Global electric vehicle (EV) market is drawing attention with its sales figures in recent times. EV sales reached 1.1 million units in January, showing a 69% increase compared to the same period last year, indicating rapid growth in the electric vehicle sector.

This increase also indicates a significant increase in EV sales in China, along with Europe, America, and Canada. However, a 26% decrease compared to December also reveals seasonal and economic effects on market dynamics. Here are the details…

Electric vehicle sales are increasing day by day!

It is stated that the global electric vehicle sales exceeded 10 million in 2022, constituting over 14% of new vehicle sales. This rate was approximately less than 9% in 2021 and less than 5% in 2020. China maintained its leadership, accounting for approximately 60% of global electric vehicle sales in 2022. While Europe became the second-largest market by increasing its sales by over 15%, EV sales in the United States reached an 8% market share with a 55% increase.

It is reported that global EV sales increased by 50% in Q2 2023, with this increase coming mainly from new markets in Western Europe, North America, and Asia. However, it is observed that China exhibited a lower growth rate (37%) compared to other major markets due to economic challenges.

Among the challenges faced by EV sales in 2023 are the cessation of subsidies in China, energy crisis, and inflation in Europe, and recession concerns in the United States. Nevertheless, it is expected that long-term expectations will not be affected, and China’s EV market will adapt to a subsidy-free environment.

It is stated that China doubled its new energy vehicle sales to 6.7 million in 2022, and NEV sales accounted for 33.8% of total vehicle sales nationwide as of November 2022.

This growth trend and the challenges encountered demonstrate the dynamic structure of the EV market and its future potential. Electric vehicles are expected to be embraced as environmentally friendly alternatives and become more accessible with technological innovations.

Therefore, we can already foresee that 2024 will bring new records. In fact, it is expected that electric vehicles will account for 25% of all new passenger vehicle registrations in 2024, and global sales will exceed 17 million.

According to long-term expectations, electric vehicles are expected to account for nearly 65% of global sales by 2030. However, the 2024 forecasts show that the EV market has already experienced significant growth at the beginning of this journey and that this trend will continue over the next decade. So, by 2030, this figure will be above 65%.