Even though the first hybrid electric vehicle dates back to the late 1990s, it wasn’t until recent technological advancements that they became a viable option for most people. Thanks to global green initiatives and more durable batteries, electric cars are seeing a massive uprise around the world in recent years.
These electric car statistics provide insightful details about the rapid growth in interest in electric vehicles. Countries where they’re most popular, the most popular brands, information on the global and US electric cars market, and more.
Top 10 Electric Car Statistics and Facts
The worldwide electric cars market size is expected to reach $256.13 billion in 2023.
The electric cars market revenue in the US is expected to reach $61.18 billion in 2023.
45% of the electric vehicles sold in Q3 2022 were manufactured by only five brands.
Tesla Model Y is the most popular electric car in the US, accounting for 22.5% of the sales in Q3 2022.
At the beginning of 2022, there already were 16.5 million electric cars on the roads worldwide.
There are over two million electric vehicles in the US.
10.3 million electric cars were sold worldwide in 2022.
A total of 13.6 million electric cars are expected to be sold globally by the end of 2023.
86% of all vehicles sold in Norway in 2021 were electric cars.
51% of American automobile owners say they are excited about the development of electric vehicles.
Stats on the Electric Vehicle Market
The worldwide electric cars market size is expected to reach $256.13 billion in 2023.
Data reveals that the size of the global electric cars market increased from $170 billion in 2021 to $208.58 billion in 2022, indicating a growth of 22.69%.
The most recent estimates predict that the market will continue to grow at a similar pace of 22.80% in 2023, reaching an estimated figure of $256.13 billion by the end of the year.
Moreover, long-term electric vehicle growth projections estimate that the market will exceed the trillion mark by the end of the decade, and reach $1.103 trillion in 2030. EV battery penny stocks can be a good choice for expanding your investment portfolio.
(Precedence Research)
The electric cars market revenue in the US is expected to reach $61.18 billion in 2023.
The above figure suggests a 24.7% growth, compared to the $49.07 billion generated in 2022.
Historical data further reveals that the US electric vehicle market experienced its largest growth between 2020 and 2021, when it grew by 99.6% and went from $20.44 billion to $40.80 billion.
Future forecasts predict that the market will continue growing, though at a much slower pace. The estimated CAGR for the period between 2023 and 2027 is 22.79%, and the market is expected to reach a volume of $139.10 billion in 2027.
(Statista)
45% of the electric vehicles sold in Q3 of 2022 were manufactured by only five brands.
Statistics on the electric vehicle market share by company show that one in every five, or 20% of the electric cars sold globally, were manufactured by the industry leader BYD Auto.
Tesla is number two, with a market share of 13%, while Wuling manufactured 5% of the electric vehicles sold in this period.
4% of the electric cars sold were manufactured by Volkswagen, 3% by GAC Motor, and the remaining 55% were manufactured by other brands.
(Counterpoint Research)
Tesla Model Y is the most popular electric car in the US, accounting for 22.5% of the sales in Q3 of 2022.
Electric car statistics show that three Tesla models are among the top ten most-sold electric vehicles in the USA, with a combined share of 46.1% of the market.
In addition to model Y, Tesla Model 3 is the second most-sold car in the country, with a 20.4% share, and Tesla Model S is the sixth most-sold, with 3.2%.
Chevrolet Bolt EUV is in the third spot with 4.8%, followed by Jeep Wrangler, with 4.7%, and Ford Mustang Mach-E, with a 4.5% share of all the sales in this period.
(Counterpoint Research)
Electric Vehicle Sales Statistics
At the beginning of 2022, there already were 16.5 million electric cars on the roads worldwide.
The total number of electric cars sold in 2021 was 6.6 million, or more than double than the 3 million electric cars sold in 2020. Compared to the 2.2 million sold in 2019, the total number of electric vehicles sold in 2021 is three times as much.
Interestingly, only 130,000 electric cars were sold throughout 2012, while in 2021, 130,000 electric cars were sold per week.
The percentage of cars that are electric from the total number of cars sold globally reached 9% in 2021, while in the two years before, it was significantly lower, at 4.1% in 2020 and 2.5% in 2019.
(IEA)
There are over teo million electric vehicles in the US.
Electric car sales data reveals that 630,000 electric cars were sold in the USA in 2021, a figure higher than the combined number of electric cars sold in both 2020 and 2019.
The percentage of electric cars in the US also reached new heights in 2021, and their sales accounted for 4.5% of all the cars sold in the country.
Despite the recent surge, sales numbers in the USA are still a long way behind Europe and China. In comparison, the number of electric vehicles sold in China in the same year was 3.3 million, and in Europe, it was 2.3 million.
(IEA)
10.3 million electric cars were sold worldwide in 2022.
The latest electric vehicle sales data shows that in 2022, the yearly count of electric cars sold in the USA has passed the one-million mark for the first time.
Namely, 1.2 million electric vehicles were sold in the USA, while 2.6 million were sold in Europe, and 6 million electric cars were sold in China.
With the most recent sales numbers, the total number of electric vehicles on the road worldwide is now estimated to be around 27 million.
(Bloomberg)
A total of 13.6 million electric cars are expected to be sold globally by the end of 2023.
Electric vehicles sales projections predict that the number of EVs sold worldwide in 2023 will increase by 32.04%, compared to the 10.3 million cars sold in 2022.
8 million EVs are expected to be sold in China, 3.1 million in Europe, and the number of EVs sold in the USA is predicted to reach 1.8 million.
South Korea and Japan are expected to be the new emerging markets, with 228,600 and 155,700 electric cars sold in each country.
According to these forecasts, the number of electric vehicles on the roads globally should reach 40 million by the end of 2023.
(Bloomberg)
General Electric Vehicle Statistics
86% of all vehicles sold in Norway in 2021 were electric cars.
With close to nine out of every ten cars sold being electric, Norway was the global leader in electric car sales to all car sales ratio for that year.
Iceland was the runner-up, with electric cars accounting for 72% of all car sales in the country, followed by Sweden, with a 43% share.
Denmark and Finland also made the top five, with 35% and 31% shares, which means that the five countries with the highest electric vehicle penetration are all Scandinavian.
(IEA)
Plug-in hybrids accounted for 31.52% of all the electric vehicles on the road in 2021.
While less than a third, or 5.2 million, of the 16.5 million electric cars on the road in 2021 were PHEVs, the remaining 11.2 million were BEVs (battery electric vehicles), which seem to be the much more popular option globally.
This is particularly true in China, where 6.2 million of the electric cars were BEVs, and only 1.6 million were PHEVs.
Electric vehicles data further reveals that the BEV vs PHEV ratio in the US was somewhat more evenly split, with 1.3 million electric cars in the US being BEVs and 700,000 being PHEVs.
The European electric car fleet has the smallest margin, with 3 million BEVs and 2.5 million PHEVs.
(IEA)
51% of American automobile owners say they are excited about the development of electric vehicles.
As of 2022, 60% of car owners in the US expect to buy an electric vehicle in the next ten, while 40% in the next five years. The demand for electric cars in the US seems to be on the uprise when the results from the past years are considered.
Namely, in 2021, 52% of the car owners in the country said they expect to buy an electric vehicle in the next ten, while only 30% in the next five years.
In 2019, these figures were notably lower, at 45% and 26%, and even lower in 2018, at 34% and 15%.
(Car Gurus)
Only 17% of US car owners believe fully electric vehicles are the most convenient type of vehicle.
Electric vehicle statistics reveal that hybrid vehicles with a plug are slightly more popular, with 18%, while 26% of American automobile owners believe hybrids without a plug are the most convenient.
This leaves a 39% group who still prefer gas and diesel-powered vehicles over electric vehicles in the US.
Among those interested in buying fully electric vehicles, Tesla is the brand considered by the largest portion of potential buyers at 45%.
On the other hand, Toyota is the most popular brand in the hybrid vehicle market, with 47%.
(Car Gurus)
The Bottom Line
The global electric car fleet has been undeniably growing in the past decade, but is it growing fast enough?!
Estimates show that in order for the net zero emissions scenario to be realized, there should be 300 million electric vehicles on the roads by 2030. Most countries are on the right track, though some are lagging behind the front-runners.
Of course, the price also plays a major role in electric car penetration, as not everyone can afford a fully electric vehicle. Some estimations predict the price tag of electric vehicles will drop significantly in the very near future, which will likely further accelerate the electric car growth in popularity and allow more people to go green.
Electric Cars FAQ
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