According to Deloitte Insights, the global EV forecast is for a compound annual growth rate of 29% over the next ten years. Total EV sales are expected to grow from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure approximately 32% of the total market share for new car sales.
Goldman Sachs Research forecasts that EV sales will soar to about 73 million units in 2040, up from around 2 million in 2020. The percentage of EVs in worldwide car sales is expected to rise to 61% from 2% during that span. The share of EV sales is anticipated to be well over 80% in many developed countries.
These forecasts suggest a bright future for the EV market, with significant growth expected over the next decade.