UK analytics and consulting company GlobalData forecasts in its latest report that, from 2022 to 2035, the total EV market will expand at a compound annual growth rate (CAGR) of 15.9%. The passenger EV segment is expected to reach a CAGR of 26.1% and the commercial EV segment a CAGR of 15%.
Over the same period, sales of electric passenger cars are expected to rise from 7.3 million to 44 million units. Sales of electric commercial vehicles are expected to increase from 0.4 million to 7.6 million units.
“The increasing prices of gasoline, growing EV infrastructure, and growing concern about environmental pollution are the major reasons behind the increasing adoption of electric vehicles worldwide,” said Attaurrahman Ojindaram Saibasan, Power Analyst at GlobalData.
“The Asia-Pacific (APAC) region is leading the EV market in annual sales globally, followed by Europe and the Americas,” he added. “In 2022, APAC accounted for 69.3% of the sales, followed by Europe with 19% and the Americas with 10%. The presence of market leader China in the APAC region is the key factor for its major share. The region is anticipated to hold the major share of the market of 41.4%, followed by Europe with 31.6% and the Americas with 19.4% by 2035.”