The global EV market has seen tremendous growth over the past decade, and this trend is expected to accelerate in the coming years. In several countries, EVs are on track to become mainstream. Despite concerns over the industry's rapid expansion, global sales data suggest we are still at the beginning of the EV revolution.

Chapter 1: Historical EV Market Data
To better understand the current state of the EV market, let's review recent trends.

In 2020, overall car registrations did not see significant growth, as the global automotive market was negatively impacted by the COVID-19 pandemic and the subsequent economic downturn. At the start of the year, forecasts for global EV sales were uncertain. However, by the end of 2020, EV sales had surged by 43% from 2019, with EVs accounting for 4.6% of the global car market.

In 2021, EV sales doubled to 6.75 million vehicles—more EVs were sold in a single week in 2021 than in the entire year of 2012.

2022 marked another record-breaking year, with global EV sales exceeding 10 million and EVs making up 14% of all new car sales—up from 9% in 2021 and less than 5% in 2020. By the end of 2022, over 26 million EVs were on the road, reflecting a 60% increase from 2021.

Chapter 2: Global Electric Car Market Share and Size
EVs are crucial for achieving zero-emission goals set for 2050, and the industry is ramping up to meet this challenge.

The market is growing rapidly worldwide, driven by decarbonization efforts in leading nations and supported by policies and incentives. According to the IEA, global EV sales reached nearly 14 million in 2023—a 35% increase from the previous year. This boosted the global EV fleet to 40 million vehicles.

Projections for 2024 are optimistic, with sales expected to reach 17 million, potentially accounting for 20% of total car sales. The IEA foresees substantial growth outside core markets like China, Europe, and the U.S., signaling the global spread of e-mobility.

The number of available EV models has grown as well, with 590 models available in 2023—up 15% from the previous year. By 2028, it's expected that 1,000 EV models will be available globally.

Chapter 3: The State of Global EV Charging Infrastructure
Most EV charging currently takes place at home or work, with private chargers outnumbering public ones by a ratio of 10:1. However, as more EVs hit the road, public charging infrastructure must expand, especially in urban areas with limited home charging access.

In 2023, the number of public chargers grew by 40%, with fast chargers accounting for 35% of this total. China dominated the charging market, installing over 85% of the world’s fast chargers and 60% of slow chargers.

Europe is also expanding its charging infrastructure. By 2023, over 630,000 public EV chargers were available in Europe, with nearly 200,000 new charge points added during the year. The Netherlands, Germany, and France are leading in the number of public charging stations, collectively accounting for 61% of the region’s total.

Chapter 4: The State of Other Electric Vehicles
While passenger cars typically receive the most attention in the EV market, other forms of transportation are also transitioning to electric.

• Heavy-duty trucks: In 2023, electric trucks outsold electric buses for the first time, with 54,000 units sold. This represents a 35% increase from 2022. Europe leads in electric truck sales, with a growing model selection available.

• Light commercial vehicles (LCVs): Sales of electric LCVs surged by over 50% in 2023. China and Europe are the largest markets for electric LCVs, with sales in Europe growing by 60%.

• Electric buses: Nearly 50,000 electric buses were sold worldwide in 2023, bringing the global stock to over 635,000. While China still dominates the market, European countries like France, Germany, and Spain are seeing increased demand.

• Two and three-wheelers: Electric two-wheelers accounted for 13% of global sales in 2023, making them the most electrified vehicle segment. However, sales dropped by 18% globally due to supply chain disruptions following the pandemic.

Chapter 5: The Development of EV Charging Technology
Smart charging is becoming a standard in the EV industry, offering greater convenience and control over electricity consumption for both businesses and consumers. Another emerging technology is Vehicle-to-Grid (V2G), which allows energy stored in EV batteries to be transferred back to the grid. V2G services are already commercially available, and the market is projected to grow significantly in the coming years.

Plug & Charge technology is also gaining traction. It simplifies the charging process by automatically authenticating the vehicle at the charging station, eliminating the need for charging cards or apps.

Chapter 6: The Development of Electric Car Batteries
The rising demand for EVs has led to a surge in battery production, with a 40% increase in EV battery demand in 2023. China remains the global leader in battery production, but Europe’s share is expected to grow to 31% by 2030.

Battery prices witnessed a significant drop in 2023, driven by declining costs of key metals like cobalt and graphite. This resulted in a nearly 14% reduction in battery prices compared to 2022. Innovations in battery technology are expected to improve performance and energy density in the coming years.

Recycling will play a key role in ensuring the sustainability of EV batteries. Global battery recycling capacity reached 300 GWh in 2023 and could grow to 1,500 GWh by 2030.

Chapter 7: The Environmental Impact of EVs
In 2023, EVs consumed around 130 terawatt-hours of electricity, equivalent to Norway’s total electricity consumption for the year. As EV adoption grows, the need for smart energy management solutions will become increasingly important to balance grid demands.

EVs also have the potential to serve as energy storage systems for utilities, offering a cost-effective way to store renewable energy. This could be especially valuable as the world transitions to cleaner energy sources.

In terms of emissions, EVs saved over 220 million tons of greenhouse gas emissions in 2023—up from 80 million in 2022. By 2035, EVs could help avoid 2 gigatons of CO2-equivalent emissions globally.

Chapter 8: Current EV-Related Policies
Government policies have played a crucial role in accelerating EV adoption. In major markets like China, the U.S., and Europe, incentives for EV purchases have been key to driving sales. These markets are now shifting their focus toward expanding EV charging infrastructure and supporting the electrification of heavy-duty transportation.

For example, the European Union’s Alternative Fuels Infrastructure Regulation (AFIR) requires the installation of fast charging points along major transportation routes, while the UK has implemented regulations to improve the customer experience at public charging stations.

Chapter 9: The Private Sector’s Response to EVs
Automakers have responded positively to the growing EV market. Many have announced plans to electrify their fleets, with some committing to fully electric lineups by 2030. The EV100 initiative, which includes over 130 members, supports the transition to zero-emission transportation by committing to electrify company fleets and install EV charging infrastructure.

Chapter 10: EV Market Forecasts by 2030 and Beyond
Looking ahead, the global EV market is expected to continue its rapid growth. According to the Global EV Outlook 2024, there are three potential scenarios:

1. Stated Policies Scenario (STEPS): By 2030, the global EV stock could reach 250 million vehicles, with sales accounting for over 50% of the market by 2035.

2. Announced Pledges Scenario (APS): If all announced targets are met, the global EV stock could reach 585 million by 2035, representing 66% of sales.

3. Net Zero Emissions Scenario (NZE): To achieve net-zero emissions by 2050, the global EV stock would need to reach 790 million by 2035, with EV sales making up 95% of all vehicle sales.

Europe is expected to remain a leading region for EV adoption, with EVs projected to account for 100% of new car sales by 2035.