New Research Says 2022 Global EV Market Revenue to Hit $384B; July 2022 Survey Says Many Americans Still “Not Sold” on EVs

By B.N. Frank

Electric vehicles (EVs) have been associated with threatening already vulnerable power grids (see 1, 2), fires (see 1, 2, 3, 4, 5, 6, 7, 8, 9), and high costs (see 1, 2, 3, 4) as well as health and environmental issues (see 1, 2, 3, 4, 5, 6, 7). A survey published in July revealed that many Americans are still not interested in owning or leasing them because of costs and other concerns. Regardless, research published more recently says that globally “EV sales are still going up at a fast rate”.

From Zero Hedge:

EV Market Revenue Set To Hit $384 Billion In 2022

by Tyler Durden

The global sales of electric vehicles are expected to hit $384 billion in 2022, according to data from Statista’s Mobility Market Outlook.

You will find more infographics at Statista

As Statista’s Anna Fleck details below, battery EVs and plug-in hybrid EVs have both seen growing popularity in recent years, with projections estimating that they will reach a shared market volume of $869 billion by 2027.

According to analysts from the Mobility Market Outlook:

“It is safe to say that battery-powered vehicles are taking over the automobile market. The growth of the Electric Vehicles (EV) market has been significant despite the COVID-19 pandemic and the resulting supply chain bottlenecks. Despite these recent challenges and rising production costs as a result of increasing raw material prices, EV sales are still going up at a fast rate. If this continues, they are set to surpass the sales of conventionally propelled vehicles (i.e., vehicles with internal combustion engines).”

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Despite threatening power grids, other complications, and many Americans not yet willing to invest in EVs, there are a growing number of U.S. legislators and government agencies that continue to support and fund the swift adoption of electric cars and trucks and speedy deployment of charging infrastructure (see 1, 2). In fact, EV mandates are being considered and/or introduced in at least 17 states.