Global Electric Vehicle Market Sale to Hit USD 72,798 Billion By 2050 | Growing Affordability to Leave Strong Impact on Electric Vehicles Sales Says Astute Analytica

The global electric vehicle market is rapidly growing, with sales doubling in 2023 to 17 million units. China leads with 60% of global sales, followed by Europe and the US. Governments and automakers are investing heavily in EVs, offering a wide range of models across various segments.

New Delhi, May 22, 2024 (GLOBE NEWSWIRE) — The global electric vehicle market is poised for explosive growth, with a projected value of US$ 72,798 billion by 2050, up from US$ 340.2 billion in 2023. This represents a CAGR of 21.99% for revenue and 21.73% for volume over the forecast period.

The electric vehicle market has been witnessing a remarkable surge in sales, with a 21% growth year-over-year, signaling a robust upward trend in the industry. As of the first quarter of 2024, the global sales of EVs have surpassed 3 million units, with March 2024 alone accounting for a staggering 1.2 million EV purchases. This growth trajectory suggests that EVs are on track to represent more than 20% of all car sales worldwide within the year. In particular, China is leading the charge, with EVs projected to make up nearly half of all car sales, while the US and Europe are not far behind, with EVs expected to account for approximately 11% and 25% of new car sales, respectively.

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The types of EVs consumers are opting for are predominantly Battery Electric Vehicles (BEVs), which constitute 64% of the sales, while Plug-in Hybrid Electric Vehicles (PHEVs) make up the remaining 36%. This preference underscores the increasing consumer confidence in the range and performance of all-electric vehicles. Additionally, the infrastructure to support this growth is expanding, with a 40% increase in the number of public charging points installed globally in 2023 compared to 2022. However, to meet government pledges, the current charging network needs to expand sixfold by 2035.

US EV Market Paints a Mixed Outlook

In the United States, the electric vehicle market showed mixed results in the first quarter of 2024. Americans purchased a total of 268,909 new electric vehicles, accounting for 7.3% of all new-vehicle sales. However, this represented a slight decrease compared to the previous quarter. Tesla, a prominent player in the EV market, experienced a 13.3% decline in sales year over year. Despite these fluctuations, there were notable trends in price and leasing. The average transaction price for a new EV in the first quarter of 2024 was $55,167, indicating a decrease from the previous year. Leasing rates for EVs witnessed significant growth, more than doubling from the previous year, with approximately 27% of all EVs being leased.

In terms of brand performance, Cadillac and Ford stood out with impressive year-over-year increases in EV sales. Cadillac achieved a remarkable 499.2% increase, driven by the robust sales of its Lyriq model. Ford also experienced a substantial 86.1% increase in EV sales. Notably, Ford joined Tesla as the only brands to sell over 20,000 EVs in the first quarter of 2024.

Looking ahead, there is optimism for continued growth in the U.S. electric vehicle market. Cox Automotive forecasts that EV sales will increase year over year in 2024, potentially making it the best year ever for EV sales in the country. These findings highlight the dynamic nature of the U.S. EV market, with evolving sales figures, price trends, brand performance, and positive growth projections.

Affordability and Environmental Impact to Leave Promising Impact on Electric Vehicles Market

In China, the affordability of electric cars is on the rise, as more than 60% of electric vehicles sold in 2023 were priced lower than their gasoline counterparts. This trend indicates a growing shift towards greater affordability and accessibility in the EV market. The adoption of electric vehicles globally has also resulted in significant environmental benefits. The use of EVs has contributed to a reduction in greenhouse gas (GHG) emissions, with over 80 million tons of GHG emissions saved worldwide. This reduction aligns with efforts to combat climate change and promote sustainable transportation options.

In terms of investment, the electric vehicle market has witnessed substantial funding in supply chains. Between August 2022 and March 2023, a total investment of $52 billion was made into North American EV supply chains. This investment highlights the growing confidence in the future of EVs and the importance of developing robust supply networks. This projection indicates a steady annual growth rate and underscores the economic potential and attractiveness of the EV market for investors and stakeholders.

Battery technology plays a crucial role in the success of electric vehicles. The National Renewable Energy Laboratory (NREL) estimates that current EV batteries can last between 12 to 15 years in moderate climates. To provide further assurance, most EV manufacturers offer an eight-year, 100,000-mile warranty on electric or hybrid batteries and related components. These warranties provide consumers with confidence in the longevity and reliability of EV batteries.

Key Findings in Global Electric Vehicle Market

Market Forecast (2050) US$ 72,798 billion
CAGR 21.99%
Largest Region (2023) Asia Pacific (50%)
By Type Battery Electric Vehicle (52.0%)
By Vehicle Type Passenger Car (53.8%)
By Charger Normal (87.5%)
By Power Output 100-250 KW (41.8%)
Top Trends
  • Increasing consumer demand and interest
  • Rapid growth in key markets like China, Europe, and the US
  • Expansion from early adopter phase to mass market phase
Top Drivers
  • Government policies and incentives supporting EV adoption
  • Advancements in EV technology (e.g., longer driving ranges)
  • Growing environmental concerns and desire to reduce carbon emissions
Top Challenges
  • Limited availability of charging infrastructure
  • High upfront costs of EVs compared to traditional vehicles
  • Range anxiety and concerns about lengthy charging times

BEVs Reach Critical Milestones in Global Automotive Sales, Accounted for 52% of all Automotive Sales

The global rise of battery electric vehicles (BEVs) has reached a significant milestone, with BEVs now accounting for 52% of overall automotive sales in 31 countries as of 2024, up from just 19 countries in 2022. This rapid growth is particularly evident in Southeast Asia and Eastern Europe electric vehicle market, where countries that surpassed the 5% BEV adoption mark a few years ago are now experiencing adoption rates between 5% and 25%, with some achieving this surge in less than four years. As per Astute Analytica, Norway, Iceland, and Denmark lead the BEV revolution, with the United States, Canada, and China reaching the 5% milestone in 2021, 2022, and 2020, respectively. Globally, BEVs had a 14.5% adoption rate in the fourth quarter of 2023, with the U.S. and South Korea on track to move from 5% to 25% BEV adoption within three years.

Electric vehicle sales, including BEVs, grew by 21% in 2023 compared to the previous year, with 1.2 million EVs purchased in March 2024 alone, a 12% increase from the prior year. The first quarter of 2024 saw 3.1 million electric vehicles sold globally, with China leading the growth at 31%, while the U.S. and Canada experienced a 13% rise in sales in the electric vehicle market. BEVs represented 64% of the electric vehicles sold during this period, with the UK achieving the highest year-over-year growth rate in Europe at 13% for the quarter. The shift towards electric vehicles is evident, with 10% of passenger vehicles sold in 2022 being all-electric, a tenfold increase from five years earlier. Norway (80%), Iceland (41%), Sweden (32%), the Netherlands (24%), and China (22%) had the highest share of EV sales in 2022, with China’s EV sales share double the global average at 4.4 million all-electric vehicles sold.

Government policies and incentives have played a crucial role in accelerating BEV adoption, with Norway’s comprehensive approach and China’s strategic investment establishing them as leaders in the EV market. As adoption rates soar and governments implement supportive policies, the future of transportation is undeniably electric.

Charging Infrastructure Keeps Pace with Soaring Demand

The electric vehicle (EV) charging infrastructure as of 2024 is undergoing a significant expansion to support the growing number of EVs on the road. The United States is making a substantial investment, with states preparing to spend $5 billion on a national EV charging system in the global electric vehicle market. California alone is investing $1.4 billion in EV charging and hydrogen stations. Innovations such as two-way charging and modular scalable charging platforms are being introduced, and off-grid EV charging stations are being installed in places like San Diego.

Globally, the ratio of EVs to public Direct Current (DC) charging points is 31.4 to 1, while for Alternating Current (AC) charge points, it’s 14.4 to 1. Over the next decade, more than 23 million public EV charging points are expected to be installed, increasing the number from 5.8 million to 28.9 million.

Partnerships between vehicle manufacturers and charging infrastructure providers are ensuring convenient access to charging stations. Companies are focusing on the development of solar-powered charging stations, and Tesla has committed to making at least 7,500 of its chargers available to all types of EVs by the end of 2024. Initiatives like the West Coast Electric Highway are being developed to include numerous EV charging stations across regions. Technologies such as NFC and RFID are enabling the installation of interactive, self-operated charging stations.

By 2028, it is expected that there will be 40 million new EV charging connections, with the majority being household chargers in the electric vehicle market. However, less than 16 million will be publicly available chargers. The lack of public EV charging infrastructure is seen as a barrier to adoption, particularly in communities where public charging is sparse or residential chargers are not viable. The Asia-Pacific region currently leads the EV charging infrastructure market, but significant growth is expected in all regions.

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Unleashing the Power of Electric Mobility: EV Sales Skyrocket in Asia Pacific, Accounts for more than 50% of Total Sales

The Asia Pacific region is experiencing a remarkable surge in the electric vehicle (EV) market, with sales taking flight across nations. As of 2024, the region is playing a significant role in driving the global adoption of electric cars. Let’s delve into the comprehensive findings and statistics that highlight the current state of EV sales in the Asia Pacific electric vehicle market. In 2023, electric car sales reached nearly 14 million globally, with a substantial contribution from the Asia Pacific region. This surge in sales has resulted in a global stock of 40 million electric cars, with countries in the Asia Pacific region making a significant contribution to this number. Year-on-year, electric car sales in the region increased by 35% in 2023, indicating robust growth and a growing shift towards electric mobility.

China, a key player in the Asia Pacific electric vehicle market, has emerged as a global leader in electric car sales. In 2023, nearly 60% of new electric car registrations occurred in China, totaling 8.1 million new registrations. This marked a 35% increase from the previous year, showcasing China’s rapid adoption of electric vehicles. Furthermore, the first quarter of 2024 witnessed a 25% increase in electric car sales compared to the same period in 2023, with China leading the way.

Japan, another prominent player in the Asia Pacific region, has also seen significant growth in electric car sales. In 2023, a record 88,535 electric vehicles were sold in Japan, with electric minicars accounting for half of these sales. This indicates a growing trend towards smaller electric vehicles in the Japanese market.

India, though still in the early stages of electric vehicle adoption, has shown promising growth. In 2023, EV sales nearly doubled in India, and 2024 is projected to see a 66% increase in sales. Tata Motors currently holds a dominant position in the electric vehicle market, accounting for more than two-thirds of India’s EV market. Mahindra & Mahindra, another Indian automaker, experienced an astounding 2476% increase in EV sales in 2023.

Looking specifically at China, the country has become a global leader in EV production and exports. In 2023, Chinese automaker BYD sold 3.02 million electric vehicles and plug-in hybrids, marking a 62.3% year-on-year increase. China surpassed Japan as the world’s largest auto exporter, with a significant portion of exports consisting of electric vehicles. The Chinese market share of rechargeable cars reached 37% in 2023, compared to 30% in 2022, further emphasizing its dominance in the EV industry.

The study also reveal the growing popularity of electric two-wheelers and three-wheelers in India. In 2023, two-wheelers comprised 56% and three-wheelers comprised 38% of the total EV sales in the country. However, four-wheeled electric vehicle registrations in India remained relatively low, with only 72,930 newly registered in 2023.

Top 9 Players Holds Over 52.9% Market Share, Tesla Leads the Charge with Over 14.70% Market Share

Tesla has maintained its position as the market leader in the global electric vehicle market, with 1.81 million units sold globally in 2023, capturing a market share of approximately 14.70%, up from 12% in 2018. The launch of the Model 3 outside the United States played a significant role in Tesla’s surge, outpacing sales of the BJEV EU-series threefold and the Nissan Leaf fourfold. Tesla’s model line-up in 2023 included the Model S, Model 3, Model X, Model Y, and the newly launched Cybertruck, with the Model Y being the best-selling plug-in electric vehicle model worldwide. Notably, Tesla was the only automaker with 100% of its US sales coming from electric vehicles (both BEV and PHEV).

Volkswagen Group is intensifying its efforts in China and is expected to be a leader in the 2030 market. The company had a market share of 3.35% in the first six months of 2022, demonstrating its strong presence in the EV market. BYD, a Chinese automaker, also had a market share of 8.93% during the same period, marking a sharp increase from previous years. BYD’s expanding EV lineup is helping the company catch up to market leaders.

The SAIC-GM-Wuling joint venture closely followed Tesla with a market share of 5.39% in the first six months of 2023. The joint venture’s EV models have been well-received in the Chinese market, contributing to its strong performance. Nissan, known for its popular Leaf model, has been a significant player in the EV market. However, the company’s market share has been under pressure from newer entrants and expanding competition.

The electric vehicle market is highly competitive, with established automakers and new entrants vying for market share. While Tesla remains the dominant player, other manufacturers such as Volkswagen, BYD, SAIC-GM-Wuling, and Nissan are making significant strides. As the market continues to evolve, factors such as technological advancements, government policies, and changing consumer preferences will shape the future of the electric vehicle market.

Key Companies:

  • Tesla Motors
  • BMW Group
  • Nissan Motor Corporation
  • Toyota Motor Corporation
  • Volkswagen AG
  • General Motors
  • Daimler AG
  • Energica Motor Company S.p.A.
  • BYD Company Motors
  • Ford Motor Company
  • Zhejiang Geely Holding Group
  • Tata Motors Limited
  • Mahindra & Mahindra Limited
  • MG Motor India
  • Olectra Greentech Ltd.
  • JBM Auto Limited
  • Other Prominent Players

Market Segmentation:

By Type:

  • Battery electric vehicle (BEV)
  • Fuel cell electric vehicle (FCEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)

By Vehicle Type:

  • Commercial Vehicle
  • Passenger Car
  • Two & Three Wheelers

By Charger:

  • Normal
  • Fast

By Power Output:

  • Less than 100 KW
  • 100-250 KW
  • Above 250 KW

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa (MEA)
  • South America

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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