Electric Car Industry Revenue and Growth Statistics (2024)

Some astonishing facts about Electric Cars

• There are more than 10 million Electric Cars in use worldwide.
• Electric Cars were first invented 138 years ago.
• An electric car has the ability to power your home.
• In the long run, Electric Cars are 50% less expensive than gasoline and diesel vehicles.
• In the UK, there are currently more EV charging stations than petrol stations.
• Electric Cars can be charged to 80% capacity in 30 minutes.
• In 1884, the United Kingdom produced its first electric car.
• Tesla is the most well-known electric car brand.
• An electric car can use up to 80% of its battery power.
• Electric cars are 10 to 25% heavier than conventional vehicles.
• In the United Kingdom, electric charging stations outnumber petrol stations.
• The market for electric cars is currently worth $287.36 billion.

Source: Carmoola, Biliti Electric, Review 42, Cars Guide

Electric Cars Industry Overview

Only about 120,000 Electric Cars were sold globally in 2012.

With this, there are currently over 16.5 million Electric Cars on the road worldwide, which is three times more than there were in 2018. With 2 million electric vehicle sales in the first quarter of 2022, a 75% increase over the same time in 2021, the market for Electric Cars has continued to grow rapidly.

In 2021, the market share for Electric Cars was about 10% worldwide, up from just 2% in 2019.

In 2021, the number of Electric Cars sales doubled from the previous year to reach a new high of 6.6 million.

China sold 3.3 million more cars in 2021 than the entire globe did in 2020. Less than 0.5% of cars sold in Brazil, India, and Indonesia are electric. In China, sales of electric two- and three-wheelers already make up about half of the market.

Finally, there were five times as many new Electric Cars models available in 2021 as there were in 2015, making them more appealing to buyers. Around 450 different Electric Cars models are now on the market.

Source: IEA

Sales of Electric Cars (Worldwide)

Without a question, the American market—which includes both the United States and Canada—remains the largest for Electric Cars.

However, Europe has continued to be the world’s second-largest market for Electric Cars, with 2.3 million new registrations, over half of which were plug-in hybrids, representing an increase of nearly 70%.

The IEA concludes that “announcements, targets, and new model introductions have helped bolster the idea that the future of cars is electric,” but it also issues a caution that the parallel boom in worldwide SUV sales has countered much of the emissions savings of Electric Cars.

2021 was a breakthrough year for electric vehicle sales, virtually tripling from 1.2 to 3.4 million in China alone: “Government policies continue to be the main factor influencing the worldwide market for electric cars, but its dynamism in 2021 also represents a very active year for the automotive sector.

However, compared to China and several European economies, the overall market share of Electric Cars continues to be very low.

Around 90% of all electric car sales worldwide, according to the IEA, are in China, Europe, and the US, showing that e-mobility isn’t developing at the same rate elsewhere.

Table of sales of Electric Cars (Worldwide) by year

In 2020, there have been 10 million electric cars sold all over the world. That’s 3.4 million more cars than in 2021!

In contrast, there were only 120,000 electric cars sold in 2012. Fast-forward 10 years, we’re looking at 10 million electric cars showing up on the market.

Source: EV Volumes, Statista

Sales of Electric Cars (Worldwide) forecast from 2022 – 2030

There are indications that the sales of electric cars will increase, with a 99% confidence interval. By 2030, the algorithm estimated that approximately 37 million Electric Cars would have been sold.

Sales of Electric Cars by Country in 2021

The surge was primarily driven by China, which sold more EVs in 2021 than the rest of the world combined did in 2020.

After Global EV sales increased by 38% in 2020 and then more than doubled in 2021 after essentially being steady in 2019.

Source: Visual Capitalist

Sales of Electric Cars by Company (Brand)

• With all of its sales coming from electric cars (including BEV and PHEV) and maintaining a 100% sale out of its Electric cars made, Tesla was unquestionably the only electric car automaker in the US.
• Only three other brands, Fiat (14.5%), BMW (7.37%), and Porsche (5.17%), had EV sales percentages of at least 5%.

Source: EV Adoption

How many people own Electric Cars in the world?

In 2022, there were 10 million owners of electric cars worldwide.

In China, 50% of the people who had cars had electric ones. In 2022 in the US, only 10% of the cars on the market were electric, and 35% in Europe.

Source: EV Volumes, Statista

Electric Cars owners’ demography

75% of people who buy electric cars are male, 53.6% of electric car owners are over the age of 55 and 57% of electric car owners make $100,000 or more a year or more.

source: Inspire Advanced Transportation

How much of the automotive industry share is represented by Electric Cars?

In Q2 2022, EV sales accounted for 5.6% of the total auto market (up from 2.7% in Q2 of 2021). Clean energy and improved performance are driving people to make the switch to electric cars.

Government incentives continue to buttress the future of all things electric vehicles.

• Revenue in the Electric cars market is projected to reach US$388.90bn in 2022.
• Revenue is expected to show an annual growth rate (CAGR 2022-2027) of 16.84%, resulting in a projected market volume of US$846.70bn by 2027.
• Electric Vehicles market unit sales are expected to reach 15,786.3K vehicles in 2027.
• The volume-weighted average price of the Electric Vehicles market in 2022 is expected to amount to US$53.90k.
• From an international perspective, it is shown that the most revenue will be generated in China (US$158,900.00m in 2022).

Source: Statista, Forbes,

Electric Cars market share by brand (Top 5 Picks as of 2022)

We examine the brands below in terms of their market shares for electric vehicles in 2022:

• BYD Auto remained the global market leader, shipping more than 537,000 EV units, an increase of 197% YoY. Its top three models – BYD Song, BYD Qin, and BYD Han – contributed to over 56% of the company’s sales during the quarter. BYD’s overseas operations have been picking up fast; it sold almost 17,000 EV units across various regions including Europe, Latin America, Southeast Asia, the Middle East and Africa, and Oceania in Q3 2022.
• Tesla’s global sales grew 43% YoY in Q3 2022 to over 343,000 units. The company saw increased demand for its vehicles in Europe this quarter. The smoothing production ramp in its Berlin factory helped deliver a record number of Model Ys in Germany this quarter. However, deliveries fell short of expectations due to logistics bottlenecks.
• Wuling grew by 31% YoY to hold the third rank in the global EV market. The brand’s Hongguang Mini EV model has remained the undisputed market leader since its release in the second half of 2020. Mini-electric car sales in China are high as they cost less, are eligible for subsidies, and serve the purpose.
• Volkswagen’s EV sales increased by 28% YoY to recover from their Q2 dip. The ID.4, ID.3 and ID.6 series had the top-selling Volkswagen models during the quarter. The company showed impressive results in China with its EV sales growing 79% YoY and 35% QoQ. Although the brand’s sales in Europe and the US recovered sequentially, neither region registered YoY growth.
• GAC Motor emerged as the fifth top-selling brand, overtaking BMW and Mercedes-Benz. During Q3 2022, GAC sold more than 85,000 units to record a YoY growth of 145%. GAC spearheaded its Aion series, with the Aion Y as the top-selling model. The company operates only in China.

Tabulated market shares for electric vehicles by the quarters in 2021 – 2022 (Q3)

Source: Counterpoint Research

Is the Electric Cars market growing?

Yes, the Electric Cars market is growing, in 2022 the Electric Car sales were indeed projected to rise by 57% to 10.6 million, indicating that growth continues.

The market for electric vehicles was estimated to be worth USD 170 billion in 2021, and it is expected to be worth USD 1103.17 billion by 2030. Of course, the IEA reported that global EV sales had more than doubled in 2021, accounting for nearly 9% of the global auto market.

Almost 4.3 million brand-new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022. Year over year, PHEV sales increased by 37% and BEV sales increased by 75%.

Source: CNBC, WE Forum, Precedence Research

How much is the Electric Cars industry worth?

The global electric vehicle market was valued at $163.01 billion in 2020 and is projected to reach $823.75 billion by 2030, registering a CAGR of 18.2% from 2021 to 2030.

Source: Allied Market Research

Who is leading the Electric Cars industry? (Top 5)

As of 2022, the companies that made it to our list are pure-play EV manufacturers, meaning that they do not produce fossil fuel-powered cars, such as, for example, Toyota (TM) or Hyundai (HYMTF).

Before moving forward with the list of the largest electric car manufacturers, it is important to clarify the criteria used to choose each of these companies. We will be ranking each manufacturer by market capitalization, so only publicly traded firms will be included. Data concerning the market cap of each firm is of 28 December 2022.

Additionally, unless otherwise indicated, all figures provided for vehicle deliveries, units produced and financial results are for the first three quarters of the 2022 fiscal year.

Tesla (TSLA)

Tesla (TSLA) is the undisputed market cap and sales leader among the largest electric car companies.

Tesla vehicles begin at around $48,000 in price. According to its annual report for 2021, it employed 99,290 full-time employees. Tesla has plants in California, Nevada, New York, Germany, and China.

Tesla delivered 908,573 vehicles during this time period. The company produces four models: Model S, X, 3, and Y. During the first three quarters of 2022, the company led by Elon Musk generated total revenues of $57.14 billion, $50.17 billion of which came from vehicle sales.

Li Auto (LI)

Li Auto (LI) is a Chinese electric vehicle manufacturer that produces two SUVs: the Li ONE and the Li L9. In the city of Changzhou, Li Auto has a manufacturing facility.

Li Auto had 276 retail stores in 119 cities as of 30 November 2022, as well as 317 servicing centers and Li Auto-authorized body and paint shops in 226 cities.

It delivered 86,927 vehicles in the first three quarters of 2022. In November 2019, the company began mass-producing vehicles. During the same time period, the company generated $4.11 billion in revenue.

NIO (NIO)

NIO (NIO) is the next company on our list of the best electric car companies.

William Li is the company’s CEO. The primary manufacturing facility of NIO is located in China’s Hefei Economic and Technological Development Area (HETA).

Jianghuai Automobile Group, a state-owned automobile manufacturer, is primarily responsible for the company’s manufacturing activities. By the end of 2021, Nio had 15,204 full-time employees, the vast majority of whom were based in China.

NIO delivered 82,434 vehicles and generated $4.93 billion in revenue during the first three quarters of 2022. The Chinese EV manufacturer provides six vehicle options, including two sedans (ET7 and ET5) and four SUVs (ES7, EC6, ES8, and ES6). According to the company’s most recent projections, it expects to deliver between 38,500 and 39,500 vehicles in the fourth quarter of 2022.

Rivian (RIVN)

Rivian (RIVN) was established in 2015. Scaringe also founded the company.

The company made headlines when it debuted on the Nasdaq Stock Exchange in November 2021, valued at more than $100 billion. By the end of 2021, the e-commerce giant would own 16.6% of the company and had placed an initial order of 100,000 units for the company’s yet-to-be-launched electric delivery vans (EDVs).

Rivian raised approximately $12 billion for its operations and has been using that money to build the infrastructure needed to scale its manufacturing capacity. Rivian currently produces two electric vehicles: a pickup truck (the R1T) and an SUV (the R1S). It delivered 12,278 vehicles in the first three quarters of 2022, generating $995 million in revenue and a $5 billion net loss.

Rivian is best known as an EV manufacturer backed by Amazon (AMZN).

Lucid Motors (LCID)

Lucid Motors (LCID) specializes in the production of high-end electric vehicles. The Lucid Air, a luxury sedan with a starting price of $87,400, was the company’s first working vehicle.

During the first three quarters of 2022, the company produced 2,437 Lucid Air vehicles, earning $350.47 million in revenue and incurring $1.83 billion in net losses. According to the company’s annual report, the compound has an annual output capacity of 34,000 vehicles.

Lucid anticipates delivering between 6,000 and 7,000 vehicles in 2022. According to the company, the Air has a range of 520 miles and is the largest “frunk” in the market. Lucid reportedly employed over 6,600 people by the end of September.

The company began delivering orders in North America in 2021.

Source: Capital

Top Tech-Auto-Companies contributing to the striving of the Electric Cars industry

Let’s check out this list of electric car companies that are assisting us in increasing mobility while reducing our carbon footprint.

Electric vehicles now include sports cars, freight trucks, bicycles, and a wide range of other products designed to make travel easier, faster, and more environmentally friendly. However, over the last two decades, electric vehicles have re-entered the public consciousness with vigor.

Electric vehicle technology received some attention in the early 1900s, but that attention faded as gas-powered cars became more widely available and affordable. Concerns about the environmental impact of gas and diesel engines have prompted many people to consider electric vehicles as a viable and more efficient alternative, and the EV industry has exploded as a result. Electric car technology has advanced dramatically in recent years, transitioning from a niche luxury item to the new standard in automotive manufacturing.

According to the United States, sales of “light-duty plug-in electric vehicles” increased by 85% between 2020 and 2021, reaching more than 600,000 units. In comparison, less than 100,000 units were sold a decade ago.

Source: Builtin

Which are the top Electric Cars in America in 2022?

There’s a lot going on in the world of electric vehicles these days, with growing consumer demand and expanded federal tax incentives. Which are the best American-made EVs in 2022?

Source: Leaf Score

Which are the top Electric Cars in Europe in 2022?

Tesla’s Model Y was the best-selling electric car in Europe, beating out the Tesla Model 3. The top five were completed by the Fiat 500 electric, Volkswagen’s ID. 4, and the Skoda Enyaq iV.

Source: Statista

Which are the top Electric Cars in Asia in 2022?

However, more expensive models from Tesla and BYD predominated on the list of best-selling electric vehicles in 2022.

Hongguang Mini, a low-cost electric vehicle, kept the top rank after more than doubling sales to 395,451 units last year, according to the report. Tesla, according to the China Passenger Car Association, while new opponents arose against more modest rivals like Nio, Tesla and BYD were by far the market leaders in China’s electric vehicle market in 2021.

China is at the top of the list, which shows the rate of EV demand in the Asian region.

1. Hongguan Mini (SAIC+GM-Wuling)
2. Qin (BYD)
3. Model Y (Tesla)
4. Model 3 (Tesla)
5. Han (BYD)
6. Song (BYD)
7. Li-One (Li Auto)
8. eQ (Chery)
9. Benben EV (Changan)
10. Aion S (GAC Motor spin-off)
11. Ora Black Cat (Great Wall Motor)
12. P7 (Xpeng)
13. Tang (BYD)
14. Ora Good Cat (Great Wall Motor)
15. Nezha V (Hozon Auto)

Source: CNBC

What are the different types of electric vehicles?

We generally refer to three main types of electric vehicles: hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV).

What is a Hybrid Electric Vehicle (HEV)?

HEV technology automatically charges the battery through what’s known as “regenerative braking” and activates the electric motor system when conditions are suitable, meaning drivers do not have to monitor charge or plug the cars into power outlets.

Hybrid vehicles are most similar to drive-to-normal ICE vehicles, as owners can only top them up with traditional fuels (usually petrol).

A hybrid electric vehicle (HEV) combines a conventional internal combustion engine (ICE) with an electric motor and battery pack to reduce fuel consumption. HEVs achieve this by using an electric motor to drive the car during conditions when an ICE is especially inefficient, like when accelerating from a stop. Hybrids can also favor the ICE unit when it is more efficient to do so, such as cruising at highway speeds.

Source: NRMA

What is a Plug-in Hybrid Electric Vehicle (PHEV)?

A PHEV can run on just petrol if all battery charge is used up, and battery charge alone if all fuel is used up.

A plug-in hybrid electric vehicle (PHEV) combines an ICE with an electric motor and battery pack similar to a hybrid, however, comes with distinct differences. However, drivers have the choice of topping up PHEVs with both fuel and electricity.

This means PHEVs can be driven in electric-only mode, switching the ICE off entirely. PHEVs generally have larger battery packs and more powerful electric motors than hybrids, as the electric system does a lot of the heavy lifting while driving. Driving a plug-in hybrid is similar to driving a hybrid, as the car will automatically recharge the battery and switch between ICE and electric power based on conditions.

Source: NRMA

What is a Battery Electric Vehicle (BEV)?

This can be done through either a home charger or fast charging station, or energy recouped by regenerative braking.

A battery electric vehicle (BEV) is considered to be an ‘all-electric’ or ‘full-electric’ car. BEVs are powered exclusively by electricity, with their electric motors drawing current from onboard battery packs.

Given that BEVs rely solely on electricity, they tend to have much larger capacity batteries and kilowatt-hour (kWh) outputs than comparable hybrid and plug-in hybrid electric vehicles. This extra battery tech typically results in BEVs costing more than other types of EVs.

BEVs do not have any form of ICE. BEVs need to charge to be driven.

Source: NRMA

How far can Electric Cars travel?

The average range for an electric car is just under 200 miles, with some models exceeding the 400-mile mark. Some of the best-performing vehicles are:

Source: Novuna Vehicle Solutions

FAQ about Electric Cars

What is the electric vehicle industry?

The electric vehicle industry refers to the production and sale of cars powered by electricity. This covers electric vehicles such as automobiles, lorries, buses, and motorcycles. Although they have been around for a while, electric cars have only recently begun to gain popularity.

What types of charging connector does Electric Cars have?

On the charger side, rapid chargers use CHAdeMO, CCS (Combined Charging Standard), or Type 2 connectors. Fast and slow units usually use Type 2, Type 1, Commando, or 3-pin plug outlets.

How many EV Charging Stations are there in the world?

There are approximately 2.3 million charging stations worldwide as of November 2022. By the end of 2028, the figure is expected to exceed 16.83 million. This rapid growth is largely due to two factors: the growing popularity of electric vehicles and the widespread availability of DC fast charging technology.