Global Market Status of the Electric Vehicle Industryand Forecast

According to the International Energy Agency (IEA), global sales of electric vehicles will reach 6.6 million units in 2021, a year-on-year growth of 1,08%, and it is forecasted that sales will reach 26 million units in 2030 and further grow to 54 million units in 2040 (Figure 1). According to Allied Market Research, the global EV production value will grow at a compound annual growth rate (CAGR) of 18.2%, from US$163.01 billion in 2021 to US$823.75 billion in 2030, with Asia registering the highest CAGR of 36%. It is estimated that global sales penetration will reach 30% in 2026, and about one out of every three cars sold will be an EV.