source: Manufacturing Today India
The electric vehicle (EV) market has been growing rapidly in recent years, with more and more car manufacturers offering EV models. A new report predicts that in 2023, 1 in 5 cars sold worldwide will be electric.
The report, by market research firm Canalys, estimates that 16.8 million EVs will be sold in 2023, up from 3.1 million in 2017. This represents a compound annual growth rate of 31%. The report also predicts that the total number of EVs on the road will reach 145 million by the end of 2026.
The growth of the EV market can be attributed to several factors. Firstly, governments around the world are implementing policies and incentives to encourage the adoption of EVs, such as tax rebates and subsidies. Secondly, improvements in battery technology have led to longer ranges and faster charging times, making EVs more practical for everyday use. Finally, car manufacturers are investing heavily in EV production, with many releasing new models in the coming years.
The report notes that China will be the largest market for EVs, with sales expected to reach 6.5 million in 2023, followed by Europe with 5.6 million, and North America with 4.5 million. However, the report also warns that the growth of the EV market may be hindered by a lack of charging infrastructure, which could deter some consumers from purchasing an EV.
Despite this, the report concludes that the future of the automotive industry is electric. With 1 in 5 cars sold in 2023 predicted to be electric, the shift towards electric mobility is accelerating and is set to continue in the coming years.