What will drive EV growth

The biggest push for consumers to buy an electric vehicle is government incentives, according to a recent report, and that will continue fuelling EV growth into the next decade.

Seeing greater infrastructure investments will also further encourage more to make the switch from an internal combustion engine to an EV, according to GlobalData, a data and analytics company. Global EV sales reached 7.7 million units in 2022, up from 1.4 million units in 2018 — by 2035, numbers are expected to reach 51.6 million units.

The passenger car segment will be the biggest driver of EV growth with 26 per cent annual growth from 2022-2035. Overall, EVs will increase their share by 15.9 per cent. On the commercial side, the EV segment is expected to record an annual growth rate of 15 per cent during the same period.

“The increasing prices of gasoline, growing EV infrastructure, including the number of charging stations, maintenance hubs and facilities related to electric vehicles, and growing concern about environmental pollution are the major reasons behind the increasing adoption of electric vehicles worldwide,” said analyst Attaurrahman Ojindaram Saibasan.

The Asia-Pacific region will lead the world, led by China. With an expected market share of 41 per cent, it will be ahead of Europe (31.6 per cent) and the Americas (19.4 per cent) by 2035.

“The increasing concern over environmental pollution and the growing number of targets and policies related to the net zero carbon emission economies of different countries have fuelled the global demand for EVs,” Saibasan said.