Top 70+ Electric Vehicle (EV) Statistics
As many countries switch to electric cars, global EV sales exceeded 13 million in 2023. With the share of electric cars out of total sales up to 18% from 14% in 2022.
We have gathered the key information to understand the current electric vehicle market, and the prediction of its future.
Contents
Top 15 Electric Vehicle Statistics (Editor’s Pick)
Total 13.6 million EVs were sold around the world in 2023.
The global electric vehicle market size was valued at $388.1 billion in 2023.
The global revenue in the Electric Vehicles market is estimated to reach $623.3 billion in 2024.
The market is expected to generate an estimated revenue of $906.7 billion in 2028.
There were about 26 million electric vehicles in use worldwide in 2022.
China has the largest electric vehicle market in the world.
In 2023, more than 8 million new plug-in electric cars were registered in China, accounting for 37% of the total global volume.
China is expected to generate the highest EVs revenue of $319 billion in 2024.
BYD is the best-selling electric vehicle brand in the world selling nearly 2.88 million plug-in electric vehicles worldwide in 2023.
Electric Vehicles account for 1% of all registered vehicles on the road in the U.S.
The Tesla Model Y is the top-selling EV car in the U.S. accounting for 31.9% of new EVs sold in the fourth quarter of 2023.
In Europe, Norway (89%), Sweden (58%) and Iceland (56%) have the highest shares of electric vehicles in new car registrations in 2022.
The market size of Fuel cell electric vehicles (FCEVs) was $2.5 billion in 2022, but it is expected to generate an estimated market size of $30 billion by 2032.
Batteries account for around 40% of an EV's price tag.
Electric Vehicle Market
How many electric vehicles have been sold worldwide?
Total 13.6 million EVs were sold around the world in 2023.
Among them, battery-electric vehicles (BEVs) accounted for 9.5 million, and plug-in hybrid electric vehicles (PHEVs) accounted for 4.1 million.
Global EV sales showed 31% growth in 2023, down from 60% growth in 2022.
It is predicted global EV sales growth of between 25% and 30% in 2024.
How big is the electric vehicle (EV) market?
The global electric vehicle market size was valued at $384.65 billion in 2022.
How much revenue does the EV market generate?
The global revenue in the Electric Vehicles market is estimated to reach $623.3 billion in 2024.
What is the future market for electric vehicles (EVs)?
The market is expected to show a steady annual growth rate (CAGR 2024-2028) of 9.82%, and this growth will generate an estimated revenue of $906.7 billion in 2028.
How many electric vehicles are in use around the world?
There were about 26 million electric vehicles in use worldwide in 2022.
That includes 18 million units of all electric vehicles, and 7.9 million units of plug-in hybrid electric vehicles.
What are the main types of electric vehicles?
There are two main types of electric vehicles: battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
Which countries are adopting electric vehicles the fastest?
China and Norway are leading the world to switch to electric vehicles.
China Electric Vehicle Statistics
Which country is the largest electric vehicle market?
China has the largest electric vehicle market in the world.
In 2022, China’s new EV sales increased by 82%, accounting for nearly 60% of global EV purchases.
In 2023, more than 8 million new plug-in electric cars were registered in China, which is about 37% of the total volume.
China is expected to generate the highest EVs revenue in the world, with an estimated $319,000 million in 2024.
What is the most popular EV car in China?
The BYD Song Plus became the top-selling plug-in electric car in China in 2023, followed by the Tesla Model Y.
What is the most sold electric car in the world?
BYD is the best-selling electric vehicle brand in 2022 and 2023.
In 2023, BYD sold nearly 2.88 million plug-in electric vehicles worldwide.
Tesla ranks second, and sold 1.81 million units globally.
BMW ranks third, and sold 500,050 units globally.
BYD’s competitive pricing has helped climb up to the top of EV charts compared to Tesla’s pricier cars.
However, BYD and Tesla are still running neck and neck, and Tesla regained its title as the world's best-selling electric vehicle brand in the first quarter of 2024.
How much does BYD make?
BYD forecast net profit for 2023 between $4.04 billion and $4.32 billion, an increase of up to 86.5% from 2022.
On the other hand, BYD's biggest rival Tesla reported a 19.4% growth in net profit in 2023 to $15 billion.
US Electric Vehicle Statistics
What percentage of vehicles are electric in the U.S.?
Electric Vehicles account for 1% of all registered vehicles on the road in the U.S.
That 1% means 3 million new and used electric vehicles on the roads in the U.S. out of 288.5 million registered vehicles of all fuel types as of the third quarter of 2023.
The number is up from 2 million electric vehicles on the road in 2022.
What is the most popular EV car in the U.S.?
The Tesla Model Y is the top-selling EV car in the U.S. accounting for 31.9% of new EVs sold in the fourth quarter of 2023.
The Tesla Model 3 ranks second with 17.6%, and the Volkswagen ID.4 came in third with 3.96%.
How much does Tesla make a year?
Tesla generated nearly $96.8 billion revenue in 2023, an 18.8% increase from the 2022 revenue of $81.5 billion.
Tesla's largest sales market is the United States.
Europe Electric Vehicle Statistics
Which countries are switching to electric vehicles in Europe?
Norway (89%), Sweden (58%) and Iceland (56%) have the highest shares of electric vehicles in new car registrations in 2022.
Norway had the highest number of new BEVs registered in 2022 with 79% of new car sales. Iceland (23%), Sweden (23%), and Finland (20%) had the highest PHEV percentage sales.
What is the most popular electric car in Norway?
The Tesla Model Y is the most popular electric car in Norway.
Tesla topped Norway's car sales for a third straight year in 2023 with 20% Tesla's share of the overall market.
In Norway, electric vehicles accounted for 82.4% of new car sales in 2023, up from 79.3% in 2022.
When Norway is going all electric?
Norway has a national goal that all new cars sold by 2025 should be zero-emission (electric or hydrogen).
Fuel-Cell Electric Vehicles (FCEVs) Statistics
What are fuel-cell electric vehicles (FCEVs)?
Fuel cell electric vehicles (FCEVs) are powered by hydrogen.
They only emit water vapor and warm air.
How many fuel-cell electric vehicles are on the road in the world?
Approximately 30,000 hydrogen fuel-cell vehicles (FCEVs) were sold in 2021 and 2022.
FCEVs represented only 0.2% of all zero-emission vehicle sales in 2022.
How many hydrogen cars filling stations are there in the world?
There were approximately 1,100 hydrogen cars filling stations in the world as of June 2023.
What is the market outlook for FCEVs?
The market size of Fuel cell electric vehicles (FCEVs) was $2.5 billion in 2022.
It is projected to show an annual growth rate (CAGR 2023-2032) of 25% and will generate an estimated market size of $30 billion by 2032.
However, a new report predicts that fuel cell electric vehicles will account for just 4% of all zero-emission vehicles on the road in 2044.
General Electric Vehicle Statistics
How long do electric car batteries last?
Electric car batteries last between 10-20 years before they need to be replaced.
How long does an electric car battery last while driving?
An electric vehicle typically has a range of 250 to 350 miles after a full charge.
How long does it take to charge an electric car?
It can be as little as 30 minutes or more than 12 hours to charge an electric car depending on the size of the battery and the speed of the charging point.
How many electric vehicle charging stations are there in the world?
There were 2.7 million public charging points worldwide at the end of 2022, and the number is continuing to increase.
Do electric cars cost more to repair?
The average cost for EV crash repairs tends to be a bit higher in the US, but it varies a lot between individual EV models and brands.
New data showed the average crash repair costs in the US for all EVs were $950 higher than for gasoline vehicles. However, a big chunk of that was from higher repair costs for Teslas. When removing Teslas, the difference was just $269 higher.
The labor of EV repairs is on average 49.66% of the total repair cost compared to 41% for non-EV vehicles. On average, this equates to more than six additional labor hours per repair.
Are electric cars cheaper to maintain?
Although the repair costs can be higher than gasoline cars depending on EV models and brands, overall maintenance costs of EVs are usually lower than ICE vehicles.
This is because EVs have fewer parts to take care of - no oil to change, no internal combustion engine to maintain.
Also the lower cost of using electricity to power your car at home can increase your savings.
Will electric cars be cheaper in 2030?
A new report predicts that EV cars will be as cheap to buy as gasoline/petrol cars by 2030 as well as cheaper to run.
This is based on the prediction that the battery costs halve this decade, from $151 per kilowatt hour (kWh) in 2022 to between $60 and $90 per kWh.
Batteries are expensive and account for around 40% of an EV's price tag, a cost that has so far made them unaffordable for many consumers.
Conclusion
The shift from gasoline cars to electric vehicles is looking to continue as the technology improves to produce more affordable electric vehicles, and as more charging stations are created around the world.
Source: IEA(1), IEA(2), Statista(1), Reuters(1), Markets and Markets, Statista(2), Statista(3), Fortune Business Insights, Statista(4), Harvard Business Review, InsideEVs, Statista(5), Reuters(2), edmunds, Statista(6), European Environment Agency, Reuters(3), Norsk elbilforening, GM Authority, IDTechEx, Global Market Insights, Motorway, Progressive, Pod Point(1), Iea, Cars.com, Pod Point(2), The Economic Times