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Automotive Industry: Current State of EV Sales: Difference between revisions
Automotive Industry: Current State of EV Sales (view source)
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== EV Outlook == | == EV Outlook == | ||
=== International Energy Agency === | |||
According to International Energy Agency(IEA), the electric car market is seeing exponential growth<ref name=":1">https://iea.blob.core.windows.net/assets/dacf14d2-eabc-498a-8263-9f97fd5dc327/GEVO2023.pdf</ref>. Here is a summary of its Global EV Outlook 2023 publication. | According to International Energy Agency(IEA), the electric car market is seeing exponential growth<ref name=":1">https://iea.blob.core.windows.net/assets/dacf14d2-eabc-498a-8263-9f97fd5dc327/GEVO2023.pdf</ref>. Here is a summary of its Global EV Outlook 2023 publication. | ||
=== Number of EV Sales Per Year === | ==== Number of EV Sales Per Year ==== | ||
* EV sales exceeded 10 million in 2022, accounting for 14% of all new car sales, up from around 9% in 2021 and less than 10% in 2022. | * EV sales exceeded 10 million in 2022, accounting for 14% of all new car sales, up from around 9% in 2021 and less than 10% in 2022. | ||
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=== EV Sales Outlook === | ==== EV Sales Outlook ==== | ||
* Electric car sales is expected to grow by 35% year over year in 2023 to 14 million vehicles. | * Electric car sales is expected to grow by 35% year over year in 2023 to 14 million vehicles. | ||
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* Europe electric car sales grew by around 10% year over year in Q1 of 2023. IEA expects Europe electric car sales to increase by 25% year over year in 2023. | * Europe electric car sales grew by around 10% year over year in Q1 of 2023. IEA expects Europe electric car sales to increase by 25% year over year in 2023. | ||
=== EV Sales | * Based on IEA Stated Policies Scenario (STEPS), the initial global share of electric vehicles was projected to be less than 25% in 2030. But the outlook has now been raised to 35% in 2030. | ||
=== Goldman Sachs === | |||
According to Goldman Sachs report, EV sales will account for half of new car sales worldwide by 2035 as the world accelerates its push for net-zero carbon emissions<ref name=":0">https://www.goldmansachs.com/intelligence/pages/electric-vehicles-are-forecast-to-be-half-of-global-car-sales-by-2035.html</ref>. | |||
==== EV Sales Outlook ==== | |||
* | * Goldman Sachs expects the number of EV sales to grow from 2 million in 2020 to 73 million units by 2040<ref name=":0" />. | ||
* The share of EV sales as a percentage of total sales is forecasted to grow from 2% in 2020 to 61% by 2040. | |||
* Between 2020 to 2030, EV sales is forecasted to grow by 32% annually. | |||
* EV normalized profit is projected to grow from $6 billion in 2020 to $93 billion in 2030. | |||
{| class="wikitable" | |||
|+ | |||
!Period | |||
!Global EV sales Growth | |||
|- | |||
|2020 | |||
|31% | |||
|- | |||
|2021 | |||
|124% | |||
|- | |||
|2022 | |||
|49% | |||
|- | |||
|2023 | |||
|34% | |||
|- | |||
|2024 | |||
|30% | |||
|- | |||
|2025 | |||
|27% | |||
|- | |||
|2026 | |||
|22% | |||
|- | |||
|2027 | |||
|17% | |||
|- | |||
|2028 | |||
|21% | |||
|- | |||
|2029 | |||
|17% | |||
|- | |||
|2030 | |||
|14% | |||
|- | |||
|2035 | |||
|10% | |||
|- | |||
|2040 | |||
|6% | |||
|} | |||
== State of EV Competition == | == State of EV Competition == | ||