In 2021, sales doubled from the previous year, hitting a record high of 6.75 million units.
To meet the stated targets of all countries, the International Energy Agency’s (IEA) forecast shows that global EV sales would need to increase to 25 million vehicles by 2030, representing 15% of the market share.
More than 20 countries have announced their intention to entirely phase out new sales of internal combustion engine (ICE) vehicles over the next 30 years, with many targeting zero carbon emissions by 2050.
U.S. government has set a target for 50% of new auto sales to be electric by 2030, with a USD 7.5 billion package to roll out charging stations across the country.
Since 2012, global EV sales have grown at a Compound Annual Growth Rate (CAGR) of 56%.
Accelerators: restrictions or even banning the production of fossil fuel vehicles, the tax credits for purchasing EVs, growing preference for EVs among young consumers, and billions of investments in EV charging infrastructure.
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