April 16, 2023

The global light vehicles market was valued at almost USD $2 trillion in 2022.

In 2023, the total number of light vehicles is expected to reach 84 million. It is forecast to  increase at an annual average rate of about 4.5% reaching 114 million in 2030.

The total sales of EVs increase from 10 million in 2023 to 38 million in 2030.  This represents a growing share of the total light vehicles In 2023-2030 sales of share of EV sales in total  light vehicles sales expected to be increased in total volume of light vehicles sales from 12% in 2023 to 33% in 2030.

Light vehicles includes both cars and LCVs (small trucks and vans) but does not include buses and vans.

Global Trend in Light Electric Vehicle Sales 2023-2030

This chart shows the total Light EV sales by major markets – China, Europe, and the US.

Incorrys expects an acceleration in the sales of EVs post 2026 as the main issues that have plagued the industry are overcome.

Total EV sales increased at a rate of 15% between 2023 – 2026. This compares to China at 18%, Europe at 14% and the US at 13%.

Total EV sales are forecast to increase at an average annual rate of 26% over the remainder of the forecast period, similar to China, Europe, and the US.