Global EV Market to Record Sizeable Growth Through 2050

EV. Bigstock

The increase drove an increase in the number of EVs sold to 10.6 million units. Vehicle Freak predicts EVs will account for over 30% of total vehicle sales in 2030. While the lack of adequate charging infrastructure remains a top market barrier, the number of publicly accessible vehicle chargers increased by 37% to 1.8 million units in 2021, with China accounting for a lion’s share of the chargers followed by the U.S and Europe. With regards to EV models produced by each country, China leads with 300 models while Europe has 184 and the U.S. has 65.

Additionally, the study forecasts that the global market for EV chargers will increase to $190 billion by 2030, with the deployment of rapid, fast, ultra-fast, smart EV charging and vehicle-to-grid technologies and infrastructure expanding. EV manufacturers will seek to reduce the time spent by consumers to fully charge while ensuring longer EV ranges.

While Tesla continues to dominate the market – representing the world’s largest producer of EV’s to date -, Chinese and German companies including BYD, Wuling and Volkswagen are increasing their market share, with the companies producing some of the world’s top-selling models, according to the study.

As the EV market expands, so will the demand for lithium-ion batteries, as the industry will require over 30 TWh of battery storage capacity by 2040, further driving the global demand for critical minerals such as lithium and cobalt.

Share This Article

Other Reads

Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.
X
X