The International Energy Agency anticipated that EV market share would not reach 10% until 2030 just two years ago. Anyone placing a wager on that prediction will, however, be let down: In spite of a decline in new automobile sales, electric car sales surpassed 10% of the market for the first time in 2022. EV sales represented 11% in Europe and 19% in China last year, according to the LMC Automotive research organisation, even though they lagged at just under 6%, according to The Wall Street Journal. Researchers also found that although overall auto sales fell 1%, sales of completely electric vehicles climbed 68% year over year. Two-thirds of all EV sales worldwide, according to LMC, occur in China, where overall vehicle sales increased 1% last year to make up for an 8% decline in the US.
According to CBS, electric vehicles now make up 80% of new cars sold in Norway. In Germany, electric vehicles account for 25% of new car sales, with a predicted rapid increase during the following year.Although Chinese rivals like SAIC Motor and Volkswagen are rapidly catching up to Tesla, which is still the world’s top EV maker, SAIC Motor and Volkswagen are not far behind.
Due to issues with the supply chain, rising electricity prices, and the elimination of cash rebates in some countries, analysts do not believe that electric cars will do as well in 2023 as they did in 2018. Ralf Brandstätter, president of Volkswagen’s China division, asserted to the Wall Street Journal that in 2022, “every fourth vehicle we sold in China was a plug-in, and this year it will be every third auto,” indicating that EVs are likely to overtake conventional vehicles in the near future.
He stated that while the tipping point has not yet been achieved, it is anticipated that it would happen between 2025 and 2030. Although the market is expected to grow, some products aren’t offered, like the Wyoming lawmakers’ recently filed plan that would have phased out EVs in that state by 2035. This time, the law that was designed to safeguard the oil and gas industry died in committee.