Global EV Sales Surge

Electric vehicle sales reached 14.2 million units globally in 2023, representing 18% of all new car sales — up from just 2% in 2019. China remains the dominant market, accounting for 57% of global EV sales, while Europe represents 25% and North America 11%.

Price Parity Approaching

The average price of a new EV has fallen from $66,000 in 2020 to $53,000 in 2023. Battery costs, the largest component, have declined 90% since 2010, from $1,100/kWh to $139/kWh. Analysts expect sticker price parity with ICE vehicles in key segments by 2025-2026.

Charging Infrastructure

The global public EV charging network surpassed 2.7 million charge points in 2023, growing 55% year-over-year. China alone has 1.8 million public chargers. The US, despite being the worlds second-largest EV market, has only 168,000 public chargers — a critical bottleneck to adoption.

The Road Ahead

IEA projections indicate EVs could represent 60% of new car sales by 2030 in a scenario consistent with net-zero emissions by 2050. This transition will require an estimated $5 trillion in cumulative investment across vehicles, charging, and grid infrastructure through 2035.