Electric Vehicles :Global Markets

By region, Asia-Pacific leads the global electric vehicles market. China leads the Asia-Pacific region and the world market in unit sales of electric cars/passenger cars. Europe and North America follow Asia- Pacific in terms of passenger car unit sales. China also leads the world in e-scooter unit sales and revenue.

A rising number of nations have promised to eliminate internal combustion engines or have aggressive car electrification goals for the coming decades. Meanwhile, many automakers have plans to electrify fleets that exceed legislative goals. In 2021, there were five times as many new EV models as in 2015, increasing their appeal to consumers.

The COVID-19 outbreak and Russia and Ukraine war have created a sudden disruption in global supply chains, particularly in the automotive industry. Soon, delays in EV delivery to clients may stifle sales growth in some countries. However, in the long run, government and business efforts to electrify transportation are laying a solid foundation for future EV sales growth.