Between 2023 and 2029, the size of the global electric vehicle market is expected to increase from *** billion U.S. dollars to reach an estimated global market size of some *** billion U.S. dollars by 2029. Driving for electrification Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability. EVs have taken the automotive market in northern European states by storm, and sales figures in China have also been on the rise. Electric vehicles are seen as the future in China, with market size and demand continuously growing, and it is expected that electric vehicles will make up between ** and ** percent of the country’s passenger vehicle market by 2025. Widespread adoption in Norway As of 2022, however, it is Norway that has the largest share of electric vehicles in its fleet: such automobiles represented the majority of new registrations in 2022. Electric vehicles are so popular in Norway in part because of strong incentives put forward by the government, but also because of the availability of charging ports. The widespread availability of charging outlets is paramount in making electric vehicles a viable option for car users.

There were about 58.1 million electric vehicles in operation worldwide in 2024. That year, all-electric vehicles accounted for about 67.2 percent of plug-in electric vehicles. Electric vehicle market growth Globally, electric vehicle sales soared to approximately 17.3 million units in 2024. While conventional vehicle sales slumped amid the outbreak of the coronavirus pandemic, the market share of electric vehicles increased to between four and five percent in 2020, and has been rising ever since. China was the market with the largest battery-electric vehicle fleet in 2024, accounting for around 23 million of the world's battery-electric vehicle population. Manufacturers leading the Chinese market Leading the Chinese battery-electric vehicle market in 2023 was domestic manufacturer BYD. The company has been acknowledged for its innovation in battery technology. BYD also began manufacturing vehicles in foreign countries in 2015. Tesla. BYD's main competitor on the global market, was the second most popular BEV manufacturer in China.

Battery-electric vehicle sales reached an estimated 10.8 million in 2024, up from around 10 million in 2023. BEV sales have soared due a number of factors, including an increased consumer interest in more sustainable transport and governmental regulations to curb direct transport emissions. In 2021, these sales more than doubled compared to 2020, and 2024 marks a new record in all-electric sales volume.

The Tesla Model Y was the world’s most popular plug-in electric vehicle with worldwide unit sales of roughly *** million in 2024. That year, deliveries of Tesla's Model 3 and Model Y stood at around **** million. Competition increases in electric vehicle manufacturing While *** out of the **** best-selling plug-in electric vehicle (PEV) models were Tesla-branded, the battery electric vehicle manufacturer faced competition from Asian brands in 2022. China-based BYD overtook Tesla as the best-selling PEV brand that year, relying on a large offering of plug-in hybrid electric models. BYD has since maintained its position as market leader through 2024. No European models made it to the top ten that year. Technology drives automotive electrification Electric vehicles are growing in popularity. Consumers have become more interested in plug-in electric vehicles following important technological developments. Technology has significantly increased the range of electric vehicles and public charging infrastructure, meaning that plug-in vehicles are becoming more accessible and practical. However, while technological advances have contributed to the success of the market, the lack of public awareness surrounding electric vehicles, the lack of charging infrastructure and concerns surrounding the cost of battery replacement could lower demand.

By 2028, some 17.1 million electric vehicles are forecast to be sold worldwide, an increase of close to seven million sales compared to 2022 estimates. Electric cars gained popularity in 2021, when their sales volume more than doubled year-over-year.

In February 2025, Wuling produced 1,213 units of battery electric cars in Indonesia, marking the highest monthly production volume among other brands. This was followed by Chery, with 1,129 units produced in the same period.

The number of battery electric vehicles sold in the United States came to about *** millions in 2024, with sales of Tesla models accounting for around **** percent of that figure. Second-ranked Ford accounted for only *** percent of U.S. battery electric vehicle sales. Tesla puts electric vehicle sales in the fast lane The Tesla Model Y was the best-selling all-electric car in the United States in 2024, with the Model 3 a strong runner-up. Tesla enjoyed a successful year in 2024, with sales in the United States generating revenues of around **** billion U.S. dollars. Tesla’s sales performance in 2024 not only strengthened its position as one of the market leaders in the EV market, but it also made an impression on the overall automotive market in the United States. Positive news regarding battery charge time One of the main talking points regarding battery electric vehicles is the time it takes to charge them. The number of publicly available fast chargers is increasing across the United States, and these are proving essential for vehicle users who wish to drive long distances. Vehicles equipped with a fast-charging socket can be charged much quicker because fast chargers provide power directly to the battery, without the need for an in-car inverter. A vehicle with a battery capacity of 75 kWh can, for example, be charged to a suitable level in around one hour using a quick charger delivering 50 kW of power.

In the third quarter of 2025, over ******* battery-electric vehicles were sold in the United States. This was a year-over-year increase of over ***percent compared to the sales recorded in the third quarter of 2024. The third quarter of 2025 also recorded a hike in sales compared to the second quarter of that same year, making it the best quarter for BEV sales in the country ever. The stark increase in sales in the third quarter of 2025 is tied to the elimination of EV purchase incentives by the U.S. government. The fourth quarter of 2025 could very well see a decrease in sales. Global EV Race - Where does the U.S. stand? Over the last few years, consumers have perceived Electric Vehicles (EVs) as a far more appealing option due to their increased range, battery life, variety of models, and affordability. Therefore, the EV market has grown fast in recent years and is forecast to expand to ****billion U.S. dollars in 2029. Though the global demand for electric cars has been escalating, American sales lag behind Europe and the Asia-Pacific regions. In 2024, Chinese customers bought around **** million plug-in EVs, considerably more than American customers' purchases, around *** million that year. China leads the global EV race, with a substantial **** percent growth in sales year-on-year in 2024. However, given the market share of electric vehicles in the global automotive industry, this still can be anyone's race. Outlook of the U.S. market There is still a lack of interest in electric vehicles among American buyers compared to European and Asian consumers. In the first half of 2021, the share of the battery electric vehicle was **** percentage points more in Norway than in the U.S. One of the main reasons is that American consumers still anticipate that EVs are more expensive than gasoline vehicles and diesel internal combustion engine cars (ICE). This perception is partially true in the U.S. since the battery production market is highly concentrated in Asia, where the companies have logistical advantages, leading automotive makers to offer better prices. On the other hand, high licensing fees for electric vehicles are another factor affecting the consumption behaviors of automobile purchasers. In many states, the licensing fees for electric cars are considerably higher than their ICE counterparts. EV licensing fees were around *** U.S. dollars compared to ** U.S. dollars for standard vehicles in Georgia in 2021. Together, these factors significantly impact the individual perception of electric cars in the United States.

In 2024, the average electric vehicles price in the electric vehicles market worldwide was modeled to stand at ****** U.S. dollars. Between 2016 and 2024, the figure dropped by *** U.S. dollars, though the decline followed an uneven course rather than a steady trajectory. The average electric vehicles price is forecast to decline by *** U.S. dollars from 2024 to 2029, fluctuating as it trends downward.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Electric Vehicles.

In the financial year of 2025, two-wheelers led the electric vehicle market in India, with sales reaching approximately *****million units. This represented a substantial growth compared to the sales figures from the previous year. Meanwhile, the sales of four-wheeler electric vehicles stood at around ********for the same period. Notably, all sectors of the electric vehicle market witnessed significant growth that year. Electric vehicle market The market projection for electric vehicles (EVs) in India is promising, with a significant increase in sales volume expected in the coming years. In the passenger vehicle segment, Tata Motors has carved out a substantial market share. Meanwhile, Ola Electric is leading the charge in the two-wheeler EV segment. However, the share of EV sales in total vehicle sales in India, while growing, is still relatively small. This points to a gradual yet steady shift towards EV adoption across various vehicle segments in the country. Challenges in EV adoption With the growing environmental concerns, the acceptance of EVs is on the rise in India, with the willingness to invest in sustainable modes of transportation. However, this transition is not without challenges. Concerns about the availability of public charging infrastructure and the safety of battery technology are prevalent. Addressing these issues will be crucial in accelerating the adoption of EVs in the country.

The global electric vehicle market (including battery-electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles) is forecast to reach around ** million vehicles by 2026. Just under **** of these vehicles are projected to be in the Asia-Pacific region. In 2021, around *** million electric vehicles were recorded in Asia-Pacific.

In 2024, nearly 26,000 units of battery electric vehicles (BEVs) were produced in Indonesia. This showed an increase of over 10,500 units compared to the previous year's production.

Around ******* electric vehicles were sold throughout Europe in the first quarter of 2025. This sales volume includes sales of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Europe is one of the leading markets for plug-in vehicle sales worldwide. EV popularity and regional mandates keep the market growing The European plug-in electric vehicle (PEV) market had declined by ***** percent year-over-year between 2023 and 2024 and subsidy rollbacks could impact sales even further. Road transport, including passenger cars, made up most of the European Union’s transport sector carbon dioxide emissions in 2022, amounting to around **** percent of the emissions. That same year, the use of electric vehicles in Europe displaced the equivalent of *** billion liters of gasoline, making a dent in the region’s motor fuel consumption. The benefits of electric cars still depend on consumers’ perception of EVs. Charging infrastructure access impacts consumers’ perception Over half of the consumers in the European Union reported intending to purchase a hybrid or electric vehicle in a survey from the third quarter of 2022, a share which dipped to ** percent in rural areas, where charging infrastructure is less accessible. Various factors can still make PEVs an inaccessible option for potential buyers. German consumers’ leading concerns regarding BEVs were their driving range, their cost, and the lack of charger at home. The rise in electric vehicle usage requires changes to the transport infrastructure, including a sufficient number of publicly available electric vehicle charging stations. Around ******* such charging stations were spread across Europe as of 2023. However, while the number of charging stations has increased, European countries still struggle to expand their network. There were under ***** charging locations per *** kilometers of roadway in Germany, France, Spain, and Italy as of July 2021.

China was the largest market for plug-in electric vehicle sale worldwide in 2024, with around 11.3 million sales recorded that year. Europe was second in the ranking, with around 3.2 million electric vehicles sold that same year.

As of April 2024, there were 133,225 registered electric vehicles (EVs) in Indonesia. This marked a sharp increase of nearly 16,800 vehicles compared to the previous year.

As of December 2024, there were 1,813 units of medium charging stations across Indonesia. In comparison, the country has installed 256 ultra-fast charging stations, which provide higher power.

Plug-in light vehicle (PEV) sales reached nearly *** million units in the United States in 2024. U.S. sales of all-electric and plug-in hybrid electric vehicles peaked that year, after a first increase in 2018 as deliveries of Tesla's Model 3 picked up steam. In 2024, Tesla sales declined, but other manufacturers picked up sales. Still, compared to 2021 and 2022, not many new models were introduced, and most were priced highly. The road to consumer adoption While the sale of electric vehicles has picked up steam in the United States, consumer purchase intentions are still below those for traditional internal combustion engine vehicles. Some ** percent of U.S. consumers considered purchasing a fully electric vehicle when buying a car, according to the Statista Consumer Insights survey, compared to ** percent of consumers considering purchasing a regular gasoline vehicle when buying a car. The time required to charge a battery-electric vehicle (BEV) was U.S. consumers' main concern as of October 2023, followed by BEVs' driving range and their cost or price premium. In an attempt to boost electric vehicle adoption, the U.S. government has allocated financial incentives for the purchase of such vehicles.
New players and market leaders Tesla dominated the U.S. electric vehicle market in 2024, selling over half a million BEVs in the country that year. Ford and Chevrolet completed the top three, making the three best-selling BEV brands in the United States all domestic manufacturers. This success has attracted electric vehicle startups such as Lucid Motors, which produced the battery-electric vehicle with the longest driving range as of Model Year 2022, and Rivian. However, these companies are yet to be profitable, reporting net losses during the 2020, 2021, and 2022 fiscal years.

The market share of electric vehicles is growing rapidly: by 2030, *** in **** new cars sold will be battery-powered. It is projected that this figure will increase to over ** percent by 2050. Electric vehicles are tipped to account for almost ** percent of the global car parc by 2050.

BYD overtook Tesla as the best-selling electric vehicle brand in 2022 and maintained its position in the ranking through 2024. That year, BYD sold nearly *** million plug-in electric vehicles globally. Tesla and Wuling completed the top three brands that year, with Tesla reporting some **** million sales. BYD is also the leading manufacturer of electric vehicles in China, based on sales. European brands charge ahead in electric car sales With Europe-based brands Volkswagen, BMW, and Mercedes all impressively ranked in the plug-in electric vehicle (PEV) market, there is no doubt that Europe's incumbent automakers are ready to zoom past rivals when it comes to electric mobility. Volatility in the market has, however, come to light in 2020 following the coronavirus outbreak, as international auto sales contracted by around ** percent and plummeted to around ** million units. The global automotive chip shortage, accelerated by the pandemic, further contributed to challenges in the market throughout 2021 and 2022. The European electric vehicle market has been growing through these challenges, with plug-in electric vehicle sales representing nearly ** percent of the 2024 European passenger car sales. Fueling a green future With climate change still a hot topic of conversation across the globe, the adoption of fuel-cell electric vehicles (FCEV), which emit only water vapor into the environment, as well as hybrids, plug-in hybrids, and battery electric vehicles is becoming ever more enticing. Green transportation-related patent applications worldwide represented close to a quarter of all green patents filed in 2020.

Battery-electric vehicle revenue in Chile is expected to reach nearly 46.1 million U.S. dollars in 2029, up from around 25.5 million U.S. dollars in 2023. In contrast, plug-in hybrid electric vehicle revenue is forecast to have a faster growth, reaching nearly 66.9 million U.S. dollars in 2029.