Study Id103895 Electric Vehicles Report

INDUSTRIES & MARKETS
Electric Vehicles: market data

& analysis
Market Insights report
2023
Table of Contents
Overview Appendix
Summary 5 Methodology 65
Market Definition 6 Country/Territory Coverage 66
Key Takeaways 7 Product Overview 67
Revenue 8 Author 68
Volume 11
Average Price per Unit 14
Market Numbers
Battery Electric Vehicles 17
Plug-in Hybrid Electric Vehicles 36
Electric Vehicle Infrastructure 55
2
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Electric Vehicles
Charging ahead: Electric vehicles are transforming the future of mobility
Summary
Summary
The Electric Vehicles market, encompassing the markets Battery Electric Vehicles sales have been sluggish due to the relatively high upfront costs of electric
(BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Electric Vehicle Infrastructure, vehicles and the limited availability of charging infrastructure. Bridging these gaps
plays a pivotal role in mitigating the carbon footprint of road transport. This is paramount for the comprehensive development of the electric vehicle market,
sector, responsible for more than 15% of global energy-related emissions, has including both vehicle types (BEVs and PHEVs) and the vital electric vehicle
witnessed remarkable growth in recent years. This growth is demonstrated by an infrastructure.
upsurge in the adoption of electric vehicles, thanks to notable advancements in
their range, a broader array of available models, and enhanced performance. In
particular, passenger electric cars have garnered significant attention, symbolizing There is a pressing need to expand and enhance charging networks to facilitate
a shift towards eco-conscious transportation choices. the widespread adoption of electric vehicles. The growth of this infrastructure
market is intrinsically linked to the overall success of electric mobility.
Furthermore, governments and industry stakeholders must work collaboratively
Should the robust growth of the past two years continue, the prospect of to address affordability concerns and promote incentives, especially in regions
achieving a significant reduction in CO2 emissions from cars by 2030 becomes a where electric vehicles are yet to gain significant traction. If this can be done, it
reality, aligning with the Net Zero Emissions by 2050 Scenario (NZE Scenario). becomes possible to pave the way for a more sustainable and environmentally
However, it is crucial to acknowledge that the electric vehicle market has not yet friendly future for road transport, with electric vehicles at the forefront.
achieved global ubiquity. Particularly in developing and emerging economies,
Sources: Statista Market Insights 2023

Electric vehicles are becoming increasingly popular, thereby signaling a shift
towards sustainability in transportation
Market Definition
Market Definition
In scope Out of scope
• Mobility, in the foreseeable future, must transition to a CO2-neutral state. This
transformation is expected to be accelerated by the rise of eMobility, which This market includes: This market excludes:
holds the promise of addressing climate change, reducing dependence on fossil
• Battery electric vehicles (BEVs) • Electric vehicles that are not self-
fuels, and combatting air pollution.
contained and cannot be classified as
• The Electric Vehicles market comprises battery electric vehicles, plug-in hybrid • Plug-in hybrid electric vehicles (PHEVS) BEVs or PHEVs
electric vehicles, and electric vehicle infrastructure, with the last-named market
• On-road electric vehicles • Electric rail vehicles
including information about public charging stations.
• Passenger cars • Surface and underwater vessels
• Net-zero emissions policies, coupled with the proliferation of public charging
infrastructure, are driving remarkable growth within the Electric Vehicles market. • Electric aircraft or spacecraft
Furthermore, government incentives remain influential market catalysts in
certain countries. • Motorcycles, scooters, mopeds,
buses, vans, and trucks

In 2022, 65% of the global revenue of the Electric Vehicles market was attributed
to China and the United States
Key Takeaways
Key Takeaways Shares of the electric vehicle revenue in 2022
In 2022, unit sales of electric vehicles exceeded 10 million cars, and the market
realized a total revenue of US$538.8 billion. We forecast that the compound annual 11%
growth rate (CAGR(1)) of the revenue between 2018 and 2028 will reach 23.2%.
2% 1%
China and the United States accounted for a whopping 65% of the worldwide 1%
revenue in 2022. 2% 2%
3%
Unit sales in the Electric Vehicles market are expected to reach 17.07 million
4%
vehicles in 2028.
53%
The volume-weighted average price of the Electric Vehicles market in 2022 was
US$52,600. 9%
From an international perspective, our estimate shows that the most revenue will
be generated in China (US$292.1 million in 2023).
12%
China Germany United Kingdom Norway Belgium

United States France Sweden South Korea Others
7
It is estimated that the revenue in the Electric Vehicles market will increase at a
CAGR(1) of 23.2% from 2016 to 2028
Revenue
Revenue forecast in billion US$
906.70
812.50
+23.2%(1) 744.70
687.80
623.40
538.80 561.40
681.20
603.10
475.10 534.90
352.00 422.80
359.20 376.80
176.10 229.50
112.80 121.50
113.50 184.60 200.60 212.70 209.80 209.40 225.50
72.50 40.30 85.10 179.60
36.40 122.50
62.60
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Plug-in hybrid electric vehicles Battery electric vehicles
8 Notes: (1) CAGR: Compound Annual Growth Rate

With a revenue of US$306.1 billion, Asia had the biggest market among selected
regions in 2022
Revenue
+5.8%(1)
428.2
+10.7%(1)
2,889.0 306.1
+16.6%(1)
179.7
1,569.0
+16.0%(1) +14.5%(1)
71.4
0.1 0.2 4.3 9.7
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028
Europe Africa Americas Asia Australia & Oceania

With a revenue of US$188.7 billion, China had the biggest market among
selected countries in 2022
Revenue
+5.7%(1)
398,0
284,8
+16.9%(1)
161,6 +13.1%(1)
+7.6%(1) 103,4 +7.6%(1)

63,3
49,5
28,8 21,3 33,0
18,6
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028
China United States United Kingdom Germany France

Estimates indicate that the volume in the Electric Vehicles market will increase at
a CAGR(1) of 23.7% from 2018 to 2028
Volume
Volume forecast in million vehicles
17.07
15.35
14.06 3.60
+23.7%(1)
12.97 3.34
11.77 3.33
10.25 10.64 3.37
3.17
2.84 2.92
6.61
13.47
1.94 12.01
10.73
8.60 9.60
3.18 7.41 7.72
2.03 2.22 0.98
0.57 4.67
0.63
1.40 1.65 2.20
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Battery electric vehicles Plug-in hybrid electric vehicles

With a volume of 6.5 million cars, Asia had the biggest market among selected
regions in 2022
Volume
Volume forecast in thousand vehicles
+6.3%(1)
9,299.0
+10.9%(1)
6,457.0
4,834.0
+16.4%(1)
2,602.0 2,786.0
+16.6%(1) +14.7%(1)
1,120.0
1.7 4.2 63.1 143.5
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

With a volume of 6.1 million cars, China had the biggest market among selected
countries in 2022
Volume
Volume forecast in million vehicles
+6.3%(1)
8.8
6.1
+16.6%(1)
+13.1%(1)
2.5 +7.5%(1) +7.9%(1)
1.7
1.0 0.8
3.7 5.7 0.3 0.5
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

It is estimated that the average price per unit in the Electric Vehicles market will
show a relatively stable pattern with minor fluctuations
Average Price per Unit
Price per unit forecast in thousand
60 55,7 55,4
54,7
53,2 52,6 52,8 52,9 53,0 53,0 52,9 53,1
55
50
45
40
35
30
25
20
15
10
5
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

When comparing global regions and with an average price per unit of
US$69,000 in 2022, electric vehicles cost the most in Australia & Oceania
80 75,4 68,7 67,6

71,0 69,0 63,8 68,5 68,3 67,8
68,7 63,9 64,1 64,2 68,0 64,5
68,1 64,3 64,4
70 62,7 63,0 63.5 61.7 63.7 61.4 62.6 60.9 60.3 60.2 60.1 60.0 59.9 59.9 59.8
60
51,0 50,6 50,6
46,1 47,4 47,5 47,5 47,3 46,7 46,1 46,0
50
40 48,9 47,4
46,7
41,5 40,1 39,8 39,5 39,3
30 39,1 38,9 38,7
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Africa Europe Americas

Asia Australia & Oceania

When comparing the top five countries and with an average price per unit of
US$64,800 in 2022, electric vehicles cost the most in the United States
64,2 65,4 64,8 65,7

62,9 65,7 65,2 64,6 63,2 65,3 64,7 64,3 65,3 64,2 65,4 64,0 65,5 63,9
70 64,6 65,0 64,5 65,1
61.3 61.0 60.5 60.1 60.1 60.1 60.1 60.1 60.1 60.1 60.1
60
52,6 51,5 50,8 51,3 50,5 50,5 50,5 50,4 50,4 50,3
50.2
50
40 49,6 47,7 46,3 46,8 46,9 46,9 46,8 46,0

45,4 45,4 45,4
30
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
China Germany United States
United Kingdom France

Battery Electric Vehicles
The Battery Electric Vehicles (BEV) market is a rapidly growing market
Summary
Summary
The Battery Electric Vehicles (BEV) market revolves around vehicles exclusively continues to expand. It plays a pivotal role in reducing greenhouse gas emissions
powered by electricity stored in their batteries, marking a notable departure from and dependence on fossil fuels. As the automotive industry accelerates its
traditional internal combustion engines. One interesting facet of BEVs is the transition towards sustainable electric mobility, the BEV market stands as a
absence of components such as starter motors, gearboxes, and exhaust tailpipes, beacon of innovation, providing practical, eco-conscious transportation solutions
thus highlighting the fundamental shift in automotive design and technology. for the future. With ongoing advancements and growing consumer interest, this
market is poised for sustained and impactful expansion.
As consumer awareness of environmental concerns grows, the BEV market is

stepping into the limelight. Advancements in battery technologies have been
particularly instrumental in this market's impressive growth trajectory. The
introduction of more budget-friendly BEV models has made eco-friendly
transportation accessible to a broader range of consumers. Simultaneously, the
rapid development of a fast-charging infrastructure addresses a key concern
among potential buyers—the convenience and efficiency of refueling.
In a world increasingly focused on sustainability, the BEV market's significance
18

The Battery Electric Vehicles market is an important part of the Electric Vehicles
market
Market Definition
Market Definition
Powered solely by the electricity stored in their high-voltage batteries, battery

electric vehicles (BEVs) are either driven by a single unit or a combination of
(alternating current or direct current) electric motors, typically with electric power
above 60kW. The features of BEV engines include continuous torque delivery over
a broad range of speeds beginning at 0 km/h and less complex management
systems, which are needed in internal combustion engine (ICE) vehicles to control
emissions (less complex drivetrain compared to ICEs). Additional systems such as
a starter motor, gearbox, and exhaust (tailpipe) are absent in battery electric
vehicles.
19

Battery electric vehicles accounted for 72.3% of the revenue in the Electric
Vehicles market in 2022
Key Takeaways
Key Takeaways
Revenue in the Battery Electric Vehicles market is projected to reach US$376.8
billion in 2023. This market includes: This market excludes:
Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 12.57%, • Battery electric vehicles (BEVs) • Plug-in hybrid electric vehicles
resulting in a projected market volume of US$681.2 billion by 2028. (PHEVs)
• Pure electric vehicles
Unit sales in the Battery Electric Vehicles market are expected to reach 13.47m • Fuel cell electric vehicles (FCEVs)
vehicles in 2028. • All-electric vehicles
• Extended-range electric vehicles
The volume-weighted average price of the Battery Electric Vehicles market in 2023 (E-REVs)
is expected to amount to US$48,800.
• Full hybrid electric vehicles (HEVs)
be generated in China (US$192.2 billion in 2023). • Mild hybrid electric vehicles (MHEVs)
• Micro hybrid electric vehicles
20

It is estimated that the volume of the Electric Vehicles market will increase at a
CAGR(1) of 25.4% from 2018 to 2028
Volume
Volume forecast in million
13,47
12,01
10,73
+25.4%(1) 9,60
8,60
7,41 7,72
4,67
2,20
1,40 1,65
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

With a volume of 4.9 million, Asia had the biggest market among selected
regions in 2022
Volume
Volume forecast in thousand
+7.5%(1)
7,540.0
+13.8%(1) 4,890.0
3,430.0
-62.8%(1)
1,580.0 +17.8%(1) +17.2%(1)
900.0
1.4 3.6 2.4 40.2 104.4
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

With a volume of 4.6 million, China had the biggest market among selected
countries in 2022
Volume
+7.5%(1)
7.1
4.6
+17.9%(1)
+17.0%(1)
2.1 +9.1%(1) +10.8%(1)
1.2
0.8
0.3 0.5 0.5 0.2 0.4
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

It is estimated that revenues in the Battery Electric Vehicles market will increase
at a CAGR(1) of 25.1% from 2018 to 2028
Revenue
681,2
603,1
534,9
+25.1%(1) 475,2
422,8
359,2 376,8
229,5
113,5
72,6 85,1
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

regions in 2022
Revenue
+7.4%(1)
314.7
+13.9%(1)
+17.7%(1)
200.2 204.8
159.5
91.7 +17.7%(1) +17.2%(1)

60.1
0.0 0.1 2.6 6.7
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

Revenue
+7.5%(1)
290,5
+17.8%(1)
188,7
145,1 +16.8%(1)
+9.1%(1) +10.6%(1)
71,5
54,3
22,1 28,1 23,1
13,1 12,6
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

It is estimated that the Battery Electric Vehicles market will show a relatively
stable pattern with minor fluctuations
55 51,9 51,5 51,7

49,5 49,9 50,2 50,6
49,1 48,5 48,8 49,2
50
45
40
35
30
25
20
15
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

By global regional comparison and with an average price per unit of US$66,900
in 2022, battery electric vehicles cost the most in the Americas
68,7 67,7 67,0 66,9 66,9 66,8 66,8 66,8 66,8 66,8
67,2
67,7 66,1 65,2 65,0 63,8 63,7 63,7
70 63,8 63,7 63,7 63,7
60 60.7 59.9 58.8 58.1 58.2 58.2 58.2 58.2 58.3 58.3 58.3
50 45,4 44,2 43,1 41,8 41,9 41,9 41,9 41,8 41,8 41,8 41,8
40 39.3
39.4 37.6 36.5 35.7 35.6 35.6 35.6 35.6 35.5 35.5
30
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Africa Europe Americas
Asia Australia & Oceania

US$68,600 in 2022, battery electric vehicles cost the most in the United States 2
69,8 69,4 68,4

69,0 68,6 68,6 68,5 68,5 68,5 68,5 68,4 61,9
70
63.6 63.1 62.6 62.0 62.0 62.0 62.0 62.0 61.9
61.0 60,6
60 61.8 61.4
62.1 60.6 60.5 60.5 60.5 60.5 60.5 60.4
48,4 48,6 48,5 49,0 48,9 48,9 49,0 48,9 49,0 49,0 48,9
50 43.1 42.1 41.1 41.1 41.1 41.1 41.0 41.0 41.0 41.0
40
44,1
30
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
China Germany United States
United Kingdom France

In 2022, Tesla had the highest make share in the Battery Electric Vehicles market
Additional Market Analysis
Brand share in 2022
30

In 2022, Tesla had the highest revenue share in the Battery Electric Vehicles
market
Additional Market Analysis
Revenue share in 2022
31

In Europe, Germany ranked highest in unit sales in the Battery Electric Vehicles
market in 2022
Battery electric vehicles sales in Europe Volume ranking in Europe in 2022
Revenue
In Europe, the Battery Electric Vehicles market generated a total # Country Unit sales
in mUS$
revenue of US$91.7 billion in 2022, with unit sales of more than 1.58
1 Germany 464,292 US$28,114.1
million cars. Germany was the country with the most unit sales that
year. 2 United Kingdom 267,171 US$13,068.3
We expect the revenue aggregated from BEVs sold in Europe to amount 3 France 202,868 US$12,586.1
to US$200.2 billion, with over 3.44 million cars sold in 2028.
4 Norway 138,187 US$8,403.9
US$91.7bn +32% 5 Sweden 94,458 US$6,521.3

in 2022 CAGR(1) 2018-2028
Revenue 6 Netherlands 73,118 US$4,470.0
7 Italy 49,407 US$2,685.0
8 Switzerland 40,001 US$2,147.2

1.58m +32.3%
9 Belgium 37,815 US$2,418.0
Unit sales cars sold in 2022 CAGR(1) 2018-2028
10 Austria 33,768 US$1,854.4
32 Notes: (1) CAGR: Compound Annual Growth Rate / average growth rate per year
Statista Mobility Market Insights 2023

In the Americas, the United States ranked the highest in unit sales in the Battery
Electric Vehicles market in 2022
Battery electric vehicles sales in the Americas Volume ranking in the Americas in 2022
Revenue
In the Americas, the Battery Electric Vehicles market generated a total # Country Unit sales
in mUS$
1 United States 791,452 US$54,252.9
million cars. The United States was the country with the most unit sales
that year. 2 Canada 83,721 US$4,786.5
We expect the revenue aggregated from BEVs sold in the Americas to 3 Brazil 8,250 US$361.2
amount to US$159.5 billion, with over 2.39 million cars sold in 2028.
4 Mexico 7,481 US$327.8
US$60.1bn +10.3% 5 Costa Rica 2,617 US$118.1

in 2022 CAGR(1) 2018-2028
Revenue 6 Colombia 2,050 US$84.2
7 Chile 1,673 US$78.9
8 Uruguay 1,347 US$67.5

0.9m +10.3%
9 Argentina 89 US$4.2

In Asia, China ranked the highest in unit sales in the Battery Electric Vehicles
market in 2022
Battery electric vehicles sales in Asia Volume ranking in Asia in 2022
Revenue
In Asia, the Battery Electric Vehicles market generated a total revenue of # Country Unit sales
in mUS$
US$204.8 billion in 2022, with unit sales of more than 4.89 million cars.
1 China 4,593,023 US$188,729.2
China was the country with the most unit sales that year.
2 South Korea 156,742 US$8,228.8
We expect the revenue aggregated from BEVs sold in the Asia to
amount to US$314.7 billion, with over 7.54 million cars sold in 2028. 3 Japan 55,586 US$3,866.7
4 Israel 26,830 US$1,483.5
US$204.8bn +4.39% 5 Taiwan 15,796 US$781.8

Revenue in 2022 CAGR(1) 2018-2028
6 Thailand 9,752 US$383.2
7 United Arab Emirates 4,033 US$225.0
8 Singapore 3,327 US$182.6

4.89m +4.42%
9 Jordan 1,397 US$52.6
10 Malaysia 1,372 US$58.2

In Australia & Oceania, Australia ranked the highest in unit sales in the Battery
Battery electric vehicles sales in Australia & Oceania Volume ranking in Australia & Oceania in 2022
Revenue
In Australia & Oceania, the Battery Electric Vehicles market generated a # Country Unit sales
in mUS$
total revenue of US$2.6 billion in 2022, with unit sales of more than 40.2
1 Australia 32,963 US$2,033.6
thousand cars. Australia was the country the most unit sales that year.
2 New Zealand 7,256 US$530.5
We expect the revenue aggregated from BEVs sold in Australia &
Oceania to amount to US$6.7 billion, with over 104,400 cars sold in
2028.
US$2.6bn +10%
in 2022 CAGR(1) 2018-2028
Revenue
40.2k +10%

CHAPTER 1
Plug-in Hybrid Electric Vehicles

The Plug-in Hybrid Electric Vehicles market is a fast-growing market
Summary
Summary
The Plug-in Hybrid Electric Vehicles (PHEV) market exemplifies a dynamic segment technologies by focusing on enhancing battery capacity, electric range, and
in/of the automotive industry. These vehicles combine the advantages of electric overall efficiency. These efforts reflect the industry's commitment to offering
with traditional internal combustion engines. Unlike traditional vehicles, PHEVs environmentally conscious options that accommodate various driving needs and
possess/have/harness the advantages of electric power and internal combustion preferences. As the automotive sector undergoes a significant transformation
engines, resulting in benefits such as an extended driving range and a reduced toward eco-friendly transportation, the PHEV market maintains its relevance by
reliance on fossil fuels. While battery electric vehicles (BEVs) are gaining significant providing a bridge between traditional and electric vehicles, contributing to the
attention for their zero-emission capabilities, PHEVs are also garnering interest overall reduction of greenhouse gas emissions, and fostering a more sustainable
due to their ability to alleviate range anxiety among consumers and existing approach to mobility.
infrastructure limitations. Despite the growing emphasis on zero-emission
transport, the PHEV market remains resilient, catering to a segment of the
population seeking a balanced approach to sustainable mobility without
compromising on practicality and convenience.
Manufacturers continue to invest in the development of advanced PHEV
37

The Plug-in Hybrid Electric Vehicles market is an important part of the Electric
Vehicles market
Market Definition
Market Definition
The combination of an electric motor with all electrical capabilities and a small
onboard internal combustion engine (ICE) for extended-range capabilities is the
definition of plug-in hybrid electric vehicles (PHEVs). Unlike hybrid electric vehicles
(HEVs), PHEVs have a battery pack that is recharged by plugging into a standard
electrical outlet. The battery pack serves as the primary source of power for
relatively short distances (electric range). When this range is exceeded and the
battery is depleted to a specific level, the vehicle switches to hybrid mode. In
some models, this includes utilizing the energy re-captured from regenerative
braking, turning off the electric motor, and allowing the ICE to take over
completely. The unique advantage of plug-in hybrids is that they combine the
environmentally beneficial operation of electric vehicles with the flexibility
(including the option to refuel) of ICEs.
38

Plug-in hybrid electric vehicles accounted for 27.7% of the revenue in the
Key Takeaways
Key Takeaways
Revenue in the Plug-in Hybrid Electric Vehicles market is projected to reach
US$184.6 billion in 2023. This market includes: This market excludes:
Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 4.08%, • Plug-in hybrid electric vehicles • Battery electric vehicles (BEVs)
resulting in a projected market volume of US$225.5 billion by 2028. (PHEVs)
• Fuel cell electric vehicles (FCEVs)
Unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 3.60
million vehicles in 2028. • Extended-range electric vehicles
(E-REVs)
The volume-weighted average price of the Plug-in Hybrid Electric Vehicles market in
2023 is expected to amount to US$63,300. • Full hybrid electric vehicles (HEVs)
• Mild hybrid electric vehicles
be generated in China (US$99.86 billion in 2023). (MHEVs)
• Micro hybrid electric vehicles
39

It is estimated that the volume in/of the Plug-in Hybrid Electric Vehicles market
will increase at a CAGR(1) of 19.0% from 2018 to
Volume
+19.0%(1) 3,60
3,37 3,33 3,34
3,17
2,84 2,92
1,94
0,98
0,63 0,57
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

With a volume of 1.6 million, Asia had the biggest market among selected
regions in 2022
Volume
+1.9%(1)
+5.4%(1) 1,8
1,6
1,4
1,0
+10.5%(1)
0,4 +12.2%(1)
<% von 0>(1)
0,2
0.0 0.0 0,0 0,0
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

With a volume of 1.5 million, China had/was home to the biggest market among
Volume
+2.0%(1)
1,7
1,5
+7.0%(1)
+10.2%(1)
0,5
+3.1%(1) +1.2%(1)
0,3 0,4
0,2 0,1
0,1 0,1 0,1
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

It is estimated that revenue in the Plug-in Hybrid Electric Vehicles market will
increase at a CAGR(1) of 18.8% from 2018 to 2028
Revenue
+18.8%(1) 225,5
212,7 209,8 209,4
200,6
179,6 184,6
122,5
62,6
40,3 36,4
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

regions in 2022
Revenue
+1.9%(1)
113,5
+5.3%(1)
101,3
88,7
65,1
+10.1%(1)
+7.0%(1) 20,2 +9.3%(1)

11,3
0.0 0.0 1,8 3,1
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

With a revenue of US$96.1 billion, China had the biggest market among selected
countries in 2022
Revenue
+1.9%(1)
107,6
96,1
+6.9%(1)
+10.5%(1) 31,9
+3.0%(1) +2.2%(1)
21,4
16,5
9,1 6,7 8,7 9,9
5,6
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

It is estimated that the average price per unit in the Plug-in Hybrid Electric
Vehicles market will show a relatively stable pattern with minor fluctuations
70
64,0 63,9 63,8 63,0 63,3 63,3 63,2 63,1 62,9 62,8 62,7
60
50
40
30
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

By global region comparison and with an average price per unit of US$78,200 in
2022, plug-in hybrid electric vehicles cost the most in Australia & Oceania
90 82,1 81,3 80,0 79,2 78,2 78,2 78,2 78,2 78,1 78,1 78,1
80 68.5 67.4
65,7 64,9 66,0 64,8 64,6 64,6 64.5 64,5 63,5 63,4 64,5
70 64,5 64,2 63,6 63,6 64,5 63,5 63,5 64,5 63,4
62.0
60 61.2 61.2 59.7 59.5 59.5 59.4 59.4 59.4 59.3 59.3
52,0
50
52,5 51,7 51,4 51,2 51,1 51,1 51,0 51,0 50,9 50,8
40
30
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Americas Europe Australia & Oceania
Africa Asia

US$69,000 in 2022, plug-in hybrid electric vehicles cost the most in France
Market Size: Regional Comparison (2/2)
80
70,7 70,1 69,6 69,1 69,0 69,0 69,0 69,0 68,9 68,9 68,9
70
67.3 66.3 64.3 64.3 64.2 64.2 64.2 64.2 64.2
65.3 64.3
60 60.7 60.3 60.0 59.6 59.5 59.5 59.5 59.5 59.4 59.4 59.4
54.2 54.5 54.4 54.9 54.8 54.8 54.9 54.8 54.9 54.8 54.8
50
49,5
49,2 48,9 48,7 48,6 48,6 48,6 48,6 48,5 48,5 48,5
40
30
20
10
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
United States Germany France
United Kingdom China

In 2022, BYD had the highest make share in the Plug-in Hybrid Electric Vehicles
market
Further Market Analysis
Brand share in 2022
49

In 2022, BYD had the highest revenue share in the Plug-in Hybrid Electric
Vehicles market
Further Market Analysis
Revenue share in 2022
50

In Europe, Germany ranked highest in unit sales in the Plug-in Hybrid Electric
Vehicles market in 2022
Plug-in hybrid electric vehicles sales in Europe Volume ranking in Europe in 2022
Revenue
In Europe, the Plug-in Hybrid Electric Vehicles market generated a total # Country Unit sales
in mUS$
1 Germany 359,566 US$21,400.0
million cars. Germany was the country with the most unit sales that
year. 2 France 126,166 US$8,707.3
We expect the revenue aggregated from PHEVs sold in Europe to 3 United Kingdom 101,722 US$5,575.9
amount to US$88.7 billion, with over 1.40 million cars sold in 2028.
4 Italy 69,806 US$4,565.4
US$65.1bn +22.1% 5 Sweden 66,485 US$4,188.7

in 2022 CAGR(1) 2018-2028
Revenue 6 Belgium 60,541 US$4,412.5
7 Spain 47,925 US$3,103.9
8 Netherlands 34,411 US$2,239.1

1.02m +22.8%
9 Denmark 26,425 US$2,092.8
10 Switzerland 18,353 US$1,228.7

In the Americas, the United States ranked highest in unit sales in the Plug-in
Hybrid Electric Vehicles market in 2022
Plug-in hybrid electric vehicles sales in the Americas Volume ranking in the Americas in 2022
Revenue
In the Americas, the Plug-in Hybrid Electric Vehicles market generated a # Country Unit sales
in mUS$
total revenue of US$11.3 billion in 2022, with unit sales of more than
1 United States 186,445 US$9,065.8
221.6 thousand cars. The United States was the country with the most
unit sales that year. 2 Canada 28,412 US$1,860.6
We expect the revenue aggregated from PHEVs sold in the Americas to 3 Brazil 2,555 US$1,581.8
amount to US$20.2 billion, with over 397,400 cars sold in 2028.
4 Colombia 2,404 US$146.9
US$11.3bn +10.6% 5 Mexico 821 US$50.0

in 2022 CAGR(1) 2018-2028
Revenue 6 Chile 614 US$38.0
7 Uruguay 282 US$18.1
8 Costa Rica 60 US$3.7

221.6k + 10.8%
9 Argentina 40 US$2.5

In Asia, China ranked highest in unit sales in the Plug-in Hybrid Electric Vehicles
market in 2022
Plug-in hybrid electric vehicles sales in Asia Volume ranking in Asia in 2022
Revenue
In Asia, the Plug-in Hybrid Electric Vehicles market generated a total # Country Unit sales
in mUS$
1 China 1,494,639 US$96,083.9
million cars. China was the country with the most unit sales that year.
2 Japan 36,701 US$2,917.3
We expect the revenue aggregated from PHEVs sold in the Asia to
amount to US$113.5 billion, with over 1.76 million cars sold in 2028. 3 South Korea 12,540 US$813.2
4 Thailand 10,733 US$659.8
US$113.5bn +18.5% 5 Israel 8,870 US$557.9

Revenue in 2022 CAGR(1) 2018-2028
6 Taiwan 2,425 US$121.4
7 Malaysia 1,836 US$108.8
8 Singapore 477 US$27.3

1.57m +19.3%
9 United Arab Emirates 350 US$20.5
10 Jordan 101 US$5.9

in Australia & Oceania, New Zealand ranked highest in unit sales in the Plug-in
Hybrid Electric Vehicles market in 2022
Plug-in hybrid electric vehicles sales in Australia & Oceania Volume ranking in Australia & Oceania in 2022
Revenue
In Australia & Oceania, the Plug-in Hybrid Electric Vehicles market # Country Unit sales
in mUS$
generated a total revenue of US$1.8 billion in 2022, with unit sales of
1 New Zealand 15,680 US$1,212.0
more than 22.8 thousand cars. New Zealand was the country with the
most unit sales that year. 2 Australia 7,147 US$573.2
We expect the revenue aggregated from PHEVs sold in Australia &

Oceania to amount to US$3.1 billion, with over 39,100 cars sold in 2028.
US$1.8bn +31.5%
in 2022 CAGR(1) 2018-2028
Revenue
22.8k +29.7%

Electric Vehicle Infrastructure
Powering the Future: Advancements in the Electric Vehicle Infrastructure Market
Summary
Summary
The Electric Vehicle (EVs) Infrastructure market centers around the development Furthermore, the integration of intelligent and user-friendly features within public
and expansion of public charging units, which serve as essential components for charging units is becoming increasingly prevalent. These features include user
the widespread adoption and practicality of electric vehicles. These charging units, authentication systems, payment processing capabilities, and real-time
strategically positioned in various urban centers, commercial hubs, and along monitoring functionalities, all of which ensure a seamless and convenient
major highways, form the backbone of the EV infrastructure and facilitate the charging experience for EV owners. Not only do user-centric technologies
seamless integration of electric vehicles into everyday transportation. enhance the accessibility and usability of public charging units, they also promote
the transition to electric vehicles, thereby contributing to the overall reduction of
carbon emissions and environmental impact.
A crucial aspect of the public charging unit market is the implementation of
diverse charging technologies that meet the varying needs of EV users. Examples
of these technologies include fast-charging stations for on-the-go drivers, as well As the public charging unit market continues to develop, ongoing advancements
as standard charging points that meet the requirements of drivers with more in charging technologies and the integration of renewable energy sources are
time at their disposal. The strategic placement of these charging units aims to expected to drive further innovations. With concerted efforts towards
alleviate range anxiety, provide reassurance to EV owners, and foster a more infrastructure expansion and technological innovation, the public charging unit
widespread and practical adoption of electric vehicles. market is poised to play a pivotal role in accelerating the global transition to
cleaner and more sustainable transportation systems.
56

Emerging trends suggest a significant transformation in the Electric Vehicle
Infrastructure market
Key Takeaways
Key Takeaways
Revenue in the Electric Vehicle Infrastructure market is projected to reach US$3.4
billion in 2023. This market includes: This market excludes:
Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 31.56%, • Public charging stations • Private charging stations with a
resulting in a projected market volume of US$13.4 billion by 2028. household outlet
• AC and DC connectors
Per charging station, revenues are expected to reach US$4,030 in 2028. • Private charging stations (at private
properties, residential parking lots,
Per electric vehicle, revenues for public charging in 2023 are expected to amount to
workplaces, car dealers, etc.)
US$89.31.
57

It is estimated that volume in the Electric Vehicle Infrastructure market will
Volume
Volume forecast in million charging stations
3,32
3,03
2,74
+24.9%(1) 2,47
2,20
1,93
1,70
1,15
0,72
0,57
0,36
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Plug-in hybrid electric vehicles

With a volume of 1.09 million charging stations, Asia had the biggest market
among selected global regions in 2022
Number of charging stations (1/2)
Number of charging stations, in thousand
+8.7%(1)
+13.1%(1)
+33.5%(1)
+11.4%(1) 1,800.0 +32.1%(1)
1,130.0 1,090.0
540.0 376.1
0.7 1.3 66.4 3.5 18.4
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

With a volume of 897,400 charging stations, China had the biggest market
among selected countries in 2022
Number of charging stations (2/2)
Number of charging stations, in thousand
+8.6%(1)
+35.4%(1) +11.0%(1) +19.4%(1) +7.8%(1)
1,474.0
897.4
53.4 328.3 52.1 97.2 83.6 242.2 83.3 130.7
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

It is estimated that the revenue in the Electric Vehicle Infrastructure market will
Revenue
13,40
10,61
+45.3%(1) 8,28
6,33
4,72
3,40
1,97
1,07
0,32 0,48 0,54
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

regions in 2022
Revenue (1/2)
+38.3%(1) +60.2%(1) +36.5%(1) +37.2%(1) +44.4%(1)
0.9 6.4 0.0 0.0 0.3 2.1 0.7 4.8 0.0 0.1
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

Revenue (2/2)
+7.5%(1)
290,5
+17.8%(1)
188,7
145,1 +16.8%(1)
+9.1%(1) +10.6%(1)
71,5
54,3
22,1 28,1 23,1
13,1 12,6
2022 2028 2022 2028 2022 2028 2022 2028 2022 2028

CHAPTER 3
Appendix
• Methodology
• Country/Territory Coverage
• Product Overview
• Author
Step-by-step methodology of the Electric Vehicles market model
Methodology
Standardizing input format, Validating, adjusting, and
inspecting missing data points publishing comparable key
and outliers, ensuring market indicators.
consistency.
Research and data Data pre-processing Modeling and Quality assurance and
collection forecasting output
Finding and combining reliable Forecasting for electric vehicles
sources on electric vehicle using diverse techniques based
makes, their sales figures, and on the behavior of the market.
prices.
65
The current coverage of the Electric Vehicles market entails comprehensive
analyses for 67 countries.
Country/Territory Coverage
Covered countries(1)
Argentina France Netherlands Turkey
Australia Georgia New Zealand Ukraine
Azerbaijan Germany North Macedonia United Arab Emirates
Belarus Greece Norway United Kingdom
Belgium Hong Kong Poland United States
Bosnia and Herzeg. Hungary Portugal Uruguay
Brazil Iceland Romania
Bulgaria Ireland Russia
Canada Israel Serbia
Chile Italy Singapore
China Japan Slovakia
Colombia Jordan Slovenia
Costa Rica Kazakhstan South Africa
Croatia Latvia South Korea
Cyprus Lithuania Spain
Czechia Luxembourg Sweden
Denmark Malaysia Switzerland
Egypt Malta Taiwan
Estonia Mexico Thailand
Finland Morocco
66
STATISTA MARKET INSIGHTS
Market Insights – market data,

forecasts, and qualitative insights
Gain a better understanding of markets across 190+ geographical entities – on a global,
regional, country, and/or state level. Access our data via web interface, download (XLS, PDF,
PPT), or reports. Benefit from our 48-hour customer service guarantee.
• 10 sectors: advertising & media, consumers, countries, digital sector,

finance, health, industrial sector, mobility, and technology
• 1,000+ markets, e.g., FinTech, Food, or Robotics
• KPIs, e.g., revenue, market shares, prices, and volume
• Features: Compare countries & regions, change currencies, select
visualizations, and/or customize downloads
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allocation, and portfolio management
10 190+ 1,000+ 400+

Find out more on: sectors geographical markets reports
Go to Market Insights https://www.statista.com/outlook/
entities
67
Author
Adebayo Oluwatobi Kazeem
Analyst
[email protected]
Tobi Kazeem holds a B.Tech in Chemical Engineering from Ladoke Akintola

University of Technology, Nigeria, and an M.Sc. in Environmental Engineering from
Hamburg University of Technology, Hamburg, Germany. He gained initial work
experience at Statista as a working student in the Mobility Markets Insights and has
progressed to his current role as an analyst. Presently, at Statista, Tobi Kazeem
serves as a product owner for the Electric Vehicles and Passenger Cars markets,
focusing on mobility topics as part of the Market Insights team.
68
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INDUSTRIES & MARKETS

Electric Vehicles: market data

This report is part of

• 10 sectors: advertising & media, consumers, countries, digital sector,

10 190+ 1,000+ 400+

Sources: Statista Market Insights 2023

Sources: Statista Market Insights 2023

Key Takeaways Shares of the electric vehicle revenue in 2022

China Germany United Kingdom Norway Belgium

Revenue forecast in billion US$

8 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Revenue forecast in billion US$

0.1 0.2 4.3 9.7

9 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Revenue forecast in billion US$

+7.6%(1) 103,4 +7.6%(1)

China United States United Kingdom Germany France

10 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Volume forecast in million vehicles

11 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Volume forecast in thousand vehicles

12 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Volume forecast in million vehicles

China United States United Kingdom Germany France

13 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Price per unit forecast in thousand

14 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Price per unit forecast in thousand

80 75,4 68,7 67,6

Africa Europe Americas

15 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Price per unit forecast in thousand

64,2 65,4 64,8 65,7

40 49,6 47,7 46,3 46,8 46,9 46,9 46,8 46,0

16 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

As consumer awareness of environmental concerns grows, the BEV market is

In a world increasingly focused on sustainability, the BEV market's significance

Sources: Statista Market Insights 2023

Powered solely by the electricity stored in their high-voltage batteries, battery

Sources: Statista Market Insights 2023

• Micro hybrid electric vehicles

Sources: Statista Market Insights 2023

Volume forecast in million

21 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Volume forecast in thousand

22 Notes: (1) CAGR: Compound Annual Growth Rate

Sources: Statista Market Insights 2023

Volume forecast in million

China United States United Kingdom Germany France

23 Notes: (1) CAGR: Compound Annual Growth Rate