It previously took 5 years from 2012 to 2017 for EV sales to grow from around 100 000 to 1 million, underscoring the exponential nature of EV sales growth. In the course of just 5 years, from 2017 to 2022, EV sales jumped from around 1 million to more than 10 million. Electric car sales – including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) – exceeded 10 million last year, up 55% relative to 2021.
The growth in electric car sales took place in the context of globally contracting car markets: total car sales in 2022 dipped by 3% relative to 2021. Between August 2022 and March 2023, major EV and battery makers announced cumulative post-IRA investments of USD 52 billion in North American EV supply chains, of which 50% is for battery manufacturing, and about 20% each for battery components and EV manufacturing.ġ NEVs (China) include BEVs, PHEVs and fuel-cell electric vehicles.Įlectric car sales saw another record year in 2022, achieving a 14% sales share, despite supply chain disruptions, macro-economic and geopolitical uncertainty, and high commodity and energy prices. In the United States, the Inflation Reduction Act (IRA) has triggered a rush by global electromobility companies to expand US manufacturing operations.The European Union adopted new CO 2 standards for cars and vans in March 2023, which require a 55% and 50% reduction in emissions of new cars and vans by 2030 (compared to 2021), and 100% for both by 2035.The share of electric cars in total domestic car sales reached 29% in China in 2022, up from 16% in 2021, thereby achieving the 2025 national target of a 20% sales share for so-called new energy vehicles (NEVs) 1 well in advance. China accounted for nearly 60% of all new electric car registrations globally in 2022.Norway continues to lead in rates of electric vehicle (EV) deployment, with the share of electric car sales reaching 88% in 2022.Global EV Outlook 2023: Trends in light-duty vehicles circle-arrowĬountries and regions making notable progress to advance electric cars include: National policies and incentives will help bolster sales, while a return to the exceptionally high oil prices seen last year could further motivate prospective buyers.īased on current trends, the rollout of electric vehicles is set to avoid the need for 5 million barrels of oil a day by 2030.
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As a result, electric cars could account for 18% of total car sales across the full calendar year. We currently expect to see 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year. The share of electric cars in total sales has more than tripled in three years, from around 4% in 2020 to 14% in 2022.ĮV sales are expected to continue strongly through 2023. Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022.
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