Electric Vehicle Adoption Statistics and Facts

Introduction

Electric Vehicle Adoption Statistics: The revolution of global automotive is abuzz, and leading it is electric vehicles (EVs) for a cleaner, more sustainable future. In 2025, the EV driveway will continue since it piqued interest among governments and manufacturers in dependence on consumers to use electric power to reduce carbon footprints and minimize fuel costs while embracing technology.

This article investigates the latest statistics and trends in Electric vehicle adoption statistics with a focus on sales growth and market share, regional variations, and future growth projections.

Editor’s Choice

• According to electric vehicle adoption statistics, the global electric vehicle industry is anticipated to generate a mind-boggling revenue of EUR 721.5 billion by 2024.
• The market will continue to grow steadily at a compound annual growth rate (CAGR) of 6.46% over the next years to reach an eventual market volume of approximately EUR 986.8 billion by 2029.
• During this period, unit sales in the Electric Vehicles market are forecast to reach a phenomenal volume of about 18.84 million vehicles by 2029.
• As for price, the volume-weighted average price of electric vehicles is forecast to be around EUR 52,800 for the year 2024.
• Electric vehicle adoption statistics reveal that China has by far the highest amount of revenue captured in the world, earning an estimated EUR 345.4 billion in 2024, affirming its place as the foremost player in the EV market.
• Electric vehicle adoption indeed seems to be gaining further momentum, with most countries following suit to sustain their market ecosystems, such as Norway, and achieve some of the highest market shares.
• According to 60% of U.S. adult respondents, increasing purchase prices and concern regarding charging infrastructure are barriers to adopting EVs.
• India’s registrations of four-wheeled electric vehicles jumped to 72,930, double what it had in 2022. The vast majority of sales came from two-wheelers 56%, followed by three-wheelers 38%.
• The electric vehicle market share has increased to 6.3%, way up from below 1% about three years ago.
• The government is eyeing up a complete 30% by 2030. EVs also comprised 16% of all passenger car sales globally, rising from 1% in 2017. Government spending on EVs reached USD 45 billion in 2022.
• Electric vehicle adoption statistics state that there were only 11 EVs per charging point worldwide. China leads the world in charging infrastructure.
• Beats the previous record of over 346,300 BEVs sold, an increase of 11% from the Q3 of 2023.
• China has 8.1 million plug-in EVs; the United States has 1.4 million, yet an emerging market finds high licensing fees in several states hampering the adoption of the vehicle.
• EV sales grew from 0.49 million in 2016 to 9.24 million in 2023, thereby giving rise to a good outlook for 2029, which is 14.23 million.
• Projections for 2029 range from 14.23 million units. From 0.28 million in 2016, sales jumped to 4.16 million in 2023.
• In the future, sales are expected to remain stable at around 4.24 million between 2025 and 2026, then further grow to 4.61 million by 2029.
• Estimated revenue of EUR 345.4 billion buyer with 9.57 million units sold in 2029. The volume-weighted average price is EUR 42.9k.
• Electric vehicle adoption statistics state that Revenue estimates EUR 87.1 billion with 2.32 million units sold in 2029. The volume-weighted average price is EUR 61.8k.
• Revenue is estimated at EUR 31.2 billion by 2029, further growing to EUR 46.7 billion in the same year. Unit sales are expected to reach 703.6k by 2029, with an average price of EUR 67k.

You May Also Like To Read

• Electric Vehicle Statistics
• Electric Scooters Statistics
• Self-Driving Cars Accident Statistics
• Scooter Statistics
• Electric Scooters Statistics
• Train Statistics
• Car Rental Statistics
• Trucking Industry Statistics
• Airlines Statistics

Share Of Adults Who Likely To Buy Electric Vehicles

(Reference: statista.com)

• Owning an electric vehicle at present is more of an ambiguous thing for many U.S. adults who have not yet decided to purchase it as their next vehicle due to its price and practical concerns.
• Electric vehicle adoption statistics show that 60% of respondents claimed that an expensive purchase price was a primary concern.
• The same percentage of respondents also brought in availability and assurance about charging infrastructure in addition to the 58% who were concerned over dying out of charge during travel.
• Another 55% think electric vehicles are not good for long-distance travel, which adds to the charge-related concerns. In addition, 55% are worried about the high costs of battery repair or replacement, which is an added maintenance cost.
• Meanwhile, 31% are dissuaded from going electric due to the lack of ability to install a charging station at home, making things more inconvenient for this small group.
• Tax credits for new and used electric vehicles under the Inflation Reduction Act should help Americans make electric cars more attractive, but it’s not the only hurdle.
• A recent AAA survey reveals about one-fourth of the people in America are likely to opt for an electric vehicle (without hybrids) as their next car. This means that three-quarters of Americans are still not ready to switch from filling up to plugging in.

Electric Vehicles Sales In India After COVID

(Reference: statista.com)

• A recent announcement by a trade official from the Indian government would involve measures to woo government investments from Germany and South Korea as well as strategies focused on bolstering the country’s electric vehicle industry.
• The announcement is in line with the ongoing talks between Prime Minister Narendra Modi and Tesla CEO Elon Musk for a Tesla manufacturing facility in India.
• Yet, even if the action materializes, electric vehicles will only play a minuscule part in the larger electrification of India’s vehicle fleet.
• According to Electric vehicle adoption statistics aggregated by Clean Mobility Shift from the Vahan Dashboard, 72,930 four-wheeled electric vehicles were registered in India as of 2023.
• This figure, which is almost double the number from 2022, reflects the fact that e-mobility efforts in India are still overwhelmingly skewed toward two-wheelers, such as mopeds, and three-wheelers, like e-rickshaws.
• They contributed 56% and 38% to total sales of EVs in 2023, respectively. Electric vehicles in India seem to be on track for a 6.3% market share in 2023, emerging from a pre-pandemic low of under 1%.
• However, it is yet to be seen if this momentum will hold through 2024, carrying with it the burden of over US$600 million in government subsidies under FAME-II.
• The government has targeted 30% of the market to be electric by 2030. China, on the other hand, continues to top the world in fleet electrification.
• In 2022, fully electric vehicles accounted for 22% of new car sales in the country. If plug-in hybrids are included, the EV market share in China is raised to 30%.
• In Europe, electric vehicles account for 23 out of every 100 newly registered vehicles in 2022, with battery electric vehicles on their own representing 14% of the market.

Electric Vehicles Market Share

(Reference: statista.com)

• Electric vehicle adoption statistics reveal that Electric vehicles made up about 16% of sales in global passenger cars in 2023, or 2.8 percentage points more than the previous year.
• This figure has risen from 1% since 2017, when electric vehicles began to take off; except a few bumps, momentum has been growing, especially since 2020.
• Certainly, the pandemic had an effect, driving greater environmental consciousness and giving consumers fodder for more sustainable travel, its accompanying consequence being an even bigger global market expansion.
• The EV market is, therefore, affected by many forces: consumer attitudes, government policies, and technology improvements.
• The government, along with regional institutions, has created conducive environments by formulating policies toward the EV market.
• Nearly all countries have adopted measures encouraging the use of EVs, forming about 97% of the light-duty vehicle market.
• In 2022, government spending on electric vehicles reached nearly US$45 billion, marking the largest increase in five years.
• Several automakers would also have sunk some percentage of their revenues into research and development, facilitating increased innovative activity, while most infrastructure for EV charging has sneaked attention and investments. In 2023, EV charging would be ranked the second-highest-funded technology in early and growth-stage venture capital, after electric cars and two-wheelers.
• There were approximately 11 electric vehicles for every charging point globally in 2023.
• Although the uneven access to charging infrastructure remains evident, China leads with the largest network of electric vehicle supply equipment.
• The prevalence of slower alternating current chargers highlights an opportunity for expanding fast charging solutions worldwide.

Electric Vehicle Sale In The US

(Reference: statista.com)

• In the third quarter of 2024, more than 346,300 battery electric vehicles (BEVs) were sold across the United States, growing an 11% increase from a year ago for the same period during 2023.
• It was also the third quarter of 2024, where figures surpassed those of the previous quarter, making it the number one quarter for BEV sales in the U.S. for the last two years.
• A few years ago, the EV became more apparent to many consumers thanks to improvements in their range, battery life, model variety, and affordability.
• It is growing tremendously across the world market, and a figure of 1.1 trillion United States dollars will be achieved from this government scheme globally by 2029.
• Hardly at all, U.S. EV sales catch up with Europe’s and the Asia-Pacific region’s sales figures.
• Electric vehicle adoption statistics estimated that 8.1 million plug-in EVs were purchased by Chinese customers in 2023, much more than the 1.4 million purchased in the U.S.
• China became the biggest economy in the EV market in the world in 2023, with a 36% year-on-year increase in sales. The market is dominated by the development of the EV market.
• There is still a discrepancy between the U.S. market and the European and Asian markets in terms of consumer appetite for electric cars.
• For example, during the first quarter of 2021, market use of battery-electric vehicles in Norway was higher than in the U.S. by 55.1 percentage points.
• One prominent reason for this is the belief that all Americans think EVs are costlier than gasoline or diesel-powered cars, which, in some instances, could be a misperception because, in reality, battery production is highly subsidized in countries like Asia, which helps tremendously with low logistics cost savings to give manufacturers a competitive price.
• Licensing fees for EVs are so high that even good consumers are not prepared to buy.
• In states like Georgia, EV licensing fees were around 345 dollars in 2021 compared to just 25 dollars for a standard internal combustion engine vehicle.

Electric Vehicles Unit Sales Worldwide

(In Million Units)

(Reference: statista.com)

• According to the Electric vehicle adoption statistics, electric vehicles have experienced tremendous growth in sales over the years, mirroring increasing consumer interests and improving technology in EVs.
• Just in the year 2016, world sales of electric vehicles were 0.49 million in numbers, compared with 0.82 million in 2017.
• There was a continuous climb in the sales figures as 2018 ended at 1.40 million units and, in 2019, grew to 1.66 million. Thus, the trend continued with the year 2020, adding 2.20 million to sales.
• In 2021, there was phenomenal growth as sales of EVs rose to 4.69 million compared to sales in the preceding year.
• One would expect the same interest to carry through into 2022 when global sales jumped to an astounding 7.44 million and then to 9.24 million in 2023.
• The sales prediction in 2024 is nearly 9.38 million for a minor increment in growth. The markets, as they mature, will not show a rapid rise in sales estimates.
• However, projections show that there will continue to be growth in future forecasts. For example, by 2025, sales are expected to reach 10.18 million, which will further increase in double digits by reaching 11.07 million in 2026 and 12.03 million in 2027.
• The growth is expected to remain in the years 2028 and 2029 as the projected sales will be 13.08 million and 14.23 million, respectively, showing how much the world is moving toward electromobility transformation.

Sales Of Hybrid Electric Vehicles Worldwide

(In Millions)

(Reference: statista.com)

• The numbers for HEV sales on a global scale have revealed tremendous upturns over the years, starting at 0.28 million in 2016 and ending at 4.16 million in 2023.
• This huge growth reflected increased consumer interest in hybrid electric technology as a transitional option between traditional internal combustion engines and electric vehicles.
• Electric vehicle adoption statistics state that Hybrids had their most dramatic growth over the 2020-21 period, almost doubling from 0.98 million to 1.95 million, again up sharply in 2022, with sales jumping to 2.84 million within the year. For 2024, a projection of sales numbers will reach 4.30 million.
• Though it is a slight increase year on year, sales are anticipated to experience slight leveling, with numbers hovering at around 4.24 million during the years 2025 and 2026 before resuming incremental growth again in subsequent years.
• HEV global sales are prognosticated to reach 4.61 million units in 2029, relatively matching that of the prior year.
• Demand is on a gradual increase, which is good news for the gradual but steady uptake of hybrid vehicles as part of the transition toward greener transportation solutions.
• This thus confirms ongoing evolution in the market and the role of hybrids in bridging the gap towards full electrification.

Electric Vehicles Adoption By Region

China

• In fact, by the year 2024, China’s electric vehicle market will be able to generate a revenue of EUR345.4 billion, which seems to be a bright picture for the sector.
• The market is expected to witness a steady growth rate of 2.01% year on year between 2024 and 2029, culminating in a projected volume of EUR381.5 billion at the end of that period.
• The growing reach and popularity of electric vehicles will, however, spur growth through increasing consumer demand.
• By 2029, the unit sales in China’s EV market will be approximately 9.57 million vehicles, a major undertaking for the country’s industry. This also signals the population’s acceptance and preference for electric vehicles.
• The volume-weighted average price of EVs in China is also estimated to be around EUR42.9k in 2024, which is representative of the average price at which EVs are expected to sell.
• China is set to lead the EV market globally, spearheading the highest revenue of EUR345.4 billion in 2024, strongly endorsing its eminent position in the global industry.
• The country’s EV market is continuously flourishing with strong government subsidies and robust infrastructure to foster swift adoption.

United States

• In particular, the sales generated from the projection of the electric vehicle (EV) market in the United States would be estimated at EUR87.1 billion until 2024.
• The anticipated market growth has an expected compound annual growth rate (CAGR) of 10.31% from 2024 to 2029, thus, reaching the forecasted market size of EUR142.3 billion by the end of this period. Unit sales of Evs in the US.
• The forecast for the smooth running of this market is that by 2029, it is expected to record a total number of 2.32 million vehicles sold.
• The volume-weighted average price for EVs in the country is anticipated to be EUR 61.8k in 2024.

United Kingdom

• This market forecast estimates the revenue from electric vehicle (EV) sales in the UK in 2024 at EUR31.2 billion, with an annual compound growth rate of 8.39% from 2024 to 2029.
• The market volume by the end of the period is expected to generate EUR46.7 billion.
• By 2029, unit sales of EVs in the UK would reach an estimated total of 703,600 vehicles as a reflection of growing electricity mobility.
• The average volume-weighted price of EVs in the UK in 2024 is estimated at EUR67.0k.

Conclusion

The rapid propagation of electric vehicle adoption statistics in 2024 is now unleashed by technological advancements, government policies, and the entire world shift towards sustainability. Sales are expected to exceed 15 million units and continue to gain momentum in prominent markets such as China, Europe, and the United States.

As space developments in EV charging grow and prices continue their downward trend, the future will see electric vehicles likely evolve to become the preferred mode of transportation for the coming generations.