EV STATS YOU SHOULD KNOW FOR 2023

The electric vehicle (EV) industry continued its rapid growth in 2022. From high gas prices to increased emphasis on sustainability, consumers are turning to EVs faster than ever. The International Energy Agency (IEA) recently carried out a global study on EV adoption, policy, and trends. The full report is over 100 pages, but luckily for you, we picked out the most important statistics for you to know.

EV ADOPTION

  1. Electric car sales exceeded 10 million in 2022, making up 14% of total new car sales, up from 9% in 2021 and 5% in 2020 (p. 8).
  2. The US is the third largest EV market, behind China and the EU. In the US, EV sales shares stand at 8%, a 55% increase from 2021 (p. 8).
  3. Globally, IEA predicts EV sales to reach 35% of the total market by 2030 (p. 9).
  4. Two or three-wheelers are the most electrified market segment today. In emerging markets and developing economies (EMDEs), they outnumber electric cars (p. 10).

CHARGING INFRASTRUCTURE

  1. Most charging demand is currently met by home charging. However, public charging expansion is needed to increase EV adoption in urban areas where home charging is less feasible (p. 43).
  2. At the end of 2022, there were 2.7 million public charging points worldwide. Nine hundred thousand were installed in 2022, a 55% increase on 2021 stock. This is equal to the growth seen over four years between 2015-2019 (p. 43).
  3. Slow chargers: In 2022, more than 600,000 slow chargers were installed globally, but more than half (360,000) were in China (p. 43). The stock of slow chargers in the United States (22 kW or less) increased by only 9% in 2022. This is the lowest growth rate among major markets (p. 44).
  4. Fast chargers: In 2022, 330,000 fast chargers were installed globally, but almost 90% were in China  (p. 44).
  5. The US installed 6,300 fast chargers in 2022, but about 75% were Tesla Superchargers.
  6. In the US, there are 24 BEVs per public charger. This ratio is higher than in other mature markets, but it is likely due to a higher rate of single-family homes where private charging suffices.

BATTERIES

  1. Battery production shouldn’t limit EV sales: “As of March 2023, announcements on battery manufacturing capacity delivered by 2030 are more than sufficient to meet the demand implied by government pledges and would even be able to cover the demand for electric vehicles in the Net Zero Emissions by 2050 scenario” (p. 9).

POLICY INITIATIVES

  1. Twenty-seven governments have pledged to achieve 100% ZEV bus and truck sales by 2040 (p. 11).
  2. As consumer EV adoption increases, some countries, such as China and several European countries, are shifting incentives towards heavy-duty vehicles and charging infrastructure (p. 63).

CHALLENGES

  1. Critical materials needed for battery production, such as lithium, cobalt, and nickel, pose challenges. Reducing the need for these materials will be important for supply chain sustainability. Rapid price increases on these materials are inspiring many to look for alternatives, such as sodium ion batteries and lithium iron (vs. lithium cobalt) batteries (p. 11).
  2. Consumer preference for SUVs is challenging due to the large batteries needed to produce these vehicles (p. 25). In the US, over 80% of available BEV options in 2022 were SUVs or large car models. For ICE vehicles, SUVs and large cars make up only 70% of the options (p. 27).

GEOGRAPHIES

  1. China, Europe, and the US accounted for 95% of global EV sales. Expansion into EMDEs is critical for achieving global sustainability goals (p. 29).

ORIGINAL EQUIPMENT MANUFACTURERS (OEMS)

  1. Volkswagen leads the way in terms of annual CAPEX and R&D spending commitments on EVs (p. 90).
  2. Jaguar has one of the most aggressive EV transition timelines, aiming to go all-electric globally by 2025 (p. 91)

OUR TAKEAWAYS

The EV future is rapidly becoming the EV present. Consumers and car-makers alike are betting big on EVs. Nevertheless, charging infrastructure lags. To increase adoption, especially in urban areas, charging access must expand.

At Blue Whale EV, we’re committed to accelerating EV adoption by rapidly deploying chargers where people work, live, play, and more. If you’re interested in exploring commercial charging projects, we’d love to help. You can contact us by clicking here.

Access the full IEA report