Global electric vehicle revenue forecast 2016-2029
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.
