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EVs Are Booming.
EVs run on batteries instead of gasoline. You’ve probably seen them on the road, or maybe you own one yourself. They have been around for more than a century, but only recently have they gained popularity as a viable alternative to conventional cars. They are booming on a global level. There's a bunch of reasons coming together to shape the growing electric vehicle market.
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The History Of EV
You might think that EVs are a recent invention, but they actually date back to the 19th century, when the first electric carriages and trams were developed. However, EVs lost their popularity in the early 20th century, due to the mass production of cheaper and more powerful gasoline cars, such as the Ford Model T. EVs remained a niche product for decades, until the oil crises of the 1970s and the environmental concerns of the 1990s revived the interest in alternative fuels.
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Market Overview - Electric Vehicles
- Global EV market valued at $163.01 billion in 2020.
- Projected to reach $823.75 billion by 2030.
- CAGR of 18.2% from 2021 to 2030.
- EV sales exceeded 10 million in 2022.
- Accounted for 14% of all new car sales.
- China, Europe, and the United States are leading.
- China alone contributes around 60% of global EV sales.
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Global EV Market Trends
EVs are gaining traction with an expected 20% share of new car sales worldwide. Leading markets are China, Europe, and the US.
The landscape of electric vehicles is changing rapidly, with more affordable, efficient, and diverse models available. This expansion includes sedans, SUVs, trucks, and buses.
Exciting technological progress is being made in EVs, with increased connectivity and autonomous capabilities. This involves advanced software, sensors, and artificial intelligence.
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Modern EVs
The modern era of EVs began in the late 2000s, with the launch of the Tesla Roadster, the first mass-produced electric sports car, and the Nissan Leaf , the first mass-produced electric hatchback. These vehicles proved that EVs could be both fun and practical, and sparked a wave of innovation and competition in the automotive industry. Since then, EVs have become more affordable, efficient, and diverse, with models ranging from sedans and SUVs to trucks and buses.
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IDEAS CURATED BY
Decoding industries, emerging innovations, concepts, products, & more. Untangling the factors influencing them. And, envisioning what lies ahead for them — years down the road.
CURATOR'S NOTE
It's Electric Vehicle supremacy right now. But what will EVs look like in the next 5, 10, & 15 years
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