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EV Global Market to Increase 5X by 2027

Worldwide EV Market expected to reach $804 billion USD

Overview

No matter how you look at it, the global Electric Vehicle (EV) market is rapidly transforming the consumer transportation landscape. After some early predictions that may have been too optimistic about technology advances and adoption rates a decade ago, it has now become clear that EVs have gained the market traction needed to drive massive movement away from conventional internal combustion-engine fossil fuel vehicles. Interplex is proud to be a key innovator in this ongoing global acceleration of the EV market.

Some key data points:

  • More than 10 million electric cars were on the world’s roads in 2020 with battery electric (BEV) models driving the expansion – Source: IEA Global EV Outlook 2021
  • About 3 million new electric cars were registered in 2020. For the first time, Europe led with 1.4 million new registrations. China followed with 1.2 million registrations and the United States registered 295 000 new electric cars. – Source: EA Global EV Outlook 2021
  • The U.S. represents only about 17% of the world’s total stock of 10.2 million EVs. China has 44% (more than 4.5 million), and the nearly 3.2 million in Europe accounts for about 31%. – Source: Pew Research
  • Electric vehicles are projected to account for 7.6 percent of the US market in 2026, up from just 1.2 percent in 2018 – Source: Statista.com

As shown at right, the rate of new electric cars as a share of total automobile purchases in 2020 tilted mostly toward the developed countries that are driving overall global trends.

The global growth of electric vehicles is driven by many ongoing changes in automotive design, such as those pioneered by Interplex, that are helping improve battery efficiency and EV range per charge. Also, the investment in expanding charging networks has become a major factor for making EVs more practical and spurring consumer acceptance. For example, the number of public charging stations in the US has tripled since 2015 when there were fewer than 32,000 and is projected to reach between 800,000 and 1.7 million by the end of the decade

For more information about solutions for next-gen EVs, drop us an email at communications@interplex.com.

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