Growth of Electric Vehicle Market 2024

Growth of Electric Vehicle Market

The Electric Vehicle market across the world has grown at a compounded rate of 50 percent
between 2019 and 2021.Within that China is taking the lead, U.S. is catching up
and Europe is falling behind.

Now, China
has the largest and fastest growing electric vehicle market in the world and
the number of units sold in china has risen from just 10.6 lakhs in 2018, all
the way to 31.6 lakhs in 2021.

The
U.S.Electric Vehicle market size was just 24 billion dollars in 2020.The market
is projected to grow from 28.2 billion dollars in 2021, all the way to 137
billion dollars in 2028.That is the compounded growth of 25 percent between
2021 and 2028 period.

Now, India
which falls under the rest of the world region has seen outsized growth of 90
percent in electric vehicles in the last three years. Sales of electric
vehicles in India have risen from just 4800 units in 2020,all the way to 19750
units in 2022 so far, that’s the growth of 300 percent.

However,
there are still many challenges in the mass global adoption of electric vehicles.
The biggest issue is the energy crisis across major developed cities in the world.
In India, issues like range anxiety, lack of charging stations, inadequate
battery swapping technologies are some impediments to the fast adoption of
electric vehicles.Nevertheless,the future is looking bright and India’s
electric mobility journey is gaining momentum. For example,KPMG estimates 50
million electric vehicles on Indian roads by 2030 compared to just 1.4 million
currently.