Electric vehicle sales continued to rise in 2022 and will stay on that trajectory this year, though at a slower pace, according to BloombergNEF analysis.
Worldwide EV deliveries totaled 10.3 million last year, the research provider reported, easily outpacing the 6.5 million in 2021. It projects they could reach 13.6 million this year, by far the greatest share in China. That’s up from 3.2 million in 2020.
U.S. EV sales should jump this year to 1.6 million plug-in vehicles, Bloomberg says, due to expanded production capacity and new federal tax credits.
Since “range anxiety” affects consumer adoption, the growing number of EV chargers could have an impact on demand. Charger installations more than doubled last year to nearly a million, the report said. It predicts that the worldwide network will grow this year to more than four million chargers.
Global EV sales are projected to grow 20.6 million in 2025, Bloomberg said. Rising battery costs won’t curb adoption, it said, because factors affecting prices are also pressuring gas and diesel prices, which are fueling increased demand for EVs.
Increasing EV adoption means worldwide combustion vehicle sales peaked in 2017 and are now in permanent decline, Bloomberg said.