Global Electric Vehicle Market Research
Overview:
Global electric vehicle market is rising rapidly with the expectation to reach an
estimated $335.3 billion by 2023. The electric vehicle outperforms the conventional vehicle providing
higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother
drive, and reduced sound from engine, thus making it expected to grow even further in the coming
years and decades. In 2019, the global electric car fleet exceeded 5.1 million in 2018. That means a 2
million increase from 2017, nearly doubling EV sales in just one year. But to keep in mind, in 2018, only
2.2% of the world’s passenger vehicles run on electricity. We have a long way to go. And with the
coronavirus pandemic there are many obstacles and challenges ahead.
Top Markets:
China: With more than 147,000 EVs sold in 2015, China is by far the largest EV market worldwide. The
positive assessment of market growth is also due to political measures. The Chinese government, for
instance, offers credits of US$8,500 at purchase. Furthermore, the charging infrastructure is more
mature than in other industrialized markets, especially in densely populated regions. The government
intends to build additional 12,000 charging stations until 2020.
US: With top manufacturers in US for example Tesla, Chevrolet and Ford, US accounts for second most
market for sales in electric cars.
