Electric Vehicle Industry to Grow to $294 Billion Business by 2023; Sales to Hit 116 Million
The electric vehicle industry will be big business by 2023, so says IDTechEx.
The research firm says that, in 2013, the global electric vehicle industry will see sales of 38.8 million vehicles (note: IDTechEx uses the broadest definition of electric vehicles, which includes essentially everything that moves under electric power, even boats, bicycles, helicopters and personal mobility devices like electric wheelchairs). From the 38.8 million in 2013, the industry will rapidly grow to 116 million electric vehicles sold in 2023. At that time, the entire industry will be valued at $294 billion.
The report from IDTechEx “Hybrid & Pure Electric Vehicles for Land, Water & Air 2013-2023: Forecasts, Technologies, Players“further says that sales of pure electric vehicles will number 70,000 units in 2013 and rise to 2 million by 2023.
Automobiles are the “largest value sector” in the electric vehicle market, says IDTechEX, but autos will only account for 8% of the total number of electric vehicles manufactured in 2023.
The highest sellers in the EV segment will be e-bikes (electric bicycles), which IDTechEx says already sell at 30 million units per year, mostly in China, India and other parts of Asia.