Trade Trends
Between 2019 and 2023, global exports of electric motor vehicles expanded from $23.00B to $145.40B, marking a growth of 532.28%. This trajectory reflects a rapid acceleration in international demand and production capacity for electric vehicles (EVs), with a consistent year-on-year increase.
The surge in EV exports aligns with broader industry shifts toward decarbonization, regulatory incentives, and consumer adoption of clean mobility solutions. As battery technologies improve and manufacturing scales, countries are positioning themselves as key players in the global EV supply chain. The data suggests that export growth is not only driven by traditional automotive leaders but also by emerging contributors responding to global climate and energy goals.
Top Trading Countries
- Germany led EV exports in 2024 with $40.99B, slightly up from $40.54B in 2023 and significantly higher than $3.91B in 2019. This reflects a 935.9% increase from 2019 to 2023 and a 1.12% rise from 2023 to 2024.
- China followed with $31.97B in 2024, down from $34.13B in 2023. Its 2019 figure was $438.10M, indicating a 7690.5% increase between 2019 and 2023, but a 6.32% decline from 2023 to 2024.
- Korea South recorded $10.10B in 2024, down from $14.33B in 2023 and up from $2.35B in 2019. This marks a 509.01% increase from 2019 to 2023 and a 29.52% decrease from 2023 to 2024.
- Mexico reached $8.12B in 2024, rising from $3.89B in 2023. No 2019 data was provided, but the year-on-year growth from 2023 to 2024 was 108.87%.
- Belgium posted $9.36B in 2023, up from $2.70B in 2019, reflecting a 247.1% increase. 2024 data has been excluded due official source discrepancies at the time of publishing this article.
- Japan exported $6.72B in 2024, down from $7.65B in 2023 and up from $431.34M in 2019. This represents a 1672.7% increase from 2019 to 2023 and a 12.14% decline from 2023 to 2024.
On the Rise
- Sweden showed consistent growth, exporting $353.18M in 2024, up from $295.53M in 2023 and $38.43M in 2019. This reflects a 668.94% increase from 2019 to 2023 and a 19.51% rise from 2023 to 2024.
Sweden’s upward trend highlights the growing role of smaller economies in the EV export landscape. As global supply chains diversify, countries with advanced engineering capabilities and supportive policy frameworks are gaining traction.
Disclaimer
These insights are based on available trade data and may not represent the full market reality.
