In 2023, the electric vehicle (EV) market continues its remarkable growth, following a 62% increase in electric car sales in 2022 compared to the previous year. IDTechEx predicts a 16% global sales rise for 2023, despite challenges in the plug-in hybrid sector due to subsidy reductions in Germany. EVs are widely acknowledged as the future of the passenger car market. Beyond cars, diverse vehicle segments such as vans, trucks, buses, microcars, construction vehicles, and trains are experiencing electrification. Electrification isn't confined to land vehicles; marine sectors and aerial vehicles like air taxis (eVTOL) are gaining traction. IDTechEx anticipates a moderate 2-fold increase in yearly EV sales across various segments by 2034, with a notable 7.7 times increase in battery demand, driven by cars and other contributing sectors.

Noteworthy trends include the transformation of technology companies into automotive suppliers. Tesla has redefined the car as a consumer electronics product, influencing sales processes and ownership experiences with over-the-air updates. Major technology firms like Huawei, Sony, Xiaomi, Baidu, Foxconn, and rumors surrounding Apple's electric car project, are entering the automotive market, aiming not just to supply components but entire vehicles. This shift signifies a departure from traditional car ownership and a growing convergence between automotive and technology industries.