In this article, we will look at the 12 most efficient electric vehicles in the world. If you want to skip our detailed market analysis of the electric vehicles industry, you can go directly to the 5 Most Efficient Electric Vehicles in the World.
Market Analysis of the Electric Vehicles Industry
According to a report by Fortune Business Insights, the global electric vehicle market was worth $384.56 billion in 2022. The industry is expected to grow at a compound annual growth rate of 22.1% between 2023 and 2030 and reach $1.57 trillion by the end of the forecasted period. Increased inclination towards environment-friendly fuel alternatives and rising gas prices are some of the key drivers for growth in the EV market.
As the world transitions toward sustainable alternatives, the electric vehicles market will experience rapid growth. Asia Pacific is anticipated to experience the highest growth regionally. China holds the largest share in electric passenger vehicles, as of 2022.
The EV market in the US is expected to grow at a fast pace. The growth can be attributed to increased government initiatives and consumer demand in the region. On April 12, the Environmental Protection Agency announced a new set of federal vehicle emission standards to amplify the sustainable transportation transition in the US. These standards would allow a reduction of 10 billion tons of CO2 emissions which is twice the net US CO2 emissions in 2022. EPA's proposed standards will also reduce the dependence of the US on its oil imports. These standards aim to ensure that EVs account for 67% and 46% of light-duty vehicle and new medium-duty vehicle sales respectively by 2032. Investments in the electric vehicle market from the private sector also increased after President Biden signed the Inflation Reduction Act, which intends to curtail inflation and increase investments in clean energy. The US government is actively working toward a clean transportation future by investing and making advancements in clean technology.
According to the findings by the International Energy Association (IEA), sales of electric vehicles were recorded to exceed 10 million units in 2022, with a significant increase of 14% from 4% in 2020. The growth continued in the first quarter of 2023 with a 25% increase in sales. As per IEA projections, the sales of electric vehicles are expected to reach 14 million units by the end of 2023 accounting for a 35% increase and representing 18% of the total car sales for the full calendar year. According to region-wise sales recorded in 2022, China dominated the market with around 60% of sales followed by Europe with over 15% of share in the total sales. The US recorded a 55% increase in electric car sales in 2022, accounting for a share of 8% in global electric car sales. The promising growth trajectory of the electric vehicles market is evident by these projections and is expected to grow further in the coming years.
Major Players in the Industry
Some of the top companies leading the global electric vehicles market include Tesla, Inc. (NASDAQ:TSLA), Hyundai Motor Company (OTC:HYMTF), and Lucid Group, Inc. (NASDAQ:LCID).
Tesla, Inc. (NASDAQ:TSLA) is a leading multinational company dominating the automotive industry. On October 6, Reuters reported that Tesla, Inc. (NASDAQ:TSLA) is cutting its prices to meet its annual delivery target of 1.8 million vehicles. The company has implemented price cuts of 2.7-4.2 % for its models Tesla Model Y and Tesla Model 3 in the US. The reduced prices for Tesla Model 3 and Model Y are now $38,990 and $48,490 respectively. The high-priced variants of the two models also experienced price drops. The total cuts since the start of this year have reached 17% for the Tesla Model 3 and 26% for the Tesla Model Y long-range variant. These cuts are a part of Tesla, Inc.'s (NASDAQ:TSLA) strategy to increase sales in the last quarter to reach their delivery targets.
Hyundai Motor Company (OTC:HYMTF) is among the top companies ruling the global electric vehicle market. On October 11, Reuters reported that Hyundai Motor Company (OTC:HYMTF) has announced its plans to produce Beijing Automotive Group Co's electric vehicle brand ARCFOX cars at its Beijing plant. The joint venture serves as a strategic move by Hyundai Motor Company (OTC:HYMTF) to penetrate the electric vehicles market in China.
On October 6, Hyundai Motor Company (OTC:HYMTF) in collaboration with Iveco Group N.V. (OTC:IVCGF), an Italian automotive company, launched the first-ever IVECO BUS E-WAY H2. The bus is a hydrogen-powered fuel cell electric bus. The electric bus has a 310-kW e-motor and a fuel cell system provided by Hyundai Motor Company (OTC:HYMTF). The driving range of the electric bus is 450 miles under normal operating conditions. The IVECO BUS E-WAY H2 was launched at Busworld 2023 in Brussels. The electric bus will be produced at Iveco Group N.V.'s (OTC:IVCGF) plants in Annonay, France, and Foggia, Italy.
Lucid Group, Inc. (NASDAQ:LCID) is one of the dominant companies in the global EV market. On September 27, Lucid Group, Inc. (NASDAQ:LCID) reported that it has opened its first-ever manufacturing plant in Saudi Arabia. Lucid Group, Inc.'s (NASDAQ:LCID) second Advanced Manufacturing Plant (AMP-2) is all set to manufacture electric vehicles for its market in Saudi Arabia. The facility is expected to have a total annual capacity of 5,000 vehicles.
Now that we have discussed some recent developments in the electric vehicle market, let’s look at the 12 most efficient electric vehicles in the world.
12 Most Efficient Electric Vehicles in the World
12 Most Efficient Electric Vehicles in the World
Methodology:
To compile our list of the most efficient electric vehicles in the world, we consulted publications including Autocar, CNet, Drive AU, Motor Trend, and Cars.com. We tabulated an initial list containing all the electric vehicles mentioned in our sources.
Electric vehicle efficiency is measured in two ways; MPGe rating and miles/kWh. MPGe ratings refer to the miles per gallon of gasoline equivalent for electric vehicles. According to the EPA's method for the calculation of EV efficiency, a gallon of gasoline has an energy content equivalent to 33.7 kWh. For instance, if a car utilizes 33.7 kWh to travel 120 miles then its MPGe rating would be 120. Miles per kilowatt-hour measures the distance covered in miles by an electric vehicle per 1 kilowatt-hour.
We narrowed down our list to the 12 most efficient electric vehicles according to MPGe ratings first. Then, we calculated the electric vehicle efficiency of our top 12 vehicles in miles/kWh by dividing the EPA estimated electric range in miles of the vehicle by its battery capacity in kWh.
We then compiled our final list of the 12 most efficient electric vehicles based on their EV efficiencies in miles/kWh and ranked them in ascending order of this metric.
12 Most Efficient Electric Vehicles in the World
12. 2019 Nissan Leaf (4O kWh)
Fuel Economy Rating (MPGe): 112
Calculated Efficiency (Miles/kWh): 3.75
The 2019 Nissan Leaf is a hatchback electric vehicle with a 4o kWh battery. It offers a variety of features including a 7-inch touchscreen display, NissanConnect, and a six-speaker audio system among others. It is ranked 12 on our list of most efficient electric vehicles in the world. According to the EPA, It has an estimated range of 150 miles and an MPGe rating of 120. It can travel 3.75 miles per kilowatt-hour of charge.
The electric vehicles market is dominated by major players including Tesla, Inc. (NASDAQ:TSLA), Hyundai Motor Company (OTC:HYMTF), and Lucid Group, Inc. (NASDAQ:LCID).
11. 2023 Kia Niro Electric
Fuel Economy Rating (MPGe): 113
Calculated Efficiency (Miles/kWh): 3.90
The 2023 Kia Niro Electric is an all-electric SUV that offers a comfortable and efficient driving experience. It has an EPA estimated range of 252 miles and an MPGe rating of 113. It is ranked among the 12 most efficient electric vehicles in the world and can travel 3.90 miles per kilowatt-hour of charge.
10. 2023 Toyota bZ4X FWD (28 kWh)
Fuel Economy Rating (MPGe): 119
Calculated Efficiency (Miles/kWh): 3.94
The 2023 Toyota bZ4X FWD is an all-electric SUV with a four-wheel drive system. It has an EPA estimated range of 252 miles and an MPGe rating of 119. It is ranked among the most efficient electric vehicles in the world and can travel 3.94 miles per kilowatt-hour of charge.
9. 2023 Hyundai Kona Electric
Fuel Economy Rating (MPGe): 120
Calculated Efficiency (Miles/kWh): 3.96
The 2023 Hyundai Kona Electric is an all-electric compact SUV. It has a variety of features including an 8-inch touchscreen, steering wheel-mounted audio and cruise controls, and a 10.25-inch digital instrument cluster among others. It has an EPA estimated range of 258 miles and an MPGe rating of 120. The 2023 Hyundai Kona Electric can travel 3.96 miles per kilowatt-hour of charge and is ranked among the most efficient electric vehicles in the world.
8. 2023 Chevrolet Bolt EV
Fuel Economy Rating (MPGe): 120
Calculated Efficiency (Miles/kWh): 3.98
The 2023 Chevrolet Bolt EV is a hatchback electric vehicle popular for its relatively high efficiency and affordability. It is ranked 8 on our list of the most efficient electric vehicles. It has an EPA estimated range of 259 miles and an MPGe rating of 120. The 2023 Chevrolet Bolt EV can travel 3.98 miles per kilowatt-hour of charge.
7. 2023 Kia EV6 Long Range RWD
Fuel Economy Rating (MPGe): 117
Calculated Efficiency (Miles/kWh): 4.01
The 2023 Kia EV6 Long Range RWD is an all-electric crossover SUV with a rear-wheel drive system. According to the EPA, It has an estimated range of 310 miles and an MPGe rating of 117. It is ranked 7 on our list of most efficient electric vehicles in the world and can travel 4.01 miles per kilowatt-hour of charge.
6. 2022 Tesla Model S Long Range
Fuel Economy Rating (MPGe): 120
Calculated Efficiency (Miles/kWh): 4.05
The 2022 Tesla Model S is an all-electric sedan with a spacious and comfortable interior. According to the EPA, it has an estimated range of 405 miles and an MPGe rating of 120. It is ranked 6 on our list of most efficient electric vehicles and can travel 4.05 miles per kilowatt-hour of charge.
Investors seeking exposure to the electric vehicles market can consider researching some prominent EV stocks including Tesla, Inc. (NASDAQ:TSLA), Hyundai Motor Company (OTC:HYMTF), and Lucid Group, Inc. (NASDAQ:LCID).
