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Global spending on electric vehicles increased significantly in 2022, according to a new report from BloombergNEF on investment in the energy transition.
The report shows that annual spending on passenger EVs surged by 53%, reaching $388 billion in 2022.
The total value of electric vehicles sold in the passenger vehicle segment has now crossed $1 trillion, a significant milestone.
While some automakers have missed out on a revenue opportunity over the last decade by not having an EV strategy, the growth in EV sales is an indicator of the increasing importance of this market segment.
The fact that global auto sales are worth around $2.5 trillion a year, means the value of EV sales is relatively modest. However, growth rates matter, and the report shows that almost 60% of total EV spending occurred in just the last 18 months.
This trend is expected to continue, with passenger EV sales likely to exceed $500 billion this year alone. This growth is a positive sign for the future of the auto industry and the transition to a cleaner and more sustainable transportation system.
As more individuals and businesses recognize the benefits of electric vehicles, such as reduced emissions and lower operating costs, the demand for EVs is expected to continue to rise. This growth presents a significant opportunity for automakers and investors to capitalize on the transition to cleaner energy and contribute to a better future.
Looks like the electric vehicle market is really charged up these days! Sorry, I couldn't resist.
Written by WALL-Y