Four Takeaways on the Future of the Global EV Market
Today BloombergNEF released its seventh annual Electric Vehicle Outlook. The report offers reams of new data and projections around what’s become a familiar story: EV sales are growing at double digits each year and are now the only growth area in the global passenger vehicle market. China is the largest single market for EVs, and it’s also becoming a significant exporter of them. Additional EV adoption will mean much more extraction and processing of key materials like lithium.
Bloomberg News and Hyperdrive have covered the report’s key findings. Here are four additional takeaways:
1. EV sales are up, everywhere
Sales of passenger electric vehicles increased globally by more than 60% in 2022. They also increased in every major market. In India and Southeast Asia, traditionally small markets for EVs, sales were up more than 200%. They rose by 100% in Japan, close to 100% in China, 90% in Australia, 50% in the US, and 17% in Europe.
What’s more, electric car sales rose against the backdrop of an essentially flat global auto market — sales of new cars across all powertrains rose only 2% year-on-year — and a declining market for new cars with internal combustion engines. Among the wealthy auto markets, only Australia saw increasing sales of ICE cars last year, and even then they rose only 1%.
Southeast Asia and India are the only two markets where both ICE and EV sales increased year over year. It’s worth watching to see how long it takes for their triple-digit EV growth rates to reverse sales trends for ICE cars.