EV Revolution: Transforming Global Mobility Through Innovation and Accessibility

In 2024, global electric vehicle (EV) sales reached over 17 million, accounting for more than 20% of all new cars sold, with China dominating the market. China's EVs comprised nearly half of its car sales, while emerging markets in Asia and Latin America also saw remarkable sales growth, with electric car sales increasing by 60% and 50%, respectively, in 2024. Brazil's sales more than doubled, and even Africa experienced significant growth, particularly in Egypt and Morocco. Affordability has been a key driver of this expansion, with global average EV prices decreasing. While EVs in Germany and the United States remained more expensive than conventional cars, in China, two-thirds of EVs sold were cheaper than their conventional counterparts. Battery technology and cost reductions have contributed to improved EV affordability, with the most significant price declines in China. Advances in battery technology have also revolutionized charging capabilities, with batteries now able to charge a significant portion of their capacity in just minutes. Charging infrastructure has expanded globally, doubling the number of public charging stations since 2022. However, the presence and capacity of chargers vary by region. In the commercial sector, electric trucks sales grew substantially in 2024, with total cost of ownership in China being lower for electric compared to diesel trucks in certain cases, indicating an economic incentive for adoption. Looking ahead, EV sales are projected to continue growing, with a dramatic increase in market share expected by 2030. China remains the leader, with EVs expected to represent 80% of its total car sales by 2030. Europe and Southeast Asia show strong growth potential as well, with significant policy support and manufacturing capacity. The global transition to electric mobility is anticipated to displace over 5 million barrels of oil per day by 2030, highlighting the important implications for energy security and environmental impact. The trend signifies a major transformation in transportation, emphasizing the economic and environmental benefits of early adoption.