Global electric vehicle revenue forecast

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.

Global revenue for electric vehicles between 2016 and 2023, with a forecast through 2029 (in billion U.S. dollars)

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Release date

2024

More information

Region

Worldwide

Survey time period

2016 to 2023

Special properties

based on a forecast modelled in August 2024.

Supplementary notes

The Electric Vehicles segment includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

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