NEW YORK – Global electric vehicle adoption continues to grow despite skepticism surrounding charging infrastructure, high battery replacement costs, and electricity grid strains. With the annual sales rising and more people willing to spend money on EVs, the entire market is expected to hit a new milestone in the following years.
According to data presented by Stocklytics.com, global electric car sales are expected to jump by 27% and hit over one trillion dollars by 2028.
Global Unit Sales to Jump by 38% and Hit 18.8 Million by the End of a Decade
The rising concerns about the limited charging infrastructure, high battery replacement costs, electricity grid strains, and significant environmental footprints have definitely had a major impact on global demand for EVs. The plunging sales across the car industry have also had a negative impact on the EV market. Still, the Statista Market Insights survey shows quite optimistic EV market projections, with revenue and unit sales seeing double-digit growth.
Neil Roarty, analyst at Stocklytics.com commented: “In 2024, global EV car sales revenues are expected to hit $786 billion, 2.2% more than last year, but still far from the double-digit growth rates between 2020 and 2023, when annual EV sales surged by an average of 60% per year, fuelled by high gas prices and the rising number of drivers turning to fuel-efficient alternatives to save money.”
Although the annual growth rate in the EV segment will remain deep below these levels, Statista still expects it to double and hit 5.5% in 2025 and then continue to rise to almost 8% by 2029. This positive trend will help EVs reach a new milestone and become a trillion-dollar industry in the next four years. Around 76% of that value, or $765 billion, will come from battery EV sales, while plug-in hybrid EVs will make 34% of total sales revenue that year.
The total unit sales will also rise. Statistics show around 13.6 million EVs will be sold by the end of 2024, 280,000 more than last year. This represents around 17% of all car sales worldwide, with growth primarily driven by key markets like China, the United States, and Europe. However, Statista expects the annual unit sales to jump by 5.1 million in the following years and hit 18.8 million by 2029. The number of charging stations will grow by 65% in this period, rising from roughly 2.5 million to 4.2 million worldwide.
US and European Markets to Drive the Global EV Sales by the End of a Decade
Although China will remain the global EV powerhouse, its market share will decrease in the following years, with the United States and Europe fuelling the global EV market growth. According to Statista, China will generate $376 billion or around 47% of global EV sales in 2024. Although Chinese EV revenues will grow by 7% and hit over $403 billion by 2028, its market share will drop to 40%.
On the other hand, Europe and the United States will both see their market shares rise. Statista expects US EV sales to grow by 50% and hit $141.3 billion by 2028, helping the US market share to increase from 11% to 14%. Europe will see an even more significant increase, with sales revenue jumping by 52% to $344 billion and its market share rising from 28% to 34% in this period.
