Since Deloitte last presented a forecast for electric vehicle (EV) sales, in January 2019, the EV market has made great strides, and not just in terms of sales. OEMs have invested billions to deliver new electrified models, from R&D to factory redesign. Consumer attitudes have evolved. Government interventions have pushed forward and pulled back.
READ MOREElectric car sales neared 14 million in 2023, 95% of which were in China, Europe and the United States. Almost 14 million new electric cars1 were registered globally in 2023, bringing their total number on the roads to 40 million, closely tracking the sales forecast from the 2023 edition of the Global EV Outlook (GEVO-2023). Electric car sales in 2023 were
READ MOREThe fastest growth in EV sales has been in Europe: a compound annual growth rate of 60% from 2016 to 2020, compared with increases of 36% in China and 17% in the U.S. Last year, nearly three-quarters of all cars sold in Norway and more than half of those sold in Iceland were electric – by far the highest market shares for EVs in any of
READ MOREThe automotive sector is a major contributor to India''s economy, accounting for 7.1 percent of its GDP and providing significant employment. The Economic Survey 2023 predicts that India''s domestic electric vehicle market will see a 49 percent compound annual growth rate (CAGR) between 2022 and 2030, with 10 million annual sales by 2030.
READ MORESales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million. Back in 2012, just 120 000 electric cars were sold worldwide. In 2021, more than that many are sold each week. Nearly 10% of global car sales were electric in 2021, four times the market share in 2019. This brought the total number of
READ MOREGrowth expectations for 2024 build on a record year: in 2023, global sales of electric cars neared 14 million, reaching 18% of all cars sold. This is up from 14% in 2022. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. This indicates robust growth even as many major markets enter a new phase, with
READ MORELMC forecasts that battery electric vehicle passenger vehicle sales in India will rise from about 5.5 per cent of total volumes in 2025 to 13.5 per cent by 2030. In China that share will rise from
READ MOREElectric car sales break new records with momentum expected to continue through 2023. Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020. Three markets dominated global sales.
READ MOREIn 2017, India''s Transport Minister Nitin Gadkari said he wanted only electric vehicles on Indian roads by the end of 2030 - an impossible target that he has since revised. Now, the plan is to
READ MOREChina''s booming electric vehicle industry is forecast to further cement its global dominance this year, shrugging off US and European efforts to catch up and posing a threat to foreign groups
READ MOREBYD, Nio, Wuling, Xpeng, and Zeekr are some major Chinese EV brands at home and abroad. China''s electric vehicles are taking on the world. They may soon come to the US. Electric taxis charge
READ MOREThe global electric vehicle market size was valued at USD 388.1 billion in 2023 and is expected to reach USD 951.9 billion by 2030 at a CAGR of 13.7% during the forecast period. FIGURE 77 NEW ELECTRIC VEHICLE SUBSIDY IN SOUTH KOREA (China, India, Japan and South Korea) data as well, and quantified the market size in units and
READ MOREDuring the 10 years from 2021-30, the annual societal cost of the transition to almost 40 percent EVs is equivalent to about 0.1 percent of China''s growing gross domestic product. "So the cost to society of forcing the sale of EVs in place of ICE vehicles is significant," says Hsieh.
READ MORENotably, China has by far the biggest EV industry in the world. As the largest EV manufacturer, China''s EV production amounted to 3.5 million units in 2021, an increase of 1.6 times year-over
READ MOREBEIJING — Tesla and BYD remained by far the market leaders in China''s electric car market in 2021, while new competitors emerged against smaller rivals like Nio, according to the China
READ MOREAccording to Press Information Bureau data, India had around a million EVs on the road in July 2022. According to Bain and Company, EVs accounted for around 5% of total vehicle sales between October 2022 and September 2023. The policy is a step in the right direction. It supports the Modi government''s "Make in India" initiative, and has
READ MOREIncluding plug-in hybrids, China''s clean-car sales hit 5.67 million in 2022, more than half of all global deliveries. The country will account for about 60% of the world''s 14.1 million new
READ MOREThe NEV Progress Between China and the United States. As of 2020, more than three million passenger electric vehicles were sold in China, over double the number sold in the US. China has over 400 registered brands in the New Energy Vehicle (NEV) industry and over 500,000 electric buses, which accounts for 98% of the global
READ MOREGrowth in the electric-vehicle market has slowed. EV sales rose 65 percent from 2017 to 2018 (Exhibit 1). But in 2019, the number of units sold increased only to 2.3 million, from 2.1 million, for year-on-year growth of just 9 percent. Equally sobering, EV sales declined by 25 percent during the first quarter of 2020.
READ MORENEW DELHI -- Chinese electric vehicle maker BYD is revving up its focus on India, betting that a recent wave of car launches will tap nascent demand for battery-powered transport in the nation of
READ MORE6 · Listen to Audio Version. The global electric vehicle market size was valued at USD 384.65 billion in 2022 and is projected to grow from USD 500.48 billion in 2023 to USD 1,579.10 billion by 2030, exhibiting a CAGR
READ MOREChinese consumers will buy about 8mn to 10mn EVs in 2023, up from record sales of 6.5mn vehicles last year and 3.5mn in 2021, according to company and analyst forecasts. This compares with nearly
READ MORETen million electric cars were on the world''s roads in 2020. It was a pivotal year for the electrification of mass market transportation. Sales of electric cars were 4.6% of total car sales around the world. The availability of electric vehicle models expanded. New initiatives for critical battery technology were launched.
READ MOREThe leading Chinese electric vehicle company, with origins as a battery maker, has posted two years of million-car growth in sales. 40 percent of China''s car market, the world''s largest
READ MORESAYAN CHAKRABORTY, Nikkei staff writer January 13, 2023 19:06 JST. NEW DELHI -- Chinese electric vehicle maker BYD is revving up its focus on India, betting that a recent wave of car launches will
READ MOREWhen it comes to the electric vehicle (EV) market, China is leading the charge ahead of traditional automotive juggernauts like Germany and Japan. China''s new EV sales increased by 82% in 2022
READ MOREElectric vehicles (EVs) could account for more than 40% of India''s automotive market and generate over $100 billion of revenue by 2030. Achieving this will require concerted strategies across five areas: new product development, go-to-market/distribution, customer segment prioritization, software development, and charging
READ MOREAs one of the leaders in the EV world, China has successfully expanded its global market share from less than 30% in 2019 to 41.5% in 2022. Its role as the largest EV production base is even stronger, with 7.1 million units, representing 70% of the 2022 global total, made in China. Within China, EV sales have increased from 16% of the domestic
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