Electric car markets are growing exponentially as sales exceeded 10 million in 2022. The share of electric cars in total sales has more than tripled in three years, from around 4% in 2020 to 14% in 2022
EV sales are expected to continue strongly through 2023. Electric cars sales reach to over 2.3 million in the first quarter, about 25% more than in the same period last year. It is projected that 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year.
National policies and incentives will help bolster sales, while a return to the exceptionally high oil prices seen last year could further motivate prospective buyers.
Based on current trends, the rollout of electric vehicles can avoid the need for 5 million barrels of oil a day by 2030.
A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020. Three markets dominated global sales. China was the frontrunner once again, accounting for around 60% of global electric car sales. More than half of the electric cars on roads worldwide are now in China and the country has already exceeded its 2025 target for new energy vehicle sales.
In Europe, the second largest market, electric car sales increased by over 15% in 2022, meaning that more than one in every five cars sold was electric.
Electric car sales in the United States – the third largest market – increased by 55% in 2022, reaching a sales share of 8%.
Electric vehicle (EV) markets in India, Thailand, and Indonesia show promising growth, with sales soaring in 2022. Although electric car sales remain low in these countries, collectively, sales more than tripled compared to the previous year, reaching 80,000 units.
Thailand stands out as the leader in the region, with over 3% of total car sales coming from EVs. In India and Indonesia, EV and component manufacturing is ramping up, further supported by government incentive programs.
In India, the government's USD 3.2 billion incentive program has attracted investments totaling USD 8.3 billion, helping to boost the country's EV industry. Meanwhile, Thailand and Indonesia are also strengthening their policy support schemes, providing valuable experience for other emerging economies looking to encourage greater adoption of electric vehicles.
These promising signs of growth suggest that emerging electric vehicle markets are moving in the right direction toward a more sustainable future. With continued policy support and investment, electric vehicle sales will likely continue to grow in the region and beyond.
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