The global electric vehicles (EVs) market has seen impressive growth in the last year. As per Canalys, a reputed market research firm, nearly 6.5 million electric vehicles were sold in the year 2021, all across the globe, which is a whopping 109% higher than 2020. Of the 6.5 million EVs sold in 2021, 3.2 million EVs were purchased in mainland China, 2.3 million in Europe, and 535,000 in the United States, the report states.

Increased awareness towards environmental protection, endeavors to reduce carbon emissions, government subsidies, cheaper to drive aspect, and fossil fuel independent mobility are some of the popular factors that are fueling the growth of electric vehicles across the globe. Out of all car sales last year, the contribution of EV was 9%.

Moreover, there is a great enthusiasm not just amongst customers but also amongst car manufacturers towards electric vehicles that are also playing the most significant role in the impressive growth of EVs.

Although there are various eminent global car manufacturers that are now giving special attention to electric vehicles like BMW, General Motors, Ford, Volkswagen, Toyota, etc. But the one that is leading this race is Tesla. As per reports, Tesla is the largest manufacturer of electric vehicles (EV) in the world, with a market share of 14%. Volkswagen Group was second with a 12 percent market share.

“Demand for EVs continues to be strong in Europe. In fact, in many European countries, EVs represented more than a quarter of new cars sold. but customers must be patient. A nine to 12 month wait time for a new EV is not unusual,” said analyst Ashwin Amberkar.

The global electric vehicle market was valued at $163.01 billion in 2020 and is estimated to reach $823.75 billion by 2030, growing at an impressive CAGR of 18.2% from 2021 to 2030. It will be interesting to see how far these estimates prove right. Looking at the past data and current trends, it seems, electric mobility is the future of road transportation.