{"id":40541,"date":"2023-01-17T09:04:09","date_gmt":"2023-01-17T14:04:09","guid":{"rendered":"https:\/\/autosector.com\/?p=40541"},"modified":"2023-01-17T09:04:09","modified_gmt":"2023-01-17T14:04:09","slug":"electric-vehicles-accounted-for-10-of-global-auto-sales-last-year-this-could-quadruple-by-2030","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=40541","title":{"rendered":"Electric vehicles accounted for 10% of global auto sales last year \u2014 this could quadruple by 2030"},"content":{"rendered":"<figure><figcaption>\n  <a class=\"injectedLinkmain\" href=\"https:\/\/www.autoblog.com\/volkswagen\/id.4\/\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:0;\">Volkswagen ID.4<\/a> all-electric model<br \/>\n  <span class=\"copyright\">Courtesy of Volkswagen AG<\/span><br \/>\n <\/figcaption><\/figure>\n<ul class=\"summary-list\">\n<li>Electric vehicles accounted for 10% of global <a class=\"injectedLinkmain\" href=\"https:\/\/www.autoblog.com\/tag\/sales\/\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:1;\">auto sales<\/a> in 2022, preliminary research shows.<\/li>\n<li>Some researchers predict the EV industry&#8217;s market share will double or even quadruple by 2030.<\/li>\n<li>In the near term, however, there are some signs of slowing demand for <a class=\"injectedLinkmain\" href=\"https:\/\/www.autoblog.com\/electric\/\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:2;\">electric vehicles<\/a> in the US.\u00a0<\/li>\n<\/ul>\n<p>While <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/tesla-stock-worst-year-ever-700-billion-market-cap-loss-2022-12?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:3;\">Tesla&#8217;s stock<\/a> is tanking, the <a href=\"https:\/\/www.businessinsider.com\/vc-predictions-for-the-electric-car-industry-in-2023-2022-12?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:4;\">electric vehicle industry<\/a> appears to have achieved a key milestone ahead of schedule last year, and it could be poised to surpass even more expectations in the decade ahead.\u00a0<\/p>\n<p>There were 7.8 million electric vehicles sold worldwide in 2022, a 68% increase from 2021, <a href=\"https:\/\/www.wsj.com\/articles\/evs-made-up-10-of-all-new-cars-sold-last-year-11673818385?mod=hp_lead_pos2\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:5;\">the Wall Street Journal reported<\/a>, citing preliminary research from the automotive research groups LMC Automotive and EV-Volumes.com. The uptick helped electric vehicles achieve a roughly 10% global market share in the automotive industry for the first time, WSJ reported.<\/p>\n<p>While 10% is only a modest share of the total market, the industry is growing faster than some had predicted. In 2021, for instance, <a href=\"https:\/\/www.iea.org\/reports\/global-ev-outlook-2021\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:6;\">the International Energy Agency<\/a> projected that it would take until 2030 for the EV industry to reach between 7% and 12% of global auto sales.<\/p>\n<p>Europe and <a class=\"injectedLinkmain\" href=\"https:\/\/www.autoblog.com\/tag\/china\/\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:7;\">China<\/a> have led the way, where electric vehicles already account for 11% and 19% of total car sales respectively, WSJ reported, citing data from LMC Automotive.\u00a0<\/p>\n<p>&#8220;Last year, every fourth vehicle we sold in China was a plug-in, and this year it will be every third auto,&#8221; Ralf Brandst\u00e4tter, the head of <a class=\"injectedLinkmain\" href=\"https:\/\/www.autoblog.com\/volkswagen\/\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:8;\">Volkswagen<\/a> AG&#8217;s China business, told WSJ. &#8220;We haven&#8217;t reached the tipping point yet, but we&#8217;re expecting to get there between 2025 and 2030.&#8221;<\/p>\n<p>More recent projections expect the EV market to make even more headway in the years ahead.<\/p>\n<p><a href=\"https:\/\/www.bloomberg.com\/press-releases\/2022-10-19\/electric-vehicles-are-slated-to-increase-to-global-share-of-22-in-2030-and-reaching-567-billion-by-2025\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:9;\">CBInsights Auto and Mobility Trends<\/a> estimated that its global market share could reach 22% by 2030. <a href=\"https:\/\/www.nytimes.com\/2023\/01\/11\/opinion\/electric-vehicles-sales-growth-tesla.html\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:10;\">BloombergNEF<\/a> projected the industry&#8217;s market share could reach nearly 40% by the end of the decade.<\/p>\n<p>The Biden Administration, which included a <a href=\"https:\/\/www.businessinsider.com\/how-to-get-electric-vehicle-tax-credit-ira-biden-2022-12?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:11;\">$7,500 tax credit for purchasing an electric vehicle<\/a> in last year&#8217;s Inflation Reduction Act, is <a href=\"https:\/\/www.businessinsider.com\/auto-executives-electric-vehicle-transition-not-sure-consumer-adoption-2022-12?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:12;\">aiming for half of US vehicle sales to be electric<\/a> by 2030.\u00a0<\/p>\n<p>Despite these projections, there are signs of slowing EV demand, particularly in the US.<\/p>\n<p><a class=\"injectedLinkmain\" href=\"https:\/\/www.autoblog.com\/tesla\/\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:13;\">Tesla<\/a>, for instance, has <a href=\"https:\/\/www.businessinsider.com\/teslas-get-cheaper-because-elon-musk-has-no-choice-2023-1?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:14;\">cut prices on some of its top models by up to 20%<\/a> as rising interest rates have deterred potential customers.<\/p>\n<p>&#8220;Softening demand for the global EV market&#8221; is also contributing to the price cuts, Simon Moores, CEO of Benchmark Mineral Intelligence, a price reporting agency for the EV supply chain, <a href=\"https:\/\/www.businessinsider.com\/teslas-get-cheaper-because-elon-musk-has-no-choice-2023-1?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:15;\">previously told Insider<\/a>.<\/p>\n<p>Business leaders have taken notice. In a <a href=\"https:\/\/www.businessinsider.com\/auto-executives-electric-vehicle-transition-not-sure-consumer-adoption-2022-12?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:16;\">KPMG survey<\/a> released late last year of over 900 auto industry executives, the median expectation was for electric vehicles to reach a 37% market share in the US by 2030 \u2014 down from 62% in 2021. KPMG attributed the decline to <a href=\"https:\/\/www.businessinsider.com\/electric-vehicle-startups-trouble-insiders-reveal-layoffs-production-manufacturing-2022-8?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:17;\">production issues<\/a> and <a href=\"https:\/\/www.businessinsider.com\/auto-companies-copy-tesla-succeed-electric-vehicles-batteries-2022-12?utm_medium=referral&amp;utm_source=yahoo.com\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:18;\">affordability challenges<\/a> that could slow EV adoption.<\/p>\n<div class=\"read-original\">\n  Read the original article on<br \/>\n <a href=\"https:\/\/www.businessinsider.com\/electric-vehicles-accounted-global-auto-sales-could-quadruple-2030-report-2023-1\" data-ylk=\"elm:context_link;itc:0;pos:1;sec:donut-hole;cpos:19;\">Business Insider<\/a>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Volkswagen ID.4 all-electric model Courtesy of Volkswagen AG Electric vehicles accounted for 10% of global auto sales in 2022, preliminary research shows. Some researchers predict the EV industry&#8217;s market share will double or even quadruple by 2030. In the near term, however, there are some signs of slowing demand for electric vehicles in the US.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2],"tags":[],"class_list":["post-40541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/40541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40541"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/40541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40541"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}