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Toyota Chairman: EVs Will Claim at Most 30-Percent Market Share Globally

2023 Toyota Prius Prime
Photo: Toyota
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Daniel Rufiange
Akio Toyoda and Toyota have long believed in a plurality of solutions rather just BEVs

•    EVs will attain at best 30 percent market share, according to Toyota's chairman.

Toyota has weathered strong criticism for lagging behind in electrification. The Japanese auto giant has since accelerated its efforts in that sector, but generally it remains convinced that the way forward will not rely solely on all-electric vehicles, but on a plurality of solutions (gasoline, electric, hybrid, hydrogen, etc.). 

We've just had another indication of the automaker’s views. As reported by Automotive News, Chairman Akio Toyoda, until recently the brand's top executive, said that EVs will, at best, achieve a 30 percent market share worldwide, the rest made up of models with other propulsion systems. 

The grandson of Toyota's founder explains that with a billion people in the world living without electricity, limiting their choices and ability to get around by making expensive cars is not the answer. 

“Customers - not regulations or politics - should make that decision,” he added.

Toyota continues to maintain, in the face of strong headwinds, that its hybrid powertrains, hydrogen technology and holistic approach will ultimately prove to be the right path forward for the company, its customers and the environment. Earlier this month, Toyoda announced an initiative to develop new combustion engines. Said he at the time, “Engines will surely remain.” 

The Toyota bZ4X EV
The Toyota bZ4X EV
Photo: Toyota

What's not clear is the company's vision for each market. Toyoda’s prediction of 30 percent market share concerns the globe as a whole. Même entre les États-Unis et le Canada - et même à l’intérieur du Canada - l'intérêt des consommateurs pour les véhicules électriques varie.

Automotive News rightly reminds us that forecasts by BloombergNEF (Bloomberg's research division) show EVs accounting for 75 percent of new vehicle sales by 2040, by which point 44 percent of vehicles on the road will be all-electric.

Toyoda, and indeed the company he has led, has advocated for a multi-solution approach for years. The arrival of Koji Sato last April has changed things somewhat, but there's still a sense that the company believes the shift to electric vehicles will be slower than expected. 

Koji Sato said last year that Toyota would sell 1.5 million electric vehicles a year by 2026, rising to 3.5 million annually by 2030. 

Daniel Rufiange
Daniel Rufiange
Automotive expert
  • Over 17 years' experience as an automotive journalist
  • More than 75 test drives in the past year
  • Participation in over 250 new vehicle launches in the presence of the brand's technical specialists