The State of the Electric Vehicle Revolution 2023

United States

The last few years of EV sales growth have been remarkable.

BYD and Tesla, China and America&rsquo;s respective leading EV&nbsp;manufacturers posted record sales for several months in&nbsp;2023; BYD alone sold 641,000 EVs in the first half of 2023,&nbsp;out-selling Tesla&rsquo;s 564,000 cars sold.

Analysts are expecting&nbsp;14.5 million EVs to be sold by the end of 2023, marking a&nbsp;sizeable 45% YoY growth.

The Global Electric Car Stock is Growing Rapidly Each Year

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The last few years of EV sales growth have been remarkable.

There is also growth in Heavy Duty EV sales, though numbers&nbsp;pale in comparison to electric passenger car figures; the&nbsp;numbers also fluctuate widely from a low of 98,000 sales&nbsp;in 2021 to a high of 173,000 sales back in 2017, due to the&nbsp;nature of B2B commercial fleet purchasing and batch-orders.

2022 saw nearly 125,000 heavy duty electric vehicles sold,&nbsp;and 2023 sales are anybody&rsquo;s bet.

But conversations across&nbsp;industries, from freight transport to heavy machinery and&nbsp;mining, all seem to be talking about decarbonizing their fleets&nbsp;as they look to retire their combustion-engine powered trucks&nbsp;and replace them with an electrified fleet.

The Global Heavy Duty EV Sales in 2023 is Uncertain, Since They are Overshadowed by EV Car Sales

Global Heavy Duty EV Sales

Electric vehicle battery ranges have quadrupled on average since 2011.

Today, the average electric vehicles can go for over 300 miles (482&nbsp;kilometers) on one charge, reducing people&rsquo;s fears of running out of&nbsp;power mid-trip.

The longest range on offer is 516 miles (830 kilometers)&nbsp;by Lucid Air&rsquo;s Dream Edition R.

The standard warranty on an electric car&nbsp;battery is 8 years or 100,000 miles, but new batteries are proving to be&nbsp;more durable but new batteries are proving to be more durable reaching&nbsp;between 300,000 miles and 500,000 miles (483,000 to 805,000&nbsp;kilometers).

Global Electric Car Stock in Millions

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