Is it about time for entrepreneurs in the automotive industry to adjust when sales of electric cars in the world market is growing faster than expected? By 2025, there will be as many as 400 new models of electric vehicles in the market, which will be widely used in transportation services, ride sharing and taxis. In the next 10 years, electric cars have a growth trend that is going to outrace those with combustion engines. China will be the country with the most electric cars in the world, followed by Europe and Japan.

According to BCG-Boston Consulting Group’s “Global Automotive Powertrain Forecast,” the growth rate of electric cars in the world market is higher than it was previously expected, that is, its world’s market share will be one-third by 2025 and rise up to more than half or 51% by 2030, presumably, it will be electric vehicles (EV) running on batteries and plug-in hybrid vehicles (PHV) about 25% each. 

3 reasons that make the EV market grow rapidly:

1. The push from the government helps to control the price of EV.
2. The tightened environmental measures forces the OEM manufacturers to produce EV as targeted. 
3. More efficient and less expensive batteries bring the consumers satisfaction. 

The report also states that many of the world's leading OEM automotive manufacturers have plans to invest in electric cars in the total of over 300 billion US dollars over the next 10 years. It is expected that there will be as many as 400 new models of EV in the market by 2025.

From 2022 - 2023, the EV market will begin to enter a turning point, depending on the region and vehicle size. From 2025, the EV market will grow by 30% per year out of the total number of EV and 10% will be used for transportation services such as ride sharing and taxis.

The report further predicted that China will still be the largest market in the future and will have a share of 26% from the world market by 2030, followed by Europe that will have major markets in France, Germany, England and Northern Europe countries, and then Japan. It is expected that most cars will be hybrid cars rather than electric cars.

BCG also reports that a total of 2.8 million electric vehicles were produced worldwide in 2019. This number is a very small proportion when compared to the number of cars in the world market. However, it is 800,000 cars higher than it was predicted  in 2017 it would be.