Frost & Sullivan’s projection indicates that the global EV market will record over 44% year-on-year unit sales growth in 2023. China, Europe, and North America will be important contributors to this surge. Increased focus on reducing carbon emissions will drive EV demand in coming years. OEMs have been rushing to gain a share of the competitive EV market through fresh launches and extensive investments for future growth.

Top EV OEMs BYD, Tesla, and Volkswagen will sell 5.7 million EVs in 2023, up from 4 million in 2022. Rising demand—expected to multiply several times by the decade’s end—proves to OEMs that EVs are the way to go. As such, OEMs are announcing enormous investments in EV development to secure the top spot in EV sales.

Most investments are toward securing the future supply chain of critical materials/products necessary for EV production and co-development of technological innovations. In addition, OEMs understand the importance of making EVs per customer requirements. This has prompted them to adopt localized development and manufacturing strategies to capture competitive markets like China. A few OEMs are also working to improve their charging infrastructure network to ease EV charging. However, charging infrastructure deployments still need to catch up to the required numbers.

Region-wise, many OEMs have announced investments in North America due to favorable government policies and a surge in EV demand. The region will likely attract considerable investments in the coming years. We expect two other key markets, China and Europe, to register moderate to high investments.

In this report, Frost & Sullivan discusses EV investments by OEMs and their sales in global markets. With 2022 as the base year, the study period is 2022–2030 and the forecast period is 2023–2030. The geographic scope is North America, China, and Europe. OEMs profiled are BMW, Ford, General Motors, Honda, Hyundai-Kia, Mercedes-Benz, Nissan, Stellantis, Tesla, Toyota, and Volkswagen. We include information about OEMs’ electrification investments, future sales targets, and roadmaps to achieve the individual targets to provide stakeholders insights into this dynamic space.