In the fourth quarter of 2024, over 365,800 battery-electric vehicles were sold in the United States. This was a year-over-year increase of around 15.2 percent compared to the sales recorded in the fourth quarter of 2023. The fourth quarter of 2024 also recorded a hike in sales compared to the third quarter of that same year, making it the best quarter for BEV sales in the country across the past two years. 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 1.1 trillion 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 2023, Chinese customers bought around 8.1 million plug-in EVs, considerably more than American customers' purchases,around 1.4 million that year. China is the leader of the global EV race, with a substantial 36 percent growth in sales year-on-year in 2023. 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 quarter of 2021, the share of the battery electric vehicle was 55.1 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 345 U.S. dollars compared to 25 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.

Electric vehicles amounted to nearly 16 percent of global passenger car sales in 2023, which was a rise of around 2.8 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. Challenges and opportunities for EV charging Electric vehicle charging was the second technology type receiving the most early and growth-stage venture capital investments in 2023, above electric vars and electric two-wheelers. In 2023, there were around 11 electric vehicles per charging point worldwide, and access to this infrastructure was unequal, with China boasting the largest electric vehicle supply equipment network. Slow chargers, typically alternating current, were also the most common charging type, creating opportunities for the development of fast charging across the globe.

The Tesla Model Y was the world’s most popular plug-in electric vehicle with worldwide unit sales of roughly 1.2 million in 2024. That year, deliveries of Tesla's Model 3 and Model Y stood at around 1.68 million. Competition increases in electric vehicle manufacturing While two out of the five 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.

Electric vehicles are projected to account for 45 percent of the market in 2035, up from a forecast of 32 percent in 2030. Overall, American motorists bought some 14.9 million light vehicles in 2020, a volume which is tipped to keep growing.  Tesla sparks sales growth   Tesla accounted for the majority of plug-in electric vehicles sold in the United States in 2020. As of now, Tesla is leading the race towards the electrification of transport in the United States. The California-based carmaker reported 2020 sales nearing 79,000 units of its most recent model addition, the Model Y. The Model 3 came first in the ranking, at 90,000 sales. The latter was introduced in July 2017 at a starting price of 35,000 U.S. dollars and has become Tesla’s most successful model so far. Overall, consumers in the U.S. bought 302,000 Tesla-badged vehicles in 2021.

 The great brand divide   The Tesla brand exerts such dominance in the market that it plays in a league of its own. Even though there are other brands competing with Tesla globally, it looks like they do not stand a chance to bite into Tesla’s U.S. market share. U.S. car shoppers only bought 21,000 Chevrolet Bolt EV and just 10,000 Nissan-badged LEAF battery electric vehicles in 2020.

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Electric Car Rental Market Size 2024-2028

The electric car rental market size is forecast to increase by USD 18.01 billion, at a CAGR of 16.68% between 2023 and 2028.

The market is experiencing significant growth due to several key drivers. The increasing demand for rental cars, fueled by the rise in international tourism, presents a lucrative opportunity for market expansion. Moreover, technological advancements in battery technology have led to improved vehicle range and faster charging times, making electric cars a more viable option for rental companies. However, the global power crisis hindering the growth of the EV market poses a challenge. Despite this, the market is expected to continue its growth trajectory as governments and private entities invest in renewable energy infrastructure to support the widespread adoption of EVs. The market's shift towards electric vehicles is a response to evolving consumer preferences and regulatory pressures, making it an exciting space to watch.

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Electric car rentals have gained significant traction in the transportation industry due to their environmental sustainability and reduced carbon emissions. Renting electric vehicles (EVs) for short periods, such as hourly or daily, is increasingly popular for city travel and errands. Extended rentals, including weekly and monthly options, are also available for longer trips. Battery cars and hybrid cars are the two main types of electric vehicles offered by rental services. The rise of hybrids and plug-in vehicles is driving the growth of mobility services, offering exclusives and cost-effective items with an all-inclusive support system, making it a strong area for investment in sustainable transportation solutions.
In-car infotainment systems and the internet enable travellers to stay connected during their journeys. However, challenges persist, including transparency issues related to charging infrastructure availability and the development of a strong charging infrastructure network is crucial for the growth of the market. The growing urban transportation demands have led to the rise of electric scooter rentals, electric bikes, and other electric mobility vehicles, offering a greener alternative for city commuters. Telematics and improved battery life are enhancing the efficiency of these vehicles while the automotive sector adapts to the shift toward sustainable mobility. As regulations around emissions and sustainability become stricter, the adoption of these eco-friendly transportation solutions continues to gain momentum.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Economy cars
  Luxury cars


Distribution Channel

  Offline
  Online


Geography

  Europe

    Germany
    France
    Italy


  North America

    US


  APAC

    China


  South America



  Middle East and Africa

By Type Insights

The economy cars segment is estimated to witness significant growth during the forecast period.

The rental market for electric vehicles (EVs) is experiencing significant growth, driven by the increasing popularity of online rent-a-car services such as Zipcar and Carzonrent. The internet has revolutionized travel trips by enabling real-time booking through advanced booking engines. In-car infotainment systems and online services enhance the convenience of EV rentals. OEMs are responding with strategic activities, including new product launches, contractual agreements, mergers and acquisitions, and investments in collaboration with alternative energy vehicle manufacturers. Environmental sustainability is a key factor, as EVs produce fewer carbon emissions than traditional automotive industry offerings. Battery-swapping technology and hot-swappable batteries address range anxiety, while replacement costs and charging stations are becoming more cost-effective.

Airport authorities and construction services companies are also investing in EV rental fleets, further expanding the landscape architecture of this growing market. Economic and exclusive electric vehicle models cater to various customer segments, ensuring a diverse product line. Planning, engineering, and design are crucial for creating efficient and attractive EV rental offerings. As the market climate continues to rise, asset management and charging infrastructure will play a significant role in the success of EV rental companies.

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The economy cars segment was valued at USD 8.82 billion in 2018 and showed a gradual increase during th

Between 2023 and 2029, the size of the global electric vehicle market is expected to increase from 769.4 billion U.S. dollars to reach an estimated global market size of some 1.08 trillion U.S. dollars by 2028. 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 25 and 50 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.

The global EV charging panelboard market size reached US$ 5.2 billion in 2023. Over the forecast period 2024 to 2034, EV charging panelboard demand is anticipated to rise at 17.2% CAGR. Total market value is predicted to increase from US$ 6.0 billion in 2024 to US$ 29.3 billion by 2034. Demand for EV charging panelboards is projected to remain high in the individual consumers segment.

Attributes	Key Insights
EV Charging Panelboard Market Anticipated Size (2023A)	US$ 5.2 billion
Estimated EV Charging Panelboard Market Value (2024E)	US$ 6.0 billion
Projected EV Charging Panelboard Market Revenue (2034F)	US$ 29.3 billion
Value-based EV Charging Panelboard Market CAGR (2024 to 2034)	17.2%

2019 to 2023 EV Charging Panelboard Market Outlook Vs. 2024 to 2034 Forecast

Historical CAGR (2019 to 2023)	13.2%
Forecast CAGR (2024 to 2034)	17.2%

Country-wise Insights

Countries	Projected EV Charging Panelboards CAGR (2024 to 2034)
France	18.4%
United Kingdom	17.5%
Germany	16.9%
China	15.4%
United States	14.3%

Category-wise Insights

Top Segment (Location Type)	Residential Charging
Predicted CAGR (2024 to 2034)	15.9%

Top Segment (End-use)	Individual Consumers
Projected CAGR (2024 to 2034)	15.3%

Scope of the EV Charging Panelboard Industry

Attribute	Details
Estimated EV Charging Panelboard Market Size (2024)	US$ 6.0 billion
Projected EV Charging Panelboard Market Size (2034)	US$ 29.3 billion
Anticipated Growth Rate of EV Charging Panelboard Market (2024 to 2034)	17.2%
Historical Data	2019 to 2023
Forecast Period	2024 to 2034
Quantitative Units	Value (US$ billion) and Volume (units)
EV Charging Panelboard Market Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
EV Charging Panelboard Market Segments Covered	Outgoing Ways Location Type End-use Region
Regions Covered	North America Latin America Western Europe Eastern Europe East Asia South Asia & Pacific Middle East & Africa
Key Companies Profiled	ABB Group Schneider Electric Siemens AG Eaton Corporation Legrand Leviton Manufacturing Co., Inc. Delta Electronics General Electric (GE) Mitsubishi Electric Corporation Panasonic Corporation Fuji Electric Co., Ltd. Electrly Enel X

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Lithium Market Size 2023-2027

The lithium market size is forecast to increase by 1066.47 thousand t at a CAGR of 25% between 2022 and 2027.

The market is experiencing significant growth due to the increasing demand for lithium carbonate in various applications, including battery manufacturing for electric vehicles, energy storage systems, fuel cells, and renewable energy. The in demand from the electronics industry, particularly for mobile phones and consumer electronics, as well as digital cameras, is also driving market growth. However, the rise in availability of substitute products, such as nickel-metal hydride and lead-acid batteries, poses a challenge to the market.

Additionally, the trend towards battery recycling to reduce carbon dioxide emissions and minimize the environmental impact of lithium production is gaining momentum. Overall, capacity expansions and technological advancements are expected to accelerate market growth in the coming years.

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The market is experiencing growth, driven by the increasing demand for renewable energy storage and the electrification of transportation. Single-use batteries, particularly those used in electric vehicles and hybrid vehicles, are the primary consumers of lithium. The market's size is projected to expand significantly due to the ongoing transition towards sustainable energy sources and the increasing popularity of electric vehicles. Backward integration is a notable trend in the market, as companies seek to secure supply chains and improve performance metrics. Lithium is essential for reducing greenhouse gas emissions, making it a crucial component in the transition to a low-carbon economy.

Safety standards and ion disposal are critical considerations in the market, as the industry strives to address concerns related to ion charging and safety. Lithium is also used in various applications, including metallurgy, lubricants, medical, and polymer industries. The market's sustainability is a significant focus, with efforts underway to ensure sustainable production and minimize the environmental impact of lithium mining. The market's future direction is towards grid-scale energy storage, as the world moves towards a more electrified energy infrastructure.

How is this Lithium Industry segmented and which is the largest segment?

The lithium industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD thousand t' for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.ApplicationBatteriesCeramics and glassGreasePolymerOthersProductCarbonateHydroxideOthersGeographyAPACChinaJapanSouth KoreaNorth AmericaUSEuropeGermanySouth AmericaMiddle East and Africa

By Application Insights

The Batteries segment is estimated to witness significant growth during the forecast period.

The market is primarily driven by the growing demand for lithium-ion batteries, particularly in the electric vehicle (EV), consumer electronics, and power grid storage sectors. Lithium-ion batteries provide high-energy density with low weight and size, making them an ideal choice for these applications. Government regulations and subsidies for EVs further boost market growth. The EV industry's increasing requirement for lithium-ion batteries, coupled with the declining prices of battery technology, is expected to result in significant market expansion during the forecast period. Lithium-ion batteries have become the preferred solution for energy storage in EVs due to their exceptional electrochemical performance and capacity. Applications of lithium-ion batteries extend beyond EVs, including portable devices, power tools, hybrid vehicles, fuel cells, and air treatment systems. Additionally, lithium compounds are used in various industries, such as pharmaceuticals, glass ceramics, and lithium alloys. The market's growth is subject to regulatory scrutiny and sustainable mining practices, ensuring the production of lithium carbonate and lithium hydroxide for battery cells. Lithium extraction and battery recycling are essential for reducing the environmental impact and maintaining the sustainability of the market.

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The Batteries segment accounted for USD 148.29 in 2017 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 70% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region is experi

In 2023, the Munich-based company sold some 51,700 units of its electric vehicles. The series was launched in November 2013. BMW is among the leading luxury car brands worldwide.

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Neodymium Market Size 2024-2028

The neodymium market size is forecast to increase by USD 1.51 billion at a CAGR of 8.09% between 2023 and 2028.

The market is experiencing significant growth due to several key trends. The increasing focus on renewable energy is driving the demand for neodymium magnets, which are essential components in wind turbines and electric vehicles. Key trend shaping the market is the rising demand for electric vehicles, driven by both government policies and consumer preferences for sustainable transportation.
Additionally, stricter regulations on neodymium magnets, particularly in the automotive sector, are contributing to market expansion by ensuring their safe and efficient use. These factors are strengthening market confidence and accelerating demand. Looking ahead, the market is set for steady growth, propelled by these trends and the growing emphasis on sustainable energy solutions.

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The market, primarily driven by the demand for Neodymium Ferrous Boron (NdFeB) magnets, has experienced significant growth in recent years. NdFeB magnets, a type of permanent magnet made from neodymium, iron, and boron, are essential components in various industries, including electric vehicles (EVs) and wind energy. In the EV sector, Neodymium is used in brushless DC motors, while in wind energy, it is utilized in generators and wind turbine components. Rare earth elements, including neodymium oxide, are indispensable in the production of NdFeB magnets. The electric vehicle industry and wind energy-related applications account for a substantial portion of the market.
Notable applications include Neodymium-Iron-Boron magnets in EV traction motors, hard disk drives, robotics, wearable devices, and offshore wind farms, such as the Macintyre Wind Farm in Queensland. As the world transitions toward carbon-neutral energy sources, the demand for Neodymium is expected to increase further. Neodymium is also used in permanent magnets for DC motors and wind power generators. Companies like General Motors are investing heavily in Neodymium-based technologies for their EVs. Overall, the market is poised for continued growth, driven by the increasing adoption of alternative energy sources and the expanding electric vehicle industry

How is this Neodymium Industry segmented and which is the largest segment?

The neodymium industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Metal
  Compound


Application

  Automotive
  Electrical and electronics
  Wind energy
  Others


Geography

  APAC

    China
    Japan
    South Korea


  North America

    US


  Europe

    Germany


  South America



  Middle East and Africa

By Type Insights

The metal segment is estimated to witness significant growth during the forecast period.

The market encompasses the utilization of neodymium in its metallic form, primarily for the production of neodymium-iron-boron magnets. These magnets offer strong magnetic fields and are indispensable in various industries and applications. Neodymium magnets are significantly employed In the automotive sector, particularly in electric and hybrid vehicles. The escalating demand for electric vehicles, especially in emerging economies like China, is projected to surge due to the global shift towards sustainable transportation. According to the International Energy Agency (IEA), approximately 8.1 million new electric cars were registered in 2023, representing a 35% increase from 2022. This trend is anticipated to boost the demand for neodymium magnets, which are essential components in the manufacturing of electric motors for wind energy-related applications, including onshore projects like the MacIntyre Wind Farm in Queensland and offshore wind farms. The transition towards carbon-neutral energy sources is further expected to fuel the market growth during the forecast period.

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The Metal segment was valued at USD 1.74 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 87% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in Asia Pacific (APAC) is experiencing significant growth due to the increasing demand for high-performance magnets in various industries, including automotive, electronics, energy, and he

Snapshot img

Lithium Carbonate Market Size 2025-2029

The lithium carbonate market size is forecast to increase by USD 4.98 billion at a CAGR of 14.1% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for lithium-ion batteries in various applications, particularly in the electric vehicle (EV) industry. This trend is driven by the global shift towards sustainable transportation and the depletion of fossil fuel resources. Additionally, recycling initiatives for EV batteries are gaining traction, further boosting the demand for lithium carbonate. However, challenges such as the shortage of EV charging stations and the high production cost of lithium carbonate may hinder market growth. The market analysis report provides an in-depth examination of these trends and challenges, offering valuable insights for stakeholders and investors in the lithium carbonate industry.

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Lithium carbonate, a vital component in the pharmaceutical industry, plays a significant role in the treatment of various mood disorders. This inorganic compound is particularly effective in managing mood stabilizing medications for individuals suffering from mental illnesses, including bipolar disorder, mania, hypomania, depression, schizophrenia, and mood swings. Lithium carbonate works by regulating the levels of neurotransmitters such as dopamine and serotonin in the brain. The use of lithium carbonate in the medical field has been extensive due to its efficacy in managing symptoms related to these disorders. However, its application is not without challenges. Patients undergoing treatment may experience side effects such as stomach discomfort, nausea, diarrhea, vertigo, dizziness, muscle weakness, shaking hands, tiredness, thirst, urination, weight changes, metallic taste, saliva, acne, rash, headache, and lithium toxicity.
Moreover, despite these challenges, the demand for lithium carbonate remains high due to its proven therapeutic benefits. Blood tests are essential in monitoring lithium levels in patients to prevent toxicity and ensure effective treatment. The addiction potential of lithium carbonate is minimal compared to other psychiatric medications. Overall, the market for lithium carbonate continues to grow as research and development efforts focus on improving its efficacy and minimizing side effects.

How is this Lithium Carbonate Industry segmented and which is the largest segment?

The Lithium Carbonate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Batteries
  Ceramics and glass
  Cement and aluminum
  Others


Distribution Channel

  Direct sale
  Indirect sale


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  Middle East and Africa



  South America

    Brazil

By Application Insights

The batteries segment is estimated to witness significant growth during the forecast period.

Lithium carbonate is a crucial component in the production of cathode materials for lithium-ion batteries, specifically for electric vehicles (EVs), energy grid storage, and consumer electronics. The higher the lithium content, the better the quality, with 99.9% lithium content being considered EV-grade and 99.5% as standard battery-grade. Lithium carbonate's excellent electrochemical inertness makes it ideal for manufacturing protective cathode layers in lithium-ion batteries. Lithium carbonate-based batteries, such as lithium cobalt oxide, offer stable capacities and high specific energy, making them suitable for use in smartphones, laptops, and digital cameras. These batteries' desirable characteristics contribute to their widespread use in various industries.

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The batteries segment was valued at USD 2.09 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 73% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

Lithium carbonate is a critical raw material for producing lithium-ion batteries, which have gained significant popularity due to their application in electric vehicles (EVs) and renewable energy storage systems. The increasing adoption of EVs, particularly in countries like China and India, is driving the

As of 2023, there were around 168,400 public electric vehicle chargers in the United States, spread across over 64,600 charging locations. The volume of public chargers has been steadily increasing since 2007, and was over ten times larger than the volume of private charging ports recorded in the country in 2023. A challenge for the electric vehicle market The United States' public electric vehicle charging network must meet the demand of a growing electric vehicle fleet, with EV sales rapidly increasing. In an October 2023 survey, 42 percent of U.S. consumers mentioned the lack of public charging as one of their leading concerns regarding battery-electric vehicles, compared to 40 percent of respondents mentioning the lack of chargers at home as a hurdle, and the availability of chargers per 100 electric vehicles in some key U.S. states suggest improvements could be made to the network to better meet consumer demand. To tackle this issue, the U.S. government launched the National Electric Vehicle Infrastructure Formula Program, aimed at expanding the public charging infrastructure.
The North American Charging Standard In 2023, many automakers, among which Ford, Rivian, and BMW, have committed to use the charging standards put in place by Tesla, the leading electric vehicle manufacturer in the U.S., by 2025. The Tesla Destination charger and Supercharger were among the leading public charging network in the United States, excluding non-networked stations. This commitment to the North American Charging Standard would lead automakers to use the company's Superchargers, which provide fast-charging to electric vehicles and have been increasingly more present along the global roads.

The global demand for batteries is expected to increase from 185 GWh in 2020 to over 2,000 GWh by 2030. Despite the prevalence of consumer electronics in 2020, the small energy capacities of gadgets such as phones mean that, in terms of gigawatts, the demand is relatively low. This large increase is mainly due to the electrification of transport which will account for the vast majority of battery demand in 2030 in terms of total energy storage capacity.

E-mobility drives battery demand

A number of countries have seen significant growth in electric vehicle sales, with China leading the way by recording over 430,000 units sold in the first half of 2019. China is also expected to dominate the electric vehicle industry, with plans to adopt the use of approximately 532,000 electric buses in the public transportation sector by 2022. Several countries have the intention of moving to more environmentally sustainable methods of living, with the most notable adaptation being the use of electric vehicles, which have resulted in a likely decrease in the use of gasoline in cars. With the large growth in the e-mobility technologies mentioned above, the global demand for batteries is expected to grow significantly.

Raw material demand

As a consequence of the current trends, the global demand for key battery minerals is expected to increase by 2028. The demand for graphite, which makes up the battery anode, is projected to amount to approximately two million metric tons by 2028. Lithium, another key battery component is forecasted to have a demand of about 1.9 million metric tons in the same year.

The Tesla Model S Long Range was no longer the electric vehicle model with the largest driving range of vehicles manufactured in Model Year 2022. The Lucid Air Dream Edition Range recorded some 115 miles more range than the Model S Long Range for this Model Year. The Lucid-branded vehicles could travel up to 520 miles on a single charge.

Will range anxiety fade away? One of the most significant consumer concerns regarding electric vehicles is their travel distance on a single charge. The driving range is the leading concern of survey respondents in Germany and the United States. Automakers must contend with consumers’ driving range expectations, with EV technology only starting to catch up: Some MY 2023 models already exceed 350 miles. The slow increase in battery-electric vehicle range is boosted by battery technology improvements as the industry starts trying to move away from lithium-ion batteries.

Tesla spark an interest in EV market Production of Tesla vehicles has significantly increased in recent years in response to the growing worldwide demand for electric cars. As a result of increased production output, Tesla’s revenue reached around 96.8 billion U.S. dollars in 2023, more than triple the number from three years earlier. Despite this strong financial performance, Tesla lost its spot as the global leader for plug-in electric vehicle sales to its Chinese competitor BYD in 2023.

In a study published by McKinsey, in financial year 2030, the demand for electric two-wheel vehicles in India was forecasted to reach around 8.2 to 9.2 million units. It is mainly driven by urbanization and migration, favorable governmental policies, lowered prices, and increased consumer readiness for e-vehicles.

More Germans own new electric cars, with almost 380,609 registrations thus far in 2024. Recent years show significant peaks in growth compared to earlier in the timeline, especially after the COVID-19 pandemic. How does this compare to car ownership in general? Work in progress While registration numbers as such are growing, electric cars are still a relatively new type of vehicle on the German car market. As of 2024, battery-powered electric vehicles had a market share of around three percent, while plug-in hybrids had around two percent. Figures will not explode overnight, with several factors contributing. These include competition from China as a major electric vehicle producer, the vehicles themselves being more expensive and the necessity of a larger public charging station network if ownership numbers continue to grow. Among electric car brands owned in Germany, Volkswagen was far ahead of others, with almost 237,000 vehicles registered thus far in 2024. The spark Around 55 percent of consumers could not imagine buying an electric car, based on a survey conducted in 2023. However, electric vehicles are not limited to passenger cars, they can also function as public transportation, i.e. a bus can also be powered by electricity. There is still some work to do in terms of EVs becoming more widespread among the population, though if production, price, infrastructure and demand were all in accord with each other, the appeal is there. The EU has ambitious plans to have only zero-emission vehicles sold by 2035, which is an integral part of wider sustainability goals in battery production and the transition to renewable energy.

Some 18 million battery electric vehicles (BEVs) were in use globally in 2022. That year, around 7.3 million new battery electric vehicles were added to the worldwide fleet, steadily growing since 2016.

Electric vehicle demand gains steam In light of tightening environmental regulations and increasing worldwide acceptance of electric transmission vehicles, a growing number of automakers intend to tap into the market for electric vehicles. Consumers' car purchasing intention followed suit as the COVID-19 pandemic contributed to increasing environmental awareness. The world's best-selling battery-electric vehicle is Tesla's Model Y, the fourth best-selling passenger car worldwide in 2022. California-based Tesla Motors was among the first carmakers to assemble electric vehicles exclusively. In 2022, Tesla delivered more than 1.3 million vehicles worldwide.

Power grid charging challenges
Government agencies have been introducing limits on carbon dioxide emissions worldwide to address more significant environmental concerns. Car manufacturers are expected to be penalized if they fail to meet these limits. However, concerns have been raised regarding the sources of electricity employed to power electric cars and how materials used in car batteries are generally not taken into consideration when it comes to calculating a vehicle's carbon footprint. On the consumer level, the regular power grid was the leading power source drivers in various countries reported intending to use to charge their EVs due to its accessibility compared to alternative power sources. Challenges are, therefore, still ahead for the BEV market.

In 2023, there were a total of 2,780 Tesla cars in Singapore, making it the country's largest electric car population. By comparison, there were almost 2,400 BYD cars in the same year. Nonetheless, the number of hybrid cars in the country was still higher, with Toyota being the leading brand.

Electric car sales in Singapore

The electric vehicle (EV) market in Singapore is growing rapidly. In 2023, electric vehicle registrations reached 5,468, an increase of 50.5 percent on the previous year, representing 18.1 percent of the total 30,225 car registrations. Battery electric vehicles (BEVs) are enjoying growing popularity due to their environmental benefits and affordability. Thanks to favorable policies and infrastructure, Singapore's electric vehicle market is set for significant transformation in the years ahead.

Electrification of Singapore's car fleet 

Despite significant progress, Singapore is still far from achieving its electrification targets, with 97 percent of the car population still running on petrol in 2023. The high price of electric cars and the insufficient number of charging stations are the main obstacles to EV adoption identified by consumers. In addition, according to a survey conducted in January 2024, just over 30 percent of respondents in Singapore would only buy an electric car if it were cheaper than a conventional car. Furthermore, 61 percent of those surveyed cited tax breaks and subsidies as crucial incentives to buy an electric car. To meet this demand, Singapore aims to install 60,000 charging stations by 2030, and is offering incentives under the EV Early Adoption scheme and rebates for vehicles covered by the Vehicular Emissions Scheme (VES) Band A1.

When asked about "Propulsion systems in consideration by type", most UK respondents pick "Gasoline" as an answer. 48 percent did so in our online survey in 2024.

The electric vehicle market in the United Kingdom continues to pick up steam, despite a slight slowdown: In terms of sales volume, the UK market share of plug-in electric vehicles reached 23.9 percent in 2023. Concurrently, the popularity of conventional cars has been decreasing. Diesel demand slumps The average price of diesel fuel has been fluctuating in the past years, peaking in July 2022 at a UK average of nearly two British pounds per liter. However, the decrease in the price of diesel through July 2023 did not prevent the share of new diesel cars in the UK from decreasing that year. The decline in diesel car sales can be attributable to a number of factors: One of the main factors includes the negative perceptions of diesel associated with the ‘Dieselgate’ scandal. Other factors include fears of a tightening regulatory environment. Petrol cars still loved by consumers
At mid-year 2024, just over half of UK online respondents to Statista's Consumer Insights survey reported intentions to purchase a car in the following 12 months. While petrol car sales have decreased in market share between 2022 and 2023, half of UK consumers still consider this propulsion type when buying a car, with hybrid coming in second.