According to statistics, the first half of 2023 registered a 40% increase in global EV sales over that of 2022. The forecast is that EVs will account for between 32% and 38% of overall new car sales by 2030.
The popularity of Electric Vehicles (EVs) has been increasing substantially over the past year (2023 over 2022) and the trend continues to gain traction among an ever-expanding consumer base globally. Initially sparked by need to start the shift away from dependence on fossil-based fuels and reduce carbon emissions and footprint, the trend was further fortified by rising concerns related to climate change and global warming. Though the concept of EVs has been slow to take off, the number of takers has increased exponentially, driven by technological advancements in the automotive industry adding fuel to the green mobility revolution.
According to statistics, the first half of 2023 registered a 40% increase in global EV sales over that of 2022. The forecast is that EVs will account for between 32% and 38% of overall new car sales by 2030. Estimates of global EV sales as per the tracker from EV adoption were around 1.2 million Battery-Electric Vehicles (BEVs) and 190,000 plug-in hybrids sold in 2023, totaling 1.36 million vehicles in all. The largest market for EV sales in the first half of 2023 was Mainland China, with a total of 3.4 million units or 55% of global EV sales. This included 31% of all light vehicle shipments in the region, which was up from 15% over sales recorded across 2021.
Europe came in second in 2023, with1.5 million units shipped and a 24% sales share, marking an impressive surge with a year-on-year growth of 34%, which was significantly higher than the 9% registered in the first half of 2022. The US on the other hand remained relatively low key and accounted for a 13% share in the market, with 815,000 units. Year-on-year growth in the US however is expected to reach 96%, up by a significant 61% over that of the first half of 2022, with projections for the country to emerge as one of the fastest growing markets globally in the very near future.
Rapid growth of the EV industry, increasing competition among existing companies and new entrants in the EV market, and need to expand facilities, enhance production, and develop more advanced technical and mobility features in offerings is driving urgent need to acquire experienced and new talent to fill a variety of roles and vacant spots. These include EV engineering, manufacturing, sales, and marketing, among others. While existing or established companies may have the relevant talent in place or be in process of deploying acquired talent attracted by brand image or reputation, startups face more obvious challenges in securing the appropriate talent to gain a foothold in the highly competitive market.
Startups are also in dire need of skilled professionals with expertise in EV technology, EV charging infrastructure, battery systems, efficient and reliable electric propulsion systems, integration of intelligent technologies and Artificial Intelligence (AI), and sustainable energy, apart from professionals for software development and autonomous driving expertise. Most of these companies are entering the fray with unique work culture, which is aimed at setting them apart from traditional companies, and these firms may emphasize on innovation, agility, and a mission-driven approach, among others to attract the required workforce.
Well, with a wide array of approaches and demands, companies are having a difficult time in acquiring skilled workers and talent in an industry where potential candidates and professionals are playing a game of patience or bluff in order to secure an opportunity offered by the highest bidder. Companies are currently focused on portraying a strong employer image as an approach to attract top talent in the EV sector, as is done in any industry. Startups are establishing themselves as attractive employers and showcasing unique value propositions, company culture, and highlighting growth opportunities to stand out among the competition. However, with a number of new entrants and startups and smaller companies becoming billion-dollar success stories in short spans of time in the recent past, candidates are not all too keen to accept just any offer from an established brand, but seem to be choosing to wait until the talent-strapped industry succumbs to their demands and gives them what they want before accepting or proceeding further.
This inclining demand for skilled professionals in the EV industry continues to serve to expose a noticeable talent shortage, and rapid evolution of technologies in this sector is creating need for more candidates with specialized skills and experience to bridge the gap. The disparity between demand and supply is evident and poses a major challenge for startups focused on acquiring top talent and building high-performance teams with capabilities to push the boundaries of innovation.
A number of companies, established and startups alike, are exploring and deploying various strategies to make some headway in the rapidly growing EV industry and these include forging partnerships with universities and technical schools in a bid to identify and groom talent early on in the game. Companies are also engaging in initiatives to set up internship programs, offering scholarships, and funding or sponsoring research projects in the field.
Investment in training and development to bring workforce up to speed in the latest technologies and encouraging participation in further enhancement of skills through certification is another strategy companies are employing to enable employees to stay up-to-date with industry trends.
The best strategy that seems to be working well so far is offering competitive compensation, given the escalating demand for EV professionals and expanding playing field these candidates are being presented with currently as companies jostle constantly to attract and retain top talent.
While approaches to building a highly capable team include attracting the best talent from existing pools in the market, companies are also focusing on bringing in fresh talent and providing the necessary guidance and training to reinforce a feeling of job security and loyalty. One approach is technological reskilling to keep candidates up to speed with changes and advancements, and to fortify talent retention in a bid to future-proof careers in the rapidly evolving EV industry.
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