EV Boom: Revolutionizing Transportation

The global electric vehicle market has surged dramatically in recent years, and it is anticipated to grow consistently in the coming years. Electric vehicles are becoming the mainstream choice for consumers. We’re seeing major advancements in technology, infrastructure, and policy support. Although there are challenges and concerns about the growth rate, global sales data shows we’re just scratching the surface of the EV market’s potential.

EV Market Share: What's the Current Status?
The electric vehicle market is booming, even with EVs typically costing more. This surge is fueled by countries focusing on environmental issues from the auto industry. Governments are stepping in with new schemes to encourage consumers to choose electric. The International Energy Agency (IEA) reports that global electric car sales jumped by 35% in 2023, hitting 40 million units. In 2024, the global EV market is set to reach USD 623.3 billion. China is leading the way with projected revenues of USD 319 billion this year. Norway is also making waves, with the highest market share in the EV sector. What is Fueling the EV Boom? Electric vehicles (EVs) have been in the American market for the past 20 years, but recent years have seen a significant surge in their popularity and investment.

Let’s look at how this industry is at its booming period.
1. Technology Advancement:
Technology upgradation has been a game changer in the electronics industry. There are many breakthroughs, such as advancements in battery tech, which extended the range of electric cars. Fast-charging stations are now widespread, and they have tremendously reduced recharging downtime. Innovations in autonomous driving and smart connectivity appeal to tech-savvy consumers. These upgrades make EVs more efficient and convenient.
2. Environmental Concerns:
EVs are booming, they are primely driven by growing environmental concerns. In 2023, they saved over 220 million tonnes of GHG emissions, a huge jump from 80 million in 2022. Unlike gas-powered cars, most EV emissions come from manufacturing. A 2023 EV will produce only half the emissions of a traditional vehicle over its lifetime. In 2023, EVs consumed about 130 terawatt-hours of electricity. By 2035, EVs are expected to consume 6-8% of global electricity.
3. Rising Fuel Costs:
Rising fuel prices are driving consumers to switch to electric vehicles. People are seeking more affordable alternatives, leading to a surge in EV demand. The shift towards EVs is gaining momentum as cost-conscious consumers embrace greener and more economical transportation options.
4. Global Sustainable Mobility Trends:
The usage of EVs supports sustainable mobility trends. They reduce the reliance on fossil fuels, align with sustainability goals, minimize emissions, and help consumers make eco-friendly choices. Companies and governments worldwide are committing to sustainability goals, further driving the adoption of electric vehicles.
5. Government Policies:
Governments are driving the EV revolution with supportive policies and incentives. By offering subsidies, tax breaks, and rebates, they make purchasing an electric vehicle more affordable.

Investments in charging infrastructure and the creation of low-emission zones are further fostering an EV-friendly environment. These measures not only promote the adoption of EVs but also demonstrate a long-term commitment to sustainable transportation.

How the EV Market Will Look By 2030 and Beyond?
China will dominate the EV industry by 2030 capturing a global share of 49%.
Meanwhile, Europe and the US will have 27% and 14% shares respectively. These projections reflect the different levels of EV adoption and market maturity. If all government targets are met on time almost 585 million EVs will be on global roads by 2035. This scenario is more ambitious, predicting that around 66% of vehicle sales will be electric by 2035.
By 2028, the growth of EVs is expected to lead to a projected market volume of $906.7 billion.
By 2030, the global electric vehicle stock (excluding two/three-wheelers) is projected to reach nearly 250 million. This number is expected to grow to 525 million by 2035, meaning that one in four vehicles on the road will be electric.
To achieve Net Zero emissions by 2050 and limit global temperature rise to 1.5°C, the global EV stock will need to reach 790 million by 2035. In this scenario, EV sales must climb to 95% of all vehicle sales by 2035.

Conclusion
As global EV stocks rise and ambitious targets push for a greener future, the shift to electric is not just inevitable, it’s already happening. Everyone including the government, companies, consumers, and us is driving this change. With each passing day, the move toward EVs becomes more evident, reaffirming that the future of transportation is indeed green.