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PAF Insights

Energy Transition


Global EV Transportation Report


Globally, the electrification of transportation will represent the single largest industrial investment made for a generation. In that journey, we are only just at the earliest stages, with decades of future investment needed to transition our industrial, commercial, and personal modes of transportation to an all-electric zero carbon based transportation system. The consequences of the coming transition will be far reaching, and will affect all elements of the global economy, from energy security, industrialization, jobs and employment, and geopolitical considerations across markets.

The global political path has been set for the revolution coming in the electrification of transportation, with the majority of major world economies and governments adopting net zero by 2050 targets for transportation. In that regard Europe and China are leading the way, with India following close behind in setting near-in 2030 targets, whereby no new internal combustion engine (“ICE”) vehicles may be purchased thereafter. These are material regulatory changes to transportation that are near-in, and that have consequences across the global transportation industrial complex.

Across regions, these are exciting times for a new generation of investment, and employment, as the transportation industries across automotive, truck transport, shipping, and aviation, all look to carbon free and/or lower carbon transportation technologies and options. Investment in new technologies, such as battery technologies, charging infrastructure, power management, have been accelerating over the past 7 – 10 years, with the transportation industrial complex following along in transitioning their manufacturing complex to support the “transportation transition”, a transition that will make the “energy transition” look small in comparison.

Our first look into the electrification of global transportation looks at the global policy features involved, then the early investment being made, and the early development activities of the principal market participants. We then explore regional dynamics involved, trends, outlooks, and next steps. We follow by diving into the core markets and economies in providing a closer look at opportunities, challenges, and expected paths forward.

The purpose of PAFs Annual Primer series is to provide a high-level view of the demand drivers, opportunities, challenges and outlook prevalent in major markets. An understanding of global industry trends and country- specific market factors are critical to success for all potential market entrants.

We hope you will enjoy reading our inaugural report on the Global EV Transportation Market, and we look forward to briefing you on other the continuing market’s developments in and over the coming months.

This report is the result of a collaboration between PAF and Alchemy Research and Analytics, completed from June to October 2023. We would like to express our gratitude to the following executives for their contribution in preparing the report:

Pan American Finance

Alchemy Research and Analytics

  • Tapas Bhowmik
    Senior Manager
    Alchemy Research and Analytics
  • Souradeep Basu
    Associate Manager
    Alchemy Research and Analytics
  • Maurya Mukherjee
    Senior Analyst
    Alchemy Research and Analytics

Global EV Transportation Report

The report provides an insight into the Global Electric Vehicle market. It provides an overview of the Global Electric Vehicle industry with insights on prevailing market conditions encompassing recent trends and drivers, challenges, and outlook in major countries across Europe and the Americas. The report starts with a high-level view on the dynamics of the industry, touching upon the regional variations and analyzing the implications of the same. It then profiles the major markets country-wise, to provide a holistic view of the state of the industry in these countries, highlighting the growth opportunities, demand drivers and prevalent challenges. Macroeconomic data was sourced from the publications of multilateral institutions such as the International Monetary Fund (IMF). The industry-specific data is attributed to industry associations, Government authorities / statistical departments, Bloomberg New Energy Finance (BNEF) and International Energy Agency (IEA). This was supplemented by news reports, trade journals and related sources.