The share of electric vehicles in global sales is on the rise

Electric cars are becoming widespread with the growth of charging stations and the support of governments.Price competition has also intensified due to the ongoing decline in battery material prices, efforts to increase production volumes, the aggressive performance of Chinese brands for market share in Europe and all continents, and the resilience of their values ​​​​to maintain their market positions.Helping to advance the shift to introducing smaller and cheaper models, a major automaker has announced the launch of more affordable cars.We expect incremental developments towards electrification to continue across the board in 2024, but probably at a slightly slower pace, to current degrees across national and sub-national markets.As markets shift to electric vehicles, supply chain partners face dramatic changesAlthough there is relative consensus in terms of policy and strategy, automotive and auto spare parts manufacturers are also going through a transition from an industry perspective, and the transition process is moving quickly.Electrification is expected to be one of the key operational focus areas for automotive and spare parts manufacturers in 2024, and will remain this way for the next 10 years.We will also see whether other technological developments, including autonomous driving and solid-state batteries, will have an impact on the electrification process and industry landscape. In addition to the development of a full-scale electric product portfolio, manufacturing innovations will also impact the automotive supply chain.Commercial supply chains will also be readjusted in a new geopolitical reality, with protectionism and the introduction of new regulations such as the European Commission’s Critical Raw Materials Act, and lessons learned from recent supply disruptions. In these changing ecosystem steps, countries monitor the market closely and make ecosystem investments.Electric vehicles accounted for 10% of global car sales last year, which could quadruple by 2030Total global sales of electric vehicles reached approximately 7.8 million units, an increase of 68 percent compared to the previous year. In other words, it constituted 10% of global automobile sales in 2022.Some researchers predict that the EV industry’s market share will double or even quadruple by 2030.While the total number of electric vehicles in Europe in 2030 is expected to be around 47.7 million (34.4 million BEV and 13.7 million PHEV), and the European Commission targets 3.9 million charging points in Europe by 2030.It is projected that the connected electric vehicle market size in the world would reach to USD 191.9 billion in 2028, with the increase in wireless communication investments and opportunities.In new purchases, electric vehicles represented 25% of auto sales in China, 14.8% in Europe and 7.9% in the USA. In our country, electric car sales in the first 11 months of 2023 were 7.1 percent of total sales with 60 thousand 101 units, and in November, it achieved more than 10 percent share in the market for the fourth consecutive time.Terms we need to get used to in e-mobility and electric vehiclesECV = Electrically Rechargeable Vehicles;BEV = Battery Electric Vehicles;PHEV = Plug-in Hybrid Electric Vehicles.“Plug-in Hybrids” combine an electric motor and a gasoline engine, unlike electric cars that rely entirely on electricity. Unlike traditional hybrids, their batteries can be charged by plugging them into an outlet.A fully electric (BEV) car stands out by running solely on electricity. It is predicted that the industry would grow with electric vehicles in general.