Market Insights report
The Electric Vehicles market is pivotal in the push for CO2-neutral mobility and combating climate change. In 2023, the sector experienced a notable 27% growth, with sales surpassing 13 million cars, generating US$769.3 billion in revenue. China led the global market, with the United States following suit. China's growth can be attributed to government subsidies, a wider range of affordable electric vehicles, and increased market competition. The U.S. saw a significant 40% increase in sales, while Europe's growth was driven by an expanded lineup of electric vehicle models and incentives. The European Union is projected to sustain this trend, driven by strict emission standards and the move towards zero-emission vehicle mandates.
What's included?
Owing to the ever present danger of climate change, Electric Vehicles have become more popular in recent years, and will play a large role in helping us safeguard our future because it not only entails moving people from point A to point B but doing so in a way that is environmentally conscious.
The Electric Vehicles market report provides a peek into this fast-growing industry, currently focusing on battery electric vehicles, plug-in hybrid electric vehicles and electric vehicles infrastructure which includes information about public charging stations.
In 2023, the global sales of new electric vehicles witnessed a growth of 26.8% compared to 2022, building upon the positive momentum observed in the previous year. The unit sales of electric vehicles surpassed an impressive 13 million cars, generating a substantial total revenue of US$769.3 billion. Forecasts indicate a promising compound annual growth rate (CAGR) of 26.1% for the revenue over the period between 2019 and 2029.
China emerged as the clear leader in the global electric vehicle market in 2023, surpassing the combined sales of the rest of the world. The figures were almost six times higher than that of the United States, which secured the second position. This surge in the Chinese market can be attributed to various factors, including the robust electric vehicle subsidies provided by the Chinese government, the expanding range of compact electric vehicles, and the introduction of more affordable brands in the market. Additionally, the United States recorded a significant 40% increase in EV sales from 2022 to 2023. Meanwhile, the European market experienced a substantial rise of approximately 19% between 2022 and 2023, with battery electric vehicles now dominating the electric vehicle sales. This surge in the European market is primarily driven by the introduction of a wider array of electric vehicle models, coupled with the market's expansion initiatives and attractive purchase incentives. Anticipated trends suggest that the European Union countries will continue to follow this trajectory, propelled by the implementation of stringent CO2 emission standards and a steady shift toward zero-emission vehicle mandates.
Electric vehicles Overview:
Electric vehicles Overview:
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