Global EV Market to Hit $1.3T by 2031
The global electric vehicle market is projected to grow from $750 billion in 2026 to $1.3 trillion by 2031, according to a new report from Mordor Intelligence. Battery Electric Vehicles (BEVs) are expected to dominate global sales, signaling a massive and sustained growth runway for startups across the EV value chain, from battery tech to charging infrastructure.
The Turkish EV market is rapidly expanding, becoming the fourth largest in Europe in 2025 with 190,000 new battery electric vehicle (BEV) sales. This represents an 80% year-over-year increase, with the BEV share of new car sales reaching 17%, on par with the European Union average. This surge is a significant jump from just 8,312 BEVs sold in 2022. A major catalyst for this growth is the domestic automotive brand Togg, which became the top-selling EV in Turkey for the first eleven months of 2025 with 31,715 units sold. Togg, alongside Tesla and BYD, accounts for 47.5% of the Turkish EV market. The competitive landscape is intensifying, with Tesla selling 31,509 EVs in 2025, a 273% increase from the previous year. To bolster this momentum, the Turkish government has introduced significant incentives as part of a $30 billion package for high-tech sectors. This includes a $5 billion package to support EV production and a $4.5 billion package for battery production, with the goal of reaching 80 GWh of battery production capacity by 2030. These incentives are designed to foster a vertically integrated domestic EV industry. The charging infrastructure is also a key focus, with over 175 companies operating more than 28,000 charging sockets across Turkey as of March 2025. Major players include ZES (Zorlu Enerji) and Eşarj (Enerjisa), which received a $110 million loan from the EBRD to expand the grid and charging network. Togg's own network, Trugo, is rolling out ultra-fast charging stations to support its vehicle ecosystem. Beyond established players, a new wave of Turkish startups is emerging across the value chain. Companies like Pilotcar and Tragger are focused on electric utility and logistics vehicles, while Next-Ion Energy and Ion membranes are innovating in battery technology. This growing ecosystem signals a strong push towards national self-sufficiency in EV manufacturing, with a target of 35% of EVs being domestically produced by 2040.
