Global Electric Vehicle Market Continues to Expand

According to a recent report from the Solar and Hydrogen Research Center in Baden-Württemberg, Germany, the global electric vehicle (EV) stock—including battery electric vehicles, plug-in hybrids, and range-extended EVs—reached nearly 42 million in 2023, representing an approximate 50% increase from the previous year. Among these, China accounted for about 23.4 million EVs, exceeding half of the global total. Data from Statista predicts that global electric vehicle market revenue is expected to reach $786.2 billion in 2024, with a steady compound annual growth rate of 6.63% from 2024 to 2029. Industry experts believe that as awareness of environmental issues grows and technology evolves rapidly, global EV sales will continue to show strong growth momentum in 2024.

Steady Growth in Overall Sales Data

The report indicates that 14.8 million electric vehicles were registered globally in 2023, with China leading at 9 million registrations, followed by the European Union with 2.5 million, and the United States with 1.5 million.

Market research firm ABI Research states that global EV sales have increased by 506% since 2019. The International Energy Agency (IEA) predicts in its “2024 Global Electric Vehicle Outlook” that global EV sales will reach 17 million in 2024, accounting for over one-fifth of total global vehicle sales. China’s EV sales are expected to rise to around 10 million, representing 45% of domestic vehicle sales; in Europe and the United States, EV sales are anticipated to account for approximately one-quarter and one-ninth of total sales, respectively.

In 2024, a McKinsey survey found that 38% of consumers who have not yet purchased an electric vehicle stated that their next vehicle will be an electric one. Bloomberg’s analysis indicates that demand for electric vehicles is accelerating in emerging markets, with significant increases expected in commercial EV sales in countries like Thailand and Indonesia.

Promising Prospects for Industry Development

Research from the World Economic Forum indicates that as issues such as battery range, vehicle costs, and charging infrastructure improve, global demand for electric vehicles is expected to rise significantly. The market is rapidly expanding due to various factors, including government incentives, technological innovation, and changing consumer preferences.

The IEA’s report notes that as market competition and large-scale production drive down EV prices, demand for electric vehicles is expected to grow exponentially. Electric vehicles have become an important measure for reducing emissions in various countries. The continuous innovation in battery and charging technologies, along with the integration of EVs with artificial intelligence, the internet, and big data, will further expand market opportunities.

The “2024 Global Electric Vehicle Outlook” emphasizes that ensuring the availability of public charging facilities in sync with EV sales growth is crucial for steady market expansion. The number of public charging stations globally grew by 40% in 2023 compared to 2022, with even faster growth for fast chargers. To meet the electric vehicle deployment targets set by governments, it is projected that the charging network will need to expand sixfold by 2035.

Chinese Manufacturing Aids Green Transition

Amid the rise of smart electric vehicles, changing consumer perceptions and technological advancements are significantly transforming the global automotive market, with China standing out in the electrification process. According to the China Association of Automobile Manufacturers, the production and sales of new energy vehicles in China reached 9.587 million and 9.495 million units in 2023, respectively, representing year-on-year increases of 35.8% and 37.9%. Currently, Chinese-manufactured electric vehicles account for more than half of the global total production.

According to the German “Handelsblatt,” battery and charging technologies have become key areas of research and development in the global electric vehicle sector, where China holds a leading position. China possesses numerous patents in charging technology, forming a dense network comprising automakers, suppliers, universities, and startups. German manufacturers such as BMW, Audi, and Volkswagen are collaborating with Chinese companies to seek joint research and supply chain integration.

The IEA estimates that to achieve carbon neutrality, global sales of new energy vehicles need to reach approximately 45 million by 2030, more than three times the level in 2023. Current production capacity is insufficient to meet this demand. Surapol Sani, vice president of the Electric Vehicle Association of Thailand, stated that developing new energy industries is a global trend, and China’s leadership in electric vehicles has made a significant contribution to addressing climate change. Strengthening cooperation with China will benefit countries around the world, particularly developing nations, in advancing their new energy industries.