Electric
Vehicle
Outlook
2023

The picture today

EV sales

EV sales are surging due to a combination of policy support, improvements in battery technology, more charging infrastructure and new compelling models from automakers. Electrification is also spreading to new segments of road transport, setting the stage for huge changes ahead.

All figures 2022

Passenger EV sales

China still dominates the global EV market, but sales are rising quickly elsewhere too. Battery electrics are pulling ahead of plug-in hybrids and the gap is set to widen further in the years ahead.

Global passenger EV sales by market

Global passenger EV sales by market

Global passenger EV sales by market

Global passenger EV sales by market

Global passenger EV sales by market

Global passenger EV sales by drivetrain

Global passenger EV sales by drivetrain

Global passenger EV sales by drivetrain

Global passenger EV sales by drivetrain

Global passenger EV sales by drivetrain

Source: BloombergNEF, Marklines, Jato.

Number of public charging stations

More and more charging points are being built, but each country will have its own optimal mix of home, workplace and public chargers.

Cumulative global public charging connectors


Source: BloombergNEF, China Electric Vehicle Infrastructure Promotion Alliance (EVCIPA), US Alternative Fuels Data Center, Eco-Movement, Tesla, Republic of Korea Ministry of Environment, a range of public and private sources.

Cumulative global public charging connectors


Source: BloombergNEF, China Electric Vehicle Infrastructure Promotion Alliance (EVCIPA), US Alternative Fuels Data Center, Eco-Movement, Tesla, Republic of Korea Ministry of Environment, a range of public and private sources.

Cumulative global public charging connectors


Source: BloombergNEF, China Electric Vehicle Infrastructure Promotion Alliance (EVCIPA), US Alternative Fuels Data Center, Eco-Movement, Tesla, Republic of Korea Ministry of Environment, a range of public and private sources.

Cumulative global public charging connectors


Source: BloombergNEF, China Electric Vehicle Infrastructure Promotion Alliance (EVCIPA), US Alternative Fuels Data Center, Eco-Movement, Tesla, Republic of Korea Ministry of Environment, a range of public and private sources.

Cumulative global public charging connectors


Source: BloombergNEF, China Electric Vehicle Infrastructure Promotion Alliance (EVCIPA), US Alternative Fuels Data Center, Eco-Movement, Tesla, Republic of Korea Ministry of Environment, a range of public and private sources.

Oil displacement from EVs

EVs of all types are already displacing 1.5 million barrels per day of oil usage, equivalent to about 3% of total road fuel demand.

Oil displacement by vehicle segment
Illustration showing oil displacement by vehicle segment

Oil displacement from EVs

EVs of all types are already displacing 1.5 million barrels per day of oil usage, equivalent to about 3% of total road fuel demand.

Oil displacement by vehicle segment
Illustration showing oil displacement by vehicle segment

Oil displacement from EVs

EVs of all types are already displacing 1.5 million barrels per day of oil usage, equivalent to about 3% of total road fuel demand.

Oil displacement by vehicle segment
Illustration showing oil displacement by vehicle segment

Oil displacement from EVs

EVs of all types are already displacing 1.5 million barrels per day of oil usage, equivalent to about 3% of total road fuel demand.

Oil displacement by vehicle segment
Illustration showing oil displacement by vehicle segment

Oil displacement from EVs

EVs of all types are already displacing 1.5 million barrels per day of oil usage, equivalent to about 3% of total road fuel demand.

Oil displacement by vehicle segment
Illustration showing oil displacement by vehicle segment

Lithium-ion battery demand

Battery demand is rising sharply, putting pressure on the supply chain for materials like lithium, cobalt and nickel.

Annual lithium-ion battery demand by application


Source: BloombergNEF

Lithium-ion battery demand

Battery demand is rising sharply, putting pressure on the supply chain for materials like lithium, cobalt and nickel.

Annual lithium-ion battery demand by application


Source: BloombergNEF

Lithium-ion battery demand

Battery demand is rising sharply, putting pressure on the supply chain for materials like lithium, cobalt and nickel.

Annual lithium-ion battery demand by application


Source: BloombergNEF

Lithium-ion battery demand

Battery demand is rising sharply, putting pressure on the supply chain for materials like lithium, cobalt and nickel.

Annual lithium-ion battery demand by application


Source: BloombergNEF

Lithium-ion battery demand

Battery demand is rising sharply, putting pressure on the supply chain for materials like lithium, cobalt and nickel.

Annual lithium-ion battery demand by application


Source: BloombergNEF

Reaching net zero by 2050

This year’s report includes a “Net Zero” scenario which investigates what a potential route to carbon neutrality looks across all segments of road transport by 2050. It also includes five thematic highlights on important emerging topic areas:

  • Will EV ranges keep rising?
  • EV price parity under different battery price scenarios
  • The impact of autonomous vehicles
  • Emerging battery technologies
  • High-powered charging for trucking fleets

Key numbers

730 Million

Number of passenger EVs on the road in 2040 in the Economic Transition Scenario

335 Million

Gap in the number of battery electric passenger vehicles on the road between the Economic Transition Scenario and the Net Zero Scenario in 2040

$1.9 Trillion

Size of the charging infrastructure market opportunity between today and 2050 in the Economic Transition Scenario

2027

Road transport oil demand peak

2029

Road transport emissions peak

22x

Scale up in annual lithium demand between 2022 and 2050 in the Net Zero Scenario

BNEF Clients

BNEF clients can access the full report, including the breakdown by segment, technology and region, as well as the underlying Excel data and previous editions.

Read the full report

EVO 23 report cover

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Sending...

Colin McKerracher
Lead author
@colinmckerrache

Aleksandra O’Donovan
Passenger vehicles

Dr. Nikolas Soulopoulos
Commercial vehicles and freight

Andrew Grant
Modeling and shared mobility
@agrant49

Jinghong Lyu
Modeling and shared mobility

Siyi Mi
Two and three wheelers
@siyi_mi

David Doherty
Oil

Ryan Fisher

Ryan Fisher
Charging infrastructure and electricity demand
@RyanAFisher

Corey Cantor

Corey Cantor
Vehicle economics
@CoreyBCantor

Maynie Yang

Maynie Yang
Buses
@MaynieYang

Dr. Kwasi Ampofo
Metals and mining
@KDAmpofo

Yayoi Sekine

Yayoi Sekine
Batteries
@YayoiSekine

Dr. Andy Leach

Dr. Andy Leach
Batteries
@AndyLeachBatt

Evelina Stoikou

Evelina Stoikou
Batteries
@EvelinaStoikou

Jiayan Shi

Jiayan Shi
Batteries

Peng Xu

Peng Xu
Metals and mining

Laura Malo Yague

Laura Malo Yague
Passenger vehicles

Alex Haring

Alex Haring
Passenger vehicles

Philip Geurts

Philip Geurts
Oil

Charlotte Adriaenssens

Charlotte Adriaenssens
Charging infrastructure

Allen Tom Abraham

Allen Tom Abraham
India, Southeast Asia and Australia
@AllenTomAbraham

Komal Kareer

Komal Kareer
India

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