The EV market is expected to continue its growth trajectory in 2023. According to a report by MarketsandMarkets, the global EV market is projected to grow from $119.8 billion in 2020 to $236.3 billion by 2027, at a CAGR of 11.9% during the forecast period. The increasing demand for eco-friendly and energy-efficient vehicles, coupled with a growing need for sustainable transportation solutions, is driving this growth.
According to an analysis by BloombergNEF, EV sales will increase from 2.7 million in 2020 to 10.5 million in 2025, with China, Europe, and the United States leading the way. By 2030, it is estimated that EVs will make up roughly 10% of global vehicles sales. This significant growth in sales demonstrates the increasing demand for electric vehicles and the changing attitudes towards sustainable transportation.
One of the key factors in 2023 is the boosting of the advancement in battery technology. Government incentives also played a significant role in driving EV sales and adoption.
Let’s check out the top-selling electric vehicle models in 2023 in European countries:-
Top selling countries in Europe as per brand:-
| Tesla | Norway, Germany, France |
| Volkswagen | Germany, Norway, France |
| Renault | France, Germany, Norway |
| Fiat | Italy, France, Germany |
| Dacia | France, Germany, Norway |
| Peugeot | France, Germany, Norway |
| Hyundai | Germany, Norway, France |
| Nissan | Norway, United Kingdom, Germany |
| Škoda | Germany, Czech Republic, Norway |
| Kia | Germany, Norway, United Kingdom |
The results for comparing of top-selling EVs in 2022 and 2023:-
The following chart shows the countries with most EV sold in 2023,
Top 10 countries with highest EV car market share:-
A comparison of the EV car sales in 2022 was 10.5 million, with a 34% increase from 2021. The EV market share in 2022 was 13%, which means that one in every eight cars was sold in 2022.
The EV car sales in 2023 increased significantly in most countries, especially in China, India, and Australia. The global EV market share also increased from 13% to 16%. This shows that the adoption of electric vehicles is accelerating worldwide.
Let’s check out the EV market comparison of 2022 vs 2023 in Europe:-
As you can see, Norway remains the clear leader in Europe’s EV market, with a market share of 72% in 2023. This is due to a number of factors, including generous government subsidies, strong public charging infrastructure, and a high level of environmental consciousness among Norwegians.
Sweden and Iceland have also seen significant growth in their EV markets in recent years, with both countries now having a market share of over 50%. This is due in part to the fact that these countries have a lot of renewable energy sources, which makes it cheaper to power EVs.
The Netherlands, the United Kingdom, and France have also seen strong growth in their EV markets, with all three countries now having a market share of over 25%. This is due to a number of factors, including government incentives, growing awareness of the environmental benefits of EVs, and increasing availability of charging infrastructure.
Germany is a bit of an outlier, with a market share of just 14% in 2023. This is despite the fact that Germany is the largest auto market in Europe. The slow adoption of EVs in Germany is likely due to a number of factors, including the high upfront cost of EVs, limited range anxiety, and a strong preference for premium brands such as BMW, Mercedes-Benz, and Audi, which have been slower to develop EVs.
Overall, the EV market in Europe is growing rapidly, and it is expected to continue to do so in the coming years. This is due to a number of factors, including the increasing affordability of EVs, growing concerns about climate change, and government policies that are designed to promote the adoption of EVs.
The market projection for 2024 EV sales based on the data from EV-Volumes and IEA,
The global EV car sales are projected to increase by 34% from 2023 to 2024, reaching 18.9 million units. The global EV market share is also expected to rise by 4 percentage points, reaching 20%. This means that one in every five cars sold in 2024 will be an electric vehicle. 🚘
The market projection for the Top 10 countries with the highest EV car sales in 2030, depending on the data available from the EV market:-
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