Policies, infrastructure investments to drive EV global growth: report

The EV market will likely grow by nearly 16% annually between 2022-2035, GlobalData projected.

Government policies mandating the development of electric vehicles (EVs) and increased infrastructure investments will drive the global growth of the market, GlobalData reported.

In 2022 alone, EV sales reached 7.7 million units, up from only 1.4 million units in 2018. This is despite supply chain disruptions in 2020, stemming from the pandemic.

“The increasing prices of gasoline, growing EV infrastructure, including the number of charging stations, maintenance hubs and facilities related to electric vehicles, and growing concern about environmental pollution are the major reasons behind the increasing adoption of electric vehicles worldwide,” Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData, said.

“China is the largest EV market in the world, with annual sales of battery electric vehicles (BEVs) of five million units in 2022. Being an early adopter of EVs, China has numerous local and international companies offering a range of EV models. The government’s focus on the promotion and adoption of EVs to reduce pollution is another important factor contributing to the growth of the EV market in China.”

Between 2022 and 2035, GlobalData projected that the total EV market will expand at a compound growth rate (CAGR) of 15.9%.

The passenger EV will particularly register a CAGR of 26.1%, whilst the commercial EV segment will record a CAGR of 15% over the same period.

“The Asia-Pacific (APAC) region is leading the EV market in terms of annual sales globally, followed by Europe and the Americas. In 2022, APAC accounted for 69.3% of the sales, followed by Europe with 19% and the Americas with 10%,” Saibasan said.

“The presence of market leader China in the APAC region is the key factor for its major share. The region is anticipated to hold the major share of the market of 41.4%, followed by Europe with 31.6% and the Americas with 19.4% by 2035.”

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