A Study on the Current Status and Future Prospects of EV Automotive Market

Abstract

According to the International Energy Agency (IEA) projections, the total number of electric vehicles in the world is expected to reach 250 million in 2030 and 525 million in 2035. As a result, more than one in four cars running on the streets is expected to be electric by 2035. In addition, annual sales of electric vehicles are expected to reach about 45 million in 2030 and close to 65 million in 2035. The penetration rate of electric vehicles is expected to exceed about 40% in 2030 and 50% in 2035. In addition, the number of EV chargers in the world is expected to exceed 15 million by 2030, which is four times the current number. With the spread of electric vehicles worldwide, the need for public EV chargers in each country is increasing. As of 2023, there are 3.9 million public EV chargers worldwide. The country with the highest number of installations is China, with 1.5 million regular chargers and 1.2 million high-speed chargers installed as of 2023. China is leading the introduction of EV chargers, accounting for more than 85% of the world's high-speed chargers and about 60% of ordinary chargers. In Europe, 590,000 regular chargers and 110,000 high-speed chargers are installed as of 2023. In the second half of 2023, the European Union adopted the Alternative Fuel Infrastructure Regulation (AFIR), making it mandatory to install public high-speed chargers every 60 km along the EU's major transport corridors. Through this, EV charging infrastructure in Europe is expected to expand rapidly in the future. This EV evolution can be said to be a big inflection point for transportation due to climate change. At this point, it can be said that it is very important to accurately recognize the current status and future of EVs. This paper aims to examine the current status of electric vehicles and forecast the future from this perspective.