Units used in chart: Normalized index (mixed source units)
China dominates EV sales and charging infrastructure, with the U.S. and Europe accelerating battery demand and policy support.
Global EV registrations reached 14 million in 2023, a 35% increase from 2022, with cumulative sales hitting nearly 60 million between 2013 and 2024. China accounts for 66.7% of global public charging stations, with 3.58 million stations, far outpacing Europe (1.03 million) and the U.S. (0.2 million). This infrastructure advantage solidifies China's position as the largest EV market.
Battery demand is scaling rapidly, with China representing 59% of global EV battery demand in 2024. The U.S. has seen battery demand grow from 6 GWh in 2016 to 110 GWh in 2024, driven by policy incentives and manufacturing investments. Projections indicate global battery demand could reach 3,000 GWh by 2030, highlighting the need for continued cost reductions.
Government policies are critical to EV adoption, with tax credits and environmental regulations proving more effective than rebates. The U.S. and Europe are prioritizing infrastructure and battery storage growth, with the U.S. expected to see a 21% increase in battery storage capacity in 2026. Targeting these high-growth regions and segments will be key to capturing near-term volume and margins.
EV market growth
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