Rise of Electric Vehicles: Production and Market Growth

Approximately 1 in 7 newly sold vehicles are electric (BEV + PHEV) in 2022, and the market share of EVs is increasing yearly. Additionally, for the first time ever, Tesla's market share fell below that of the top selling brand, from 14% in 2021 to 12% in 2022. The production of electric vehicles has increased significantly over the past ten years, and this trend is anticipated to continue as more automakers invest in EV technology and policymakers push for more environmentally friendly transportation options.
Over the past ten years, the manufacturing of electric vehicles (EVs) has experienced significant growth. The International Energy Agency (IEA) estimates there are 10 million electric vehicles on the road in 2020 , up from just a few thousand ten years ago. Government incentives, technological advancements, and consumer demand for cleaner and more environmentally friendly transportation options have all contributed to this growth.

Tesla, BYD, and Volkswagen are currently the top three electric car producers in terms of production volume. Particularly Tesla, which saw its production of electric vehicles rise from a few thousand in 2011 to over 500,000 in 2020, has experienced significant growth over the past ten years. Other significant automakers have also increased their production of electric vehicles recently, including Ford, General Motors, and BMW.

Additionally, as more EVs are being produced, there are more charging stations available globally, making it simpler for consumers to own and drive electric vehicles. Governments all over the world have also put policies into place to promote the use of electric vehicles, including tax breaks, rebates, and stricter emission standards.

The production of electric vehicles has increased significantly over the past ten years, and this trend is anticipated to continue as more automakers invest in EV technology and policymakers push for more environmentally friendly transportation options.

Source: ENERGYminute

Source: ENERGYminute
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