Electric vehicles amounted to some 14 percent of global passenger car sales in 2022, which was a rise of around 5.3 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020. Many consumers started looking for more sustainable transportation methods amid the COVID-19 pandemic due to increased environmental consciousness. This contributed to the EV market expansion worldwide.
A market driven by innovation
Various factors contribute to the rapid growth of the electric vehicle market, including consumer perception, governmental targets, and investments in technological innovation. Regional institutions and national governments are committing to policies supporting electric vehicle adoption worldwide, with around 97 percent of the light-duty vehicle market comprising countries with these policies. Governmental spending on electric cars reached around 45 billion current U.S. dollars in 2022, the steepest increase recorded in the past five years, and global automakers are also allocating part of their revenue toward research and development expenses.
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IEA. (April 26, 2023). Global market share of electric vehicles within passenger car sales between 2010 and 2022 [Graph]. In Statista. Retrieved October 26, 2024, from https://www.statista.com/statistics/1371599/global-ev-market-share/
IEA. "Global market share of electric vehicles within passenger car sales between 2010 and 2022." Chart. April 26, 2023. Statista. Accessed October 26, 2024. https://www.statista.com/statistics/1371599/global-ev-market-share/
IEA. (2023). Global market share of electric vehicles within passenger car sales between 2010 and 2022. Statista. Statista Inc.. Accessed: October 26, 2024. https://www.statista.com/statistics/1371599/global-ev-market-share/
IEA. "Global Market Share of Electric Vehicles within Passenger Car Sales between 2010 and 2022." Statista, Statista Inc., 26 Apr 2023, https://www.statista.com/statistics/1371599/global-ev-market-share/
IEA, Global market share of electric vehicles within passenger car sales between 2010 and 2022 Statista, https://www.statista.com/statistics/1371599/global-ev-market-share/ (last visited October 26, 2024)
Global market share of electric vehicles within passenger car sales between 2010 and 2022 [Graph], IEA, April 26, 2023. [Online]. Available: https://www.statista.com/statistics/1371599/global-ev-market-share/