EV market in Nepal skyrockets to 30% while global average reaches 10%: Electric vehicles continue to gain popularity worldwide

Electric vehicles (EVs) have seen a surge in popularity in Nepal, with 30% of the market share in 2022, compared to the global average of 10%. This growth is attributed to manufacturers shifting their focus away from petroleum-based vehicles and towards EVs. In 2021, the global market share of EVs was 8.3%, but by 2022, it had grown to over 10%.

European and Asian countries have been particularly receptive to EVs, with China leading the way. Despite a lack of attention from the American government and sellers, customers have still been buying millions of EV units, indicating that 2023 will be a positive year for electric vehicles.

In 2022, 7.8 million units of EVs were sold worldwide, but there are still concerns about the future of EVs and efforts are being made to improve charging infrastructure and customer confidence in the technology. In the US, the sales of EVs increased by 2.6% in 2022, while the sales of combustion vehicles decreased by 8%. The worldwide sales share of EVs is estimated to reach 14% in 2023.