The electric vehicle (EV) market is growing at an incredible pace, and the demand for renewable energy is rising along with it. As more EVs hit the roads, the need for clean electricity to charge them becomes a key focus for governments, businesses, and consumers. This shift is not only transforming the automobile industry but also shaping the future of energy. Let’s break down the latest trends and see how EV market growth and renewable energy demand are deeply connected.
1. Global EV sales surpassed 14 million in 2023, up from 10 million in 2022
EV sales are rising at a historic rate. In just one year, sales jumped by four million units. This shows that more people are making the switch from gasoline-powered cars to electric ones. What’s driving this change? Lower prices, better battery technology, and government incentives.
If you are in the auto industry or investing in EVs, now is the time to take advantage of this boom. Companies must focus on meeting consumer demand, improving battery efficiency, and expanding charging networks.
For consumers, this is the best time to explore EV options, as new models are being released frequently with better features and longer driving ranges.
2. EVs accounted for 18% of global car sales in 2023
Nearly one in five cars sold globally in 2023 was electric. This is a massive shift from just a few years ago when EVs were considered a niche product. The rapid adoption is happening across multiple regions, with China leading the way, followed by Europe and the U.S.
This trend means businesses should rethink their strategies. Automakers must prioritize EV production, dealerships should stock more EV models, and infrastructure providers need to invest in charging stations.
For consumers, this shift suggests that resale values for gasoline cars might decline in the future, making it wise to consider an EV sooner rather than later.
3. The global EV market is projected to grow at a CAGR of 23% from 2024 to 2030
A 23% compound annual growth rate means the EV market is set to explode over the next few years. More manufacturers are entering the market, increasing competition and driving down prices.
This presents a great opportunity for businesses looking to enter the EV ecosystem, from battery manufacturing to charging solutions. Consumers can expect better affordability and variety in EV options.
Governments and city planners must prepare for increased EV traffic by investing in sustainable infrastructure.
4. China led EV sales in 2023 with 60% of global sales, followed by Europe and the U.S.
China’s dominance in EV sales is a sign of its commitment to reducing carbon emissions and leading the global shift toward electrification. With strong government support, tax breaks, and a well-developed supply chain, China is outpacing other markets.
If businesses want to succeed in the EV space, looking at China’s model can provide valuable lessons. Companies should consider partnerships with Chinese battery manufacturers or study their incentive programs to implement similar strategies elsewhere.
Consumers worldwide can also expect better EV models as competition forces brands to innovate.
5. The EV market is expected to reach $1.5 trillion by 2030
With the market growing so fast, businesses in every sector should take note. The rise of EVs means massive opportunities in charging infrastructure, battery recycling, and software for EV management.
Entrepreneurs and investors should focus on the EV supply chain, particularly in battery technology and charging solutions. As the market grows, companies that innovate in these areas will have a major advantage.
6. By 2035, EVs are expected to represent 50% of all cars sold worldwide
Half of all new cars sold in just over a decade will be electric. This will significantly reduce gasoline demand and reshape industries such as oil, logistics, and car servicing.
Businesses must prepare for this reality now. Gas stations may need to convert into charging hubs. Auto repair shops will need mechanics trained in EV maintenance. Consumers who buy EVs today are getting ahead of this shift and will benefit from better charging infrastructure as adoption increases.
7. The U.S. EV market grew by 50% in 2023, with Tesla leading the sector
The U.S. is catching up in the EV race, and Tesla remains a strong leader. Other manufacturers, including Ford, GM, and Rivian, are also increasing production.
For businesses, this means new job opportunities in EV manufacturing, battery production, and charging station installation. Consumers can expect even more choices as competition heats up. The time to buy an EV in the U.S. has never been better.
8. Over 130 million EVs are expected to be on the road globally by 2030
This rapid growth means cities must prepare for a massive increase in EV charging demand. Smart grids and renewable energy integration will become essential.
For investors and entrepreneurs, opportunities will arise in EV fleet management, energy storage solutions, and software to manage large-scale EV adoption. Consumers should expect better charging options and improved energy efficiency in future EV models.
9. The battery market for EVs is projected to exceed $300 billion by 2030
A Pivotal Opportunity for Businesses in the EV Ecosystem
The projected $300 billion EV battery market by 2030 isn’t just a statistic—it’s a wake-up call for businesses looking to stake their claim in the electric mobility revolution.
This growth isn’t happening in isolation. It’s driven by aggressive government policies, rapid technological advancements, and a global shift toward sustainable energy. For businesses, this means a rapidly expanding ecosystem with countless opportunities to innovate, partner, and gain a competitive edge.
Scaling Production to Meet Surging Demand
As more automakers commit to phasing out internal combustion engines, the demand for EV batteries will soar. The real challenge? Scaling production fast enough to keep up with the market.
Companies that invest in battery gigafactories, streamline supply chains, and establish direct relationships with raw material suppliers will be best positioned to capture market share.
China, the U.S., and Europe are already in a manufacturing race to secure dominance in the EV battery market. Businesses that act now—whether by investing in local production, securing strategic partnerships, or exploring emerging battery technologies—will have a significant first-mover advantage.
10. EV battery production is forecasted to increase 10x by 2040
The Battery Boom: A Defining Moment for Energy and Business
The world is witnessing an electrification revolution, and at its heart is the demand for EV batteries. By 2040, battery production is set to grow tenfold, an extraordinary shift that will reshape industries far beyond automotive.
This surge isn’t just about making more batteries—it’s about transforming the entire supply chain, from raw materials to recycling, and unlocking new opportunities for businesses that are prepared to adapt.
Raw Material Sourcing: The High-Stakes Race for Lithium, Nickel, and Cobalt
As battery production scales up, demand for lithium, nickel, and cobalt will skyrocket. Companies that secure a stable supply of these critical materials will gain a major competitive edge.
However, these resources are not unlimited, and geopolitical tensions, environmental regulations, and ethical sourcing concerns are making access more complex.
Businesses must act now to establish long-term supplier partnerships, invest in sustainable mining, or explore battery chemistries that reduce reliance on scarce materials. The winners will be those who can ensure supply chain stability while maintaining ethical and sustainable practices.
11. Over 80% of lithium-ion battery demand comes from EVs
The rapid rise of EVs has made them the dominant consumer of lithium-ion batteries. While these batteries are also used in consumer electronics, EVs require much larger capacities, leading to a surge in global demand.
Businesses involved in battery production, mining, and recycling need to prepare for long-term growth in this sector. Companies that innovate in battery efficiency, solid-state technology, and sustainable material sourcing will have a competitive edge.
For consumers, this means paying attention to battery advancements when choosing an EV. The next wave of EVs will likely feature batteries that last longer, charge faster, and have lower environmental impact.
12. Renewable energy provided 30% of global electricity in 2023, up from 27% in 2022
Renewable energy is growing fast, but there’s still a long way to go before it completely replaces fossil fuels. The increase in renewable energy generation is a good sign for EV owners since a greener grid means cleaner charging.
Governments and energy companies should accelerate investments in wind, solar, and hydro power. Businesses should explore partnerships that integrate renewable energy into their operations.
Consumers can contribute by choosing green energy plans or installing solar panels at home to charge their EVs with clean energy.
13. Solar and wind energy accounted for 12% of global electricity generation in 2023
Solar and wind power are becoming more affordable, making them the most promising solutions for future energy needs. As EV adoption grows, the ability to charge using clean energy will be a key advantage.
Businesses should invest in solar and wind projects, especially those related to EV charging stations. Governments must create policies that encourage wider adoption of these energy sources.
Consumers looking to reduce their carbon footprint should consider home solar systems paired with battery storage.
14. The global solar PV market is expected to grow at a CAGR of 15% through 2030
The solar market is expanding rapidly, making it one of the best renewable energy sources for powering EVs. With battery storage technology improving, more homes and businesses can generate and store their own electricity.
Companies in real estate, infrastructure, and manufacturing should consider integrating solar power into their business models. Consumers can benefit from government incentives that lower the cost of solar panel installations, making EV ownership even more sustainable.
15. The wind energy market is projected to reach $1 trillion by 2035
Wind energy is becoming a key part of the global energy transition. Offshore wind farms, in particular, are seeing massive investments. Since EVs depend on electricity, the more clean energy available, the better.
Energy companies and investors should prioritize wind energy projects, as demand will only increase. For consumers, choosing energy providers that source power from wind farms can help accelerate this transition.
16. Over 85% of new power capacity in 2023 came from renewables
The fact that most new power generation comes from renewables is great news for the EV industry. This ensures that as EV adoption rises, charging them becomes cleaner and more sustainable.
Businesses should align their energy strategies with this shift. Auto manufacturers can partner with renewable energy companies to provide customers with cleaner charging options. Consumers should support companies and policies that push for even greater renewable energy adoption.
17. The cost of lithium-ion batteries has dropped 90% since 2010, fueling EV growth
Battery costs have been the biggest barrier to EV affordability, but this is rapidly changing. As prices continue to fall, EVs will become even more accessible to the average consumer.
Businesses should focus on making EVs more cost-effective by improving battery efficiency and recycling programs. Consumers should take advantage of dropping prices to invest in EVs now, as the next few years will see even better deals.
18. By 2040, renewables are expected to power over 90% of EV charging globally
The ultimate goal is to charge EVs entirely with clean energy. If this projection holds, EVs will have almost zero emissions over their lifetime.
Governments and businesses must accelerate this transition by investing in green grids and smart charging solutions. Consumers should seek out renewable energy charging stations whenever possible to maximize their EV’s sustainability benefits.
19. EV charging infrastructure is set to increase 5x by 2030
The rapid expansion of charging stations is necessary to keep up with EV growth. More charging locations mean greater convenience for drivers, eliminating range anxiety.
Businesses should invest in charging infrastructure, especially in high-traffic areas like shopping centers, workplaces, and residential buildings. Consumers can expect shorter charging times and more accessible stations in the near future.
20. Over 10 million public EV chargers are expected worldwide by 2030
The global electric vehicle (EV) market is charging ahead, with projections indicating that over 10 million public EV chargers will be deployed worldwide by 2030. This rapid expansion is not just a response to growing EV adoption—it’s a crucial component of the broader transition to renewable energy and sustainable mobility.
What This Means for Businesses and Investors
The surge in public charging infrastructure presents unprecedented opportunities for businesses across multiple sectors.
From real estate developers to retailers, energy providers, and automotive companies, every industry has a role to play in shaping the EV ecosystem. The key to success lies in understanding where and how to strategically position yourself in this evolving landscape.
EV Chargers as a Revenue Stream
For commercial property owners and retailers, EV charging stations are more than just a convenience for customers—they are a direct revenue opportunity. Businesses can implement tiered pricing models, subscription services, or partner with fleet operators to maximize profits.
By integrating chargers into shopping centers, hotels, and office buildings, companies can increase foot traffic and customer dwell time, directly translating into higher sales.
The Real Estate Advantage: Higher Property Value and Leasing Potential
Incorporating EV chargers into commercial and residential properties is no longer optional—it’s a competitive necessity. Properties with charging infrastructure attract high-value tenants, command premium lease rates, and future-proof their value against regulatory changes that may soon mandate EV-ready facilities.
Forward-thinking developers are already embedding charging hubs into new construction projects, making their properties more attractive to both consumers and businesses.
21. The global green hydrogen market is projected to grow 40% annually until 2030
Hydrogen-powered vehicles are another part of the clean transportation revolution. While EVs dominate, hydrogen fuel cells are gaining attention, particularly for heavy-duty transport.
Companies in the transportation and energy sectors should explore hydrogen’s potential. Governments should create incentives to make hydrogen production cleaner and more cost-effective. Consumers will likely see more hydrogen-powered buses, trucks, and possibly even personal vehicles in the future.
22. Over 70% of EV owners prefer using renewable energy for charging
The Shift Toward Clean Energy Charging is a Business Opportunity
The growing preference for renewable energy among EV owners is not just a trend—it’s a clear signal of where the market is heading. Consumers are no longer just buying electric vehicles to reduce fuel costs; they are actively looking for ways to minimize their carbon footprint.
This shift presents an enormous opportunity for businesses across multiple industries, from energy providers to charging infrastructure companies and even automakers.
The businesses that move quickly to align with this demand will gain a competitive edge, securing both customer loyalty and regulatory advantages. Companies that fail to integrate renewable energy into their EV-related services risk losing market share to competitors that do.
23. Norway leads EV penetration with over 80% of new car sales being electric in 2023
Norway’s EV Success: A Blueprint for the Future
Norway’s electric vehicle dominance is not just a trend—it’s a glimpse into the future of transportation. With over 80% of new car sales being electric in 2023, the country has proven that widespread EV adoption is possible with the right strategy.
While many nations are still laying the groundwork for electrification, Norway is already reaping the rewards of decades-long planning, policy innovation, and infrastructure investment.
For businesses, Norway serves as both an inspiration and a roadmap. Understanding what worked in Norway—and what challenges remain—can help companies worldwide position themselves in the rapidly evolving EV landscape.
24. India aims for 30% EV adoption by 2030, up from 2% in 2023
India is in the middle of a transportation revolution, with an ambitious goal to increase EV adoption from just 2% in 2023 to 30% by 2030.
This massive shift is not just about reducing emissions—it’s about reshaping an entire industry, creating new business opportunities, and aligning with the global push toward sustainable energy.
A Transformational Opportunity for Businesses
The rapid expansion of India’s EV market presents a once-in-a-generation opportunity for businesses.
From automotive manufacturers and battery suppliers to infrastructure developers and renewable energy providers, every sector connected to mobility and energy can benefit from this transition.
Companies that position themselves now will lead the next phase of India’s transportation evolution.
Government Support and Policy Shifts
India’s aggressive EV adoption targets are backed by strong government support. Policies like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) initiative, production-linked incentives (PLI), and tax benefits on EV purchases are all designed to accelerate industry growth.
Businesses that align with these policies can access subsidies, grants, and financial incentives to lower operational costs and drive profitability.
The Growing Demand for Charging Infrastructure
One of the biggest challenges—and opportunities—of India’s EV expansion is the need for a vast charging network. Businesses that invest in charging stations, whether independently or through public-private partnerships, stand to gain early mover advantages.
Locations such as shopping malls, office complexes, highways, and residential communities are prime spots for setting up EV charging hubs.
25. Europe’s EV market grew 20% year-over-year in 2023
Europe remains a strong EV market, thanks to strict emissions regulations and government incentives. Cities are also restricting gasoline-powered vehicles, pushing more people toward EVs.
Businesses should prioritize the European market when expanding EV offerings. Consumers in Europe can benefit from tax breaks, subsidies, and a growing charging network.
26. Renewable energy storage capacity is expected to triple by 2030
Energy storage is key to making renewables more reliable. As more storage solutions come online, the grid will become more stable, allowing for greater EV adoption.
Companies should invest in battery storage solutions alongside renewable energy projects. Consumers will see better energy reliability, making home solar and EV charging more convenient.
27. The global carbon footprint of EVs is 50% lower than ICE vehicles when charged with renewables
A Game-Changer for Businesses Investing in Sustainability
The fact that EVs produce 50% lower carbon emissions than internal combustion engine (ICE) vehicles when charged with renewables isn’t just an environmental win—it’s a business opportunity.
Governments, investors, and consumers are increasingly prioritizing sustainability, and businesses that align with this shift will benefit the most.
For companies across industries, from automakers to energy providers, the message is clear: sustainability is no longer optional. It’s a competitive advantage that attracts customers, unlocks financial incentives, and mitigates future regulatory risks.
28. The U.S. plans to install 500,000 public EV chargers by 2030
This expansion will make EV charging more accessible across the country.
Businesses should take advantage of government funding for charging station installation. Consumers can expect more charging stations at workplaces, highways, and urban centers.
29. The transition to EVs and renewables could cut global oil demand by 5 million barrels per day by 2030
A Fundamental Shift in Energy Demand
The accelerating transition to electric vehicles and renewable energy is not just an environmental movement—it’s a direct challenge to the oil industry’s dominance. With EV adoption growing and renewable power expanding, global oil demand is projected to drop by at least 5 million barrels per day by 2030.
This is not a distant possibility but an imminent reality that will disrupt markets, shift investment priorities, and create new business opportunities for those who are prepared.
The Economic Impact: New Winners and Losers
Oil-dependent industries, from transportation to petrochemicals, are already feeling the pressure. As demand declines, businesses that fail to adapt could see shrinking revenues and rising costs.
Conversely, industries aligned with EVs and clean energy will experience massive growth.
Companies in energy, manufacturing, and logistics must reassess their long-term strategies. Those that pivot towards electrification—whether by investing in EV fleets, developing battery supply chains, or integrating renewables into operations—will position themselves for long-term profitability.
30. Investment in clean energy reached $1.8 trillion in 2023, surpassing fossil fuel investments
The future is clearly moving toward renewable energy.
Governments and businesses should continue to fund clean energy projects. Consumers can support this shift by choosing sustainable products and services.
wrapping it up
The growth of the EV market and the rising demand for renewable energy are deeply connected. As more EVs hit the roads, the world needs cleaner electricity to charge them, and renewable energy is stepping up to meet this demand.
The numbers tell a clear story—EV adoption is skyrocketing, battery technology is improving, and clean energy is becoming the backbone of transportation.
