The share of battery electric vehicles (EVs) in global light-duty vehicle (LDV) sales has begun to take off, reaching 10% in 2022. This represents over 7 million electric cars sold. Over the past five years, light-duty EV sales have grown at an average of 65% per year. In 2022, the share of EVs in LDV sales increased 63% — a meaningful improvement relative to recent trends.
Much more progress will be needed to reach 75–95% of LDV sales by 2030, especially in developing economies, where sales are significantly lower than in developed countries, but EV sales are in the breakthrough stage of an S-curve and will likely continue to accelerate in the coming years. Given the high likelihood for continued rapid exponential change due to favorable long-term cost trends and improvements in the range and availability of charging infrastructure, progress made toward reaching this near-term target is categorized as on track.
Sales are not even across all geographies. EV sales in China reached 29% of total new car sales in 2022, while the European Union saw a 25% share and the United States saw an 8% share. In other countries, sales remain low. To avoid a two-tiered global market, it is important that developed markets and development banks provide assistance to developing countries to grow their EV markets and charging infrastructure.