In a remarkable turn of events, the global electric vehicle (EV) market has surged from a modest 1.4 million units in 2018 to an impressive 7.7 million units in 2022, according to a recent report by GlobalData, a prominent data and analytics company. This meteoric rise is projected to continue, with sales expected to reach a staggering 51.6 million units by 2035, driven primarily by government mandates and substantial investments in charging infrastructure.
The comprehensive report, titled “Electric Vehicles Market Report, Update 2023 – Global Market Outlook, Trends, and Key Country Analysis,” offers a detailed analysis of the EV landscape. It forecasts a compound annual growth rate (CAGR) of 15.9% for the overall EV market during 2022-35, while the passenger EV segment is poised to surge ahead with an impressive CAGR of 26.1%. Commercial EVs are not far behind, predicted to maintain a steady growth with a CAGR of 15% over the same period.
A pivotal aspect of this growth trajectory is the projected increase in sales of battery electric passenger cars. The report anticipates a surge from 7.3 million units in 2022 to an astounding 44 million units by 2035. Furthermore, battery electric commercial vehicles are expected to follow suit, soaring from 0.4 million units in 2022 to a substantial 7.6 million units by 2035.
Unsurprisingly, China emerges as the epicenter of this electric revolution, boasting an impressive annual sales figure of five million battery electric vehicles (BEVs) in 2022. The nation’s proactive stance as an early adopter of EVs has paved the way for a multitude of local and international companies to offer an array of EV models. The Chinese government’s unwavering commitment to tackle pollution through the promotion and adoption of EVs further cements its position as a driving force behind the global EV market’s growth.
The Asia-Pacific (APAC) region leads the global EV market in terms of annual sales, with a dominant 69.3% market share in 2022. Europe follows with 19%, and the Americas trail with 10%. This pattern is expected to persist, with APAC projected to retain a significant share of 41.4% by 2035, while Europe and the Americas are anticipated to account for 31.6% and 19.4% respectively, as stated by Attaurrahman Ojindaram Saibasan, a Power Analyst at GlobalData.
See also: Tesla Expects 40% Growth in 2023 Deliveries with 1.8 Million Cars
Shifting our focus to policy developments, the United States has set an ambitious target to make 50% of all new vehicle sales zero-emission vehicles by 2030. The country is also committed to establishing a robust network of 500,000 chargers, designed to facilitate accessible and convenient charging options for local and long-distance travel.
Across the Atlantic, the European Commission, European Parliament, and Council have joined forces to support a groundbreaking policy. By 2035, all new cars and vans registered in Europe are set to be zero-emission vehicles, reflecting the continent’s dedication to environmental sustainability. Additionally, countries in the Asia-Pacific region, including India, are proactively investing in electric mobility. India’s flagship schemes, Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) and FAME-II, are set to play a crucial role in fostering electric mobility.
All the stars seem to align for the EV market’s promising future, as underscored by GlobalData. With governments, industries, and consumers embracing electric vehicles, the journey towards a cleaner and greener automotive landscape gains momentum, promising a transformative shift in the transportation sector.
