2023: The Year that Proved Electric Vehicles were Here to Stay
It is an interesting time in the world of Mobility and Electric Vehicles.
We've certainly come a long-way from a decade ago, when Tesla began delivering its first mass-produced Tesla Model S in small double digit batches each month. A mere 113,000 electric vehicles were sold globally, in 2012.
In contrast, over 10 million electric vehicles were sold in 2022; and we’re projected to sell over 14 million in 2023. That meant that last year, one in every seven cars sold globally, was electric. EVs are finally becoming more affordable, and consumers have more choice of EV model than ever before. There are electric sedan’s, pick-up trucks, SUVs, cross-overs and convertibles. Automakers are investing billions of dollars to electrify their fleets, and as of the end of 2022, over 500 different EV models were made available to the global consumer.
Today, half-way through 2023, there are more than 30 million electric vehicles driving on roads around the world. Despite inflationary pressures, talks of recession, removals of EV subsidies, and a shrinking interest by younger generations to own and drive vehicles for themselves, EV sales continue to rise – proving to the world that the EV revolution is here to stay. This growth is due to a number of drivers, from chronically high gas prices, an increase in climate conscious consumers, and an influx in EV models made available to consumers, also at increasingly affordable price points.
Previous challenges, such as “Range Anxiety,” or consumer worries about running out of ‘juice’ to power their electric vehicles throughout the day have also largely subsided, as it becomes increasingly common to see EV models that can travel over 500 kilometers on a single charge. Worries about battery safety have also largely disappeared. That’s largely due to major investments made into and advances in battery technologies.
Infobyte: 2023 Longest Range EVs by Miles
Automotive lithium-ion (Li-ion) battery demand increased 65% in 2022, and shows no sign of slowing down in 2023. Hundreds of billions of dollars are being invested into global battery manufacturing. As the major and most expensive component to the Electric Vehicle, these investments made over the years have and will continue to dramatically reduce the price of Li-ion batteries, helping automakers build more affordable and longer-range electric vehicles into the future.
2023 also saw China’s BYD out-manufacture and out-sell Tesla in the first half year. With over 14 million EVs on Chinese roads, 2022 marked the year that more than half (54%) of all electric vehicles in the world were driven in China. The US is still home to the 2nd largest pool of EVs, with 3 million, but with some of the slowest growth in EV adoption seen in advanced economies, it is expected that European markets such as Germany will overtake the US in a few short years. Then there are the outliers, like Norway, where 88% of all new cars sold in 2022 were electric.
Related: BYD Speeds Ahead in the EV Race, Surpassing Tesla and Into the Metaverse
Infobyte: Global Electric Sales Over the Years, Electric Car Sales in 2022 by Geography
In this report, we cover the changes in consumer behavior across different countries, automakers’ electrification roadmaps, EV charging infrastructure plans, and some of the impacts of recent trends such as from the semiconductor chip shortages, supply chain disruptions, changes and removals of government EV subsidies, and the net-zero targets being adopted across corporations and governments.
I am a strong believer that innovation in the EV mobility space has the opportunity to make a significant contribution to the global fight against climate change. Especially considering the fact that driving a combustion engine vehicle is just about the worst carbon emitting activity we can undertake as individual consumers. Read on to learn about the latest innovative developments, competitive strategies, and consumer trends that are affecting this US $500 billion dollar industry.
To read more about the state of the electric vehicles revolution in 2023 – read the full report here.
