement, have made significant investments in this regard. Additionally, partnerships between automakers, energy companies, and charging network providers are driving the development of fast-charging stations and innovative charging solutions, addressing range anxiety and making electric vehicles a more viable option for longer-distance travel.
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Frequently asked questions
China, Europe, and the United States are the leading electric vehicle markets. China exported over 4 million cars in 2023, making it the largest auto exporter in the world, of which 1.2 million were EVs. Europe had about 5.6 million plug-in electric passenger cars and light commercial vehicles in circulation at the end of 2021. The US recorded the highest deficit in the international trade of electric cars.
The top 5 exporters of electric vehicles are Germany, China, Belgium, South Korea, and the United States. These 5 countries generated over three-quarters (78%) of electric car global sales in 2023.
The fastest-growing exporters of electric vehicles since 2022 are Japan, the Netherlands, the United Kingdom, and Hungary.
Norway continues to lead in rates of electric vehicle deployment, with the share of electric car sales reaching 93% in 2023.
Nepal led Asia's new car sales of electric vehicles in 2023 with a market share of 83%.
