Electric Vehicle Market Set for Global Surge by 2030

A recent analysis from the International Energy Agency (IEA) forecasts that over forty percent of all cars sold globally will be electric vehicles (EVs) by 2030, marking nearly double their current market share. This growth is attributed to the decreasing cost of EVs, making them more accessible to consumers worldwide. However, in the United States, EV sales are expanding at a slower pace compared to global trends, with only a ten percent increase noted over the past year. According to the IEA, this disparity may stem from the fact that EVs in the U.S. typically cost thirty percent more than traditional vehicles. Despite these challenges, experts believe that as production scales up and battery costs decrease, the price gap between EVs and conventional cars will narrow, driving further adoption.
The IEA report highlights significant progress in China, where two-thirds of all electric cars sold last year were priced lower than their gasoline counterparts. In contrast, American research site CarGurus reports that the average list price for a new EV in the U.S., excluding direct-to-consumer brands like Tesla, is significantly higher than that of internal combustion engine vehicles or hybrids. Industry analysts suggest that increased manufacturing efficiency could lead to reduced EV prices in the U.S., similar to what has been observed in markets such as China.
Antuan Goodwin, an EV expert at CNET, predicts that economies of scale will play a pivotal role in lowering the cost of EVs domestically. He points out that widespread adoption in China has driven down prices due to higher sales volumes. As more affordable models enter the U.S. market, such as the Volvo EX30 and Chevrolet Equinox, it is anticipated that consumer interest will grow. However, Kevin Roberts, director of economic and market intelligence at CarGurus, notes that insufficient fast and reliable charging infrastructure remains a barrier to broader EV acceptance in the U.S., particularly in rural areas.
Furthermore, beyond the initial purchase price, EVs offer substantial long-term savings. Reports indicate that EV owners spend sixty percent less on energy costs compared to drivers of gasoline-powered vehicles. A University of Michigan study revealed that powering an EV annually costs about $485, whereas maintaining a gas-powered car averages around $1,117 per year. The U.S. Department of Energy also emphasizes that EVs achieve far greater efficiency in terms of energy usage compared to traditional vehicles.
In the first quarter of this year, over three hundred thousand EVs were sold in the U.S., reflecting a ten percent rise from the same period in 2024. Notable contributors to this increase include General Motors, which reported over thirty thousand EV sales, alongside new models from Acura, Audi, Chevrolet, Honda, and Porsche. Additionally, the IEA report underscores a remarkable surge in EV truck sales globally, increasing eighty percent in 2024, largely propelled by lower operational costs in comparison to diesel trucks.
As the global transition towards electric mobility accelerates, addressing pricing disparities and infrastructure limitations in the U.S. will be crucial for fostering greater EV adoption. With advancements in technology and policy support, the potential for a cleaner, more sustainable automotive future appears increasingly within reach.