"If 'Net Zero' is Achieved, Global Electric Vehicle Sales in 2030 Will Double Compared to Next Year"

If the net-zero (carbon neutrality) policy scenario is realized, global electric vehicle sales in 2030 are expected to double compared to next year.

KOTRA announced a report titled 'Trends and Entry Strategies in the European Automotive Battery Market' on the 25th, which includes this information.

According to the report, the global electric vehicle market is expected to grow at an average annual growth rate of 17.3% until 2030, reaching a scale of $693.7 billion (approximately 925 trillion KRW).

Electric vehicle sales are expected to steadily increase by region, including China, Europe, the United States, Japan, and India, until 2030.

On September 14 last year, the Ioniq 5N was exhibited at the 'Hyundai Motor Ioniq 5N Tech Day' held at Layer11 Studio in Mapo-gu, Seoul. Photo by Yongjun Cho jun21@

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Even when applying the International Energy Agency (IEA) 'Net Zero Scenario,' which assumes achieving zero global greenhouse gas emissions by 2050, and the 'Policy Scenario,' which reflects announced policies and emission targets of various countries, the growth trend of the electric vehicle market by region is expected to continue.

Under the policy scenario, electric vehicle sales in China are expected to increase by 50.5%, from 10.7 million units in 2025 to 16.1 million units in 2030. Europe is projected to grow by 96.3%, from 5.4 million units to 10.6 million units during the same period. The United States is expected to increase by 137.1%, from 3.5 million units to 8.3 million units. Japan and India are expected to grow by 125% and 266.7%, respectively.

Applying the policy scenario, the combined electric vehicle sales of China, Europe, the United States, Japan, India, and other countries are expected to increase by 88.4%, from 21.6 million units in 2025 to 40.7 million units in 2030.

According to the IEA Net Zero Scenario, sales are projected to grow more than twofold, from 32.2 million units in 2025 to 72.3 million units in 2030.

The report analyzed, "The IEA Net Zero Scenario presents higher targets than the policy scenarios of each country," and added, "Regardless of which scenario is followed, the trend of electric vehicle sales will continue to grow."

The electric vehicle battery market is also expected to show growth. The report focused on the European market. China, Europe, and the United States already accounted for about 95% of global sales as of 2022. Europe is regarded as the second-largest electric vehicle market after China and a region with high battery demand.

The report stated, "Attention should be paid to exporting batteries produced outside the European Union (EU), entering the European value chain through localization, and advancing into Europe through the development of battery recycling technologies."

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