Global electric vehicle (EV) sales will increase from 3 million units in 2020 to an estimated 14 million units by the end of 2023, a growth rate of 367%. [1] All regions contributed varying amounts to this increase, with China leading the way, the EU remaining unchanged, and the United States also increasing its share. The sales of electric vehicles can account for 18% of total sales in 2023. If this trend continues, 5 million barrels of oil will be saved every day by 2030.
Key factors driving this growth include:
Battery manufacturing capabilities continue to improve and will be able to meet the battery demand for electric vehicles by 2030, achieving the “net-zero emissions” goal of this market segment.
New battery chemistries ease material supply pressures and address range, risk and performance issues with legacy technologies
Charging infrastructure continues to increase to meet consumer demand
Policy support and investment growth highlight the cooperation between local governments and private enterprises in the field of electric vehicles
Electrification will continue as vehicle production speeds increase and costs for consumers further decrease. In addition, cost reductions will increase sales, accelerating the need to fund the highly capitalized automation market. This trend will significantly reduce costs for consumers, making electric vehicles affordable for the general public. Of course, there are also objections that charging problems will still prevent some consumers from switching to electric vehicles, because long charging times will bring about range anxiety and lifestyle changes.
