Key Takeaways
- Global electric vehicle (EV) sales surged to 14 million units in 2023, marking a 35% increase from 2022 and accounting for 18% of total passenger car sales worldwide.
- The EV market is projected to grow from $383.2 billion in 2021 to $1.4 trillion by 2030, with a CAGR of 14.2%.
- China's EV market share reached 35.6% of new vehicle sales in 2023, up from 25.6% in 2022.
- Tesla delivered 1.81 million vehicles in 2023, a 38% increase from 2022.
- BYD sold 3.02 million new energy vehicles (NEVs) in 2023, surpassing Tesla globally.
- Volkswagen Group sold 771,000 EVs in 2023, up 35% from prior year.
- Average EV battery pack price fell to $139/kWh in 2023, down 14% from 2022.
- LFP battery adoption in EVs rose to 41% globally in 2023 from 30% in 2022.
- Solid-state batteries are expected to enter mass production by 2027, offering 50% higher energy density.
- Public EV chargers worldwide reached 3.7 million in 2023, up 40% YoY.
- China deployed 2.7 million public chargers by end-2023, 70% of global total.
- US public charging ports grew to 168,000 in 2023, a 55% increase.
- EVs avoided 220 million tonnes of CO2 emissions globally in 2023.
- EU's Fit for 55 package mandates 100% ZEV sales by 2035.
- US IRA tax credits boosted EV adoption by 40% in eligible states in 2023.
Global electric vehicle sales are soaring rapidly with China leading this massive market expansion.
Charging Infrastructure
- Public EV chargers worldwide reached 3.7 million in 2023, up 40% YoY.
- China deployed 2.7 million public chargers by end-2023, 70% of global total.
- US public charging ports grew to 168,000 in 2023, a 55% increase.
- Europe added 300,000 public chargers in 2023, totaling 630,000.
- Ultra-fast chargers (>150 kW) comprised 15% of new installations in 2023.
- Home charging accounts for 80% of EV charging sessions globally.
- Tesla Supercharger network expanded to 50,000 stalls worldwide in 2023.
- Wireless charging pilots reached 11 kW power levels with 93% efficiency.
- India plans 1 million public chargers by 2030, with 10,000 installed by 2023.
- EV-to-grid (V2G) pilots in Europe enabled 10 GWh bidirectional energy flow in 2023.
- Global public fast chargers (>50 kW) totaled 1.2 million in 2023.
- CCS connectors dominated 60% of new charger sales in Europe 2023.
- UK's public chargers grew 42% to 50,000 in 2023.
- Electrify America network hit 4,400 chargers in US 2023.
- Bidirectional charging standardized in 25% of new EVs 2023.
- Australia's chargers reached 3,000 public units by end-2023.
- Level 3 chargers utilization averaged 20% in urban areas 2023.
- Korea installed 250,000 chargers, 80% private, in 2023.
- Dynamic wireless charging roads tested at 20 kW/m in Sweden.
- California's chargers hit 100,000 total, public 42,000 in 2023.
Charging Infrastructure Interpretation
Market Growth
- Global electric vehicle (EV) sales surged to 14 million units in 2023, marking a 35% increase from 2022 and accounting for 18% of total passenger car sales worldwide.
- The EV market is projected to grow from $383.2 billion in 2021 to $1.4 trillion by 2030, with a CAGR of 14.2%.
- China's EV market share reached 35.6% of new vehicle sales in 2023, up from 25.6% in 2022.
- Europe saw EV sales grow by 37% year-over-year in 2023, totaling 2.4 million units.
- The US EV market expanded by 49% in 2023, with 1.2 million units sold.
- Battery electric vehicles (BEVs) are expected to constitute 52% of global light-duty vehicle sales by 2030.
- India's EV market is forecasted to reach 10 million annual sales by 2030, from 1.5 million in 2023.
- Global EV production capacity is set to exceed 40 million units annually by 2025.
- Southeast Asia's EV market grew 300% in 2023, led by Thailand and Indonesia.
- Luxury EV segment grew 28% globally in 2023, driven by Tesla Model Y and BMW i4.
- Global EV sales hit 14 million in 2023, with BEVs at 70% of total.
- EV market revenue projected at $823 billion in 2024, CAGR 21% to 2030.
- BEV production in China reached 6.6 million units in 2023.
- Germany's EV sales grew 21% to 524,000 units in 2023.
- Japan EV market share at 2.2% in 2023, up from 1.7%.
- PHEV sales globally totaled 3.8 million in 2023.
- Brazil EV sales tripled to 75,000 units in 2023.
- Middle East EV market grew 150% in 2023, led by UAE.
- Commercial EV sales reached 1.1 million globally in 2023.
Market Growth Interpretation
Sales Figures
- Tesla delivered 1.81 million vehicles in 2023, a 38% increase from 2022.
- BYD sold 3.02 million new energy vehicles (NEVs) in 2023, surpassing Tesla globally.
- Volkswagen Group sold 771,000 EVs in 2023, up 35% from prior year.
- Ford's US EV sales reached 116,000 units in 2023, doubling from 2022.
- Hyundai-Kia sold 485,000 EVs globally in 2023, a 45% YoY growth.
- GM delivered 75,000 EVs in the US in 2023, up from 40,000 in 2022.
- Rivian produced 19,468 vehicles in Q4 2023, totaling 57,232 for the year.
- NIO delivered 160,038 vehicles in 2023, a 82.7% increase YoY.
- Polestar sold 54,600 cars in 2023, up 26% from 2022.
- BMW Group EV sales hit 375,716 units in 2023, doubling from 2022.
- Mercedes-Benz sold 222,600 EVs in 2023, up 65%.
- Lucid delivered 6,001 vehicles in 2023.
- XPeng delivered 141,601 vehicles in 2023, up 17%.
- GM's Ultium platform EVs sold 43,000 in Q4 2023 alone.
- Stellantis EV sales up 54% to 366,000 in Europe 2023.
- Li Auto sold 376,030 vehicles in 2023, all extended-range EVs.
- Fisker delivered 4,129 Ocean SUVs in 2023.
- Renault Group EV sales rose 41% to 344,000 in 2023.
- Zeekr delivered 118,685 vehicles in 2023.
Sales Figures Interpretation
Sustainability and Policy
- EVs avoided 220 million tonnes of CO2 emissions globally in 2023.
- EU's Fit for 55 package mandates 100% ZEV sales by 2035.
- US IRA tax credits boosted EV adoption by 40% in eligible states in 2023.
- Battery production emissions reduced 50% via low-carbon processes in 2023.
- Global EV fleet saved 1.2 million barrels of oil daily in 2023.
- China's NEV credit system enforced 20% EV sales mandate in 2023.
- Recycled battery materials reached 20% of new cathode production in 2023.
- Norway achieved 89% EV market share for new cars in 2023.
- EV lifecycle emissions are 50-70% lower than ICE vehicles per IEA models.
- EV NOx emissions savings: 1.5 million tonnes avoided in EU 2023.
- California's ZEV mandate requires 100% EV sales by 2035.
- Global mining for EV batteries needs 3x copper supply by 2030.
- EU banned new ICE car sales post-2035 under Green Deal.
- EV incentives in India: $4,500 tax cut boosted sales 50% 2023.
- Lifecycle GHG savings from EVs: 66% vs ICE in EU grid.
- US NEVI program funds $5B for 500,000 chargers by 2030.
- China's dual-credit policy doubled NEV production to 9.5M 2023.
- EV fleet reduced urban PM2.5 by 15% in Beijing 2023.
Sustainability and Policy Interpretation
Technology and Batteries
- Average EV battery pack price fell to $139/kWh in 2023, down 14% from 2022.
- LFP battery adoption in EVs rose to 41% globally in 2023 from 30% in 2022.
- Solid-state batteries are expected to enter mass production by 2027, offering 50% higher energy density.
- Global lithium-ion battery demand for EVs reached 750 GWh in 2023.
- Sodium-ion batteries could reduce costs by 30% compared to LFP by 2025.
- CATL's Qilin battery offers 1,000 km range and 10-minute charging for 400 km.
- Battery recycling rates for EVs are projected to reach 95% by 2030.
- Fast-charging batteries with 4C rates are in development, enabling 80% SOC in 15 minutes.
- Global EV battery manufacturing capacity hit 2.5 TWh in 2023.
- NMC 811 cathodes improved to 230 Wh/kg energy density in 2023 pilots.
- Battery prices dropped to $126/kWh for packs in China 2023.
- Global battery cell production reached 1.2 TWh in 2023.
- Silicon anodes in development boost capacity 20% over graphite.
- EV battery warranty averages 8 years/160,000 km globally.
- Semi-solid state batteries tested at 400 Wh/kg density.
- Lithium iron phosphate (LFP) costs fell to $70/kWh in 2023.
- Nickel-free batteries gained 25% market share in China 2023.
- Battery swapping stations reached 3,600 in China by 2023.
- Advanced thermal management cut battery degradation to <10% over 200,000 km.
Technology and Batteries Interpretation
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