Your Lithium Partner

The electric vehicle market in figures

The electric vehicle market in figures

11 September 2023

The adoption of electric vehicles (EVs) is experiencing significant growth around the world, and several factors are driving this development. These include, the increase in the use of electric mobility in emerging economies, the reduction in battery prices and the growing investment by major car manufacturers in the battery supply chain for their future electric vehicles.

"The electric vehicle battery market is expected to reach a value of $ 175.11 billion by 2028, at a CAGR of 26% during the forecast period 2021-2028. Increasing adoption of electric vehicles across the globe, declining battery prices, and increasing investment by major automotive OEMs to secure the battery supply chain for their future electric vehicles are some of the major factors driving the growth of this market. Increasing adoption of electric mobility in emerging economies, growing investments in lithium-ion battery capacity development and increasing deployment of battery-as-a-service provide significant growth opportunities for market players."

Europe: A fast-growing region

In this context, Europe is expected to be one of the fastest growing regions in the EV market due to the increasing adoption of electric mobility in the region and the commissioning of numerous gigafactories. Europe is projected to account for approximately one-third of global EV battery production capacity by 2030.

Asia-Pacific: leading the way in electric vehicle adoption

The Asia-Pacific region leads the adoption of electric vehicles in terms of sales volume and production. China is the largest EV market in the region and is also the world leader in the manufacture and sale of electric cars. The Chinese government has implemented favourable policies to boost the adoption of electric vehicles.This has resulted in a rapid expansion of the charging infrastructure and increased consumer acceptance.

Japan and South Korea are also major players in the electric vehicle market in the Asia-Pacific region. Companies such as Toyota, Nissan, Hyundai and Kia have been leading the charge in electric vehicle development and production.

North America: technological progress and proactive regulation

In North America, the United States is one of the leaders in the adoption of electric vehicles. Companies such as Tesla have pioneered the development and production of high-end, technologically advanced electric vehicles. In addition, traditional automakers such as General Motors, Ford and Chrysler are also increasing their focus on electric vehicles and plan to launch a number of electric models in the coming years.

The US government has also been implementing proactive policies to encourage the adoption of electric vehicles, including tax incentives and charging infrastructure investment programmes.

Latin America: challenges and opportunities

In Latin America, the adoption of electric vehicles is growing, but still faces significant challenges, such as the lack of adequate charging infrastructure and the relatively high initial cost of electric vehicles.

However, several countries in the region have been implementing policies and programmes to encourage the adoption of electric vehicles. For example, Colombia has implemented tax exemptions for electric vehicles and has set ambitious targets to increase the penetration of electric vehicles in the country.

Investments by major car manufacturers

In addition, major automobile manufacturers are investing significantly in the development and production of batteries for their electric vehicles. These investments are aimed at expanding operations in the EV battery market and improving the capacity and efficiency of the batteries used in their vehicles. 

Partnerships and collaborations between major automobile manufacturers and battery OEMs are common to drive electric vehicle adoption and improve charging infrastructure.

Trends in battery types

In terms of trends in battery types used in electric vehicles, solid-state batteries are expected to be one of the fastest growing options. These batteries offer a higher energy density compared to lithium-ion batteries. They have a lower fire risk, which makes them safer and more efficient.

Growth in battery capacity

On the other hand, batteries with a capacity between 101 kWh and 300 kWh are expected to have the highest growth rate during the forecast period. This is due to their wide application in medium-sized electric vehicles, such as light commercial vehicles and utility vehicles. The demand for these vehicles is increasing due to the growing awareness of emission reduction. and government initiatives to improve sustainability in public transport and logistics.

Conclusions

In short, the electric vehicle market is experiencing a boom driven by factors such as digitalisation, technological innovation and concern for environmental sustainability. 

Despite the negative impact of the pandemic, the market shows a solid growth outlook, especially in regions such as Europe. 

Investments and partnerships between major automobile manufacturers and battery manufacturers are a key driver in the development and expansion of the EV battery market, enabling the transition to cleaner and more sustainable mobility.

Related news
GSE Expo 2024 NCPOWER

NCPOWER exhibiting at GSE Expo 2024

member of aedive vehiculos

NCPOWER, New AEDIVE Member

Power2Drive---Home-Power2Drive-Europe

Power2Drive Europe trade fair

BASIC INFORMATION ON DATA PROTECTION
Responsible: NICARELEC S.L.U
Purpose: To manage the queries raised in the contact form.
Legitimation: Legitimate interest of the Data Controller and consent of the data subject.
Recipients: Data will be transferred due to legal obligation, express authorisation of the data subject or in order to provide a service as explained in the additional information. explained in the additional information. Rights: Access, rectify and delete data, as well as other rights, as explained in the additional information.
Additional detailed information on Data Protection as set out in our privacy policy is available at following link.

C/ Alejandrico, 79

305870 Beniaján | Murcia | Spain

+34 868 789 988