According to the Wall Street Journal, citing preliminary research from LMC Automotive and EV-Volumes.com, there were 7.8 million electric vehicles sold worldwide in 2022, a 68% increase from 2021. “The uptick helped electric vehicles achieve a roughly 10% global market share in the automotive industry for the first time,” reports Insider. From the report: While 10% is only a modest share of the total market, the industry is growing faster than some had predicted. In 2021, for instance, the International Energy Agency projected that it would take until 2030 for the EV industry to reach between 7% and 12% of global auto sales. Europe and China have led the way, where electric vehicles already account for 11% and 19% of total car sales respectively, WSJ reported, citing data from LMC Automotive.
CBInsights Auto and Mobility Trends estimated that its global market share could reach 22% by 2030. BloombergNEF projected the industry’s market share could reach nearly 40% by the end of the decade. The Biden Administration, which included a $7,500 tax credit for purchasing an electric vehicle in last year’s Inflation Reduction Act, is aiming for half of US vehicle sales to be electric by 2030.