The global electric vehicle (EV) market witnessed a remarkable surge in 2023, with a record 13.7 million units sold worldwide, comprising 18% of total passenger vehicle sales. This acceleration was particularly evident in the fourth quarter, which saw 4.4 million EVs sold, according to a recent Bloomberg NEF report.
Despite this global momentum, the United States’ adoption of EVs remains sluggish in comparison. In 2023, only 1.3 million EVs were added to American roads, accounting for just 9% of new vehicle sales. This figure falls significantly below the global average, highlighting the nation’s slower pace of EV adoption.
Looking ahead, Bloomberg NEF predicts an even higher deployment of EVs in 2024, with over 16 million expected to be sold globally. This growth, while showing signs of moderation, remains robust, and the global penetration rate of EVs in the auto industry is projected to surpass 20% this year.
China continues to lead the global EV market, as illustrated by the chart below, while North America, including Canada and Mexico, lags behind, indicating significant untapped potential for EV growth in the region.
Despite challenges such as supply chain disruptions and regulatory uncertainties, the momentum toward electric mobility remains strong. While headlines may suggest a slowdown, the data indicates that the growth rate of EV adoption is simply moderating, rather than stagnating, signaling a profound shift in the global automotive landscape.
