0 items USD 0.00Global Electric Vehicles Market Update: Data of Leading Countries and Manufacturers
Despite a pandemic year, major countries around the world are accelerating the transition to electric mobility by shifting fossil fuel-dependent vehicles to electric vehicles and installing charging stations.听The Climate Group鈥檚 EV100 Initiative brings together over 100 companies in 80 markets committed to making electric transport the new normal by 2030. This equates to 4.8 million vehicles switched to EVs and chargers installed in 6500 locations by 2030.
According to International Energy Agency (IEA), globally 10 million+ electric cars were hit the roads in 2020 with battery-electric models fueling the growth.
Global Electric Vehicles Market Outlook
The global hybrid & electric cars market had total revenues of USD 174.9bn in 2020, representing a compound annual growth rate (CAGR) of 21% between 2016 and 2020. Market consumption volume increased with a CAGR of 20.1% between 2016 and 2020, to reach a total of 5,917,583 units in 2020. The global hybrid and electric cars market remained at a growth trajectory in 2020, with the volume of sales up by 16.4%.
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United States Electric Vehicles Market
The U.S market includes hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), and fuel cell electric vehicles (FCEV). According to听Argonne National Laboratory Monthly Sales Report
- Plug-in Vehicles (PEV) include both PHEV and BEV. HEVs debuted in the U.S. In May 2021, 75,025 HEVs (27,085 cars and 47,940 LTs) were sold in the United States, up 170.5% from the sales in May 2020.
- A total of 53,779 plug-in vehicles (37,967 BEVs and 15,812 PHEVs) were sold during May 2021 in the United States, up 329.0% from the sales in May 2020.
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- The US hybrid & electric cars market had total revenues of USD 24.9bn in 2020, representing a compound annual growth rate (CAGR) of 8.4% between 2016 and 2020.
- Market consumption volume increased with a CAGR of 6% between 2016 and 2020, to reach a total of 640,011 units in 2020.
- The US hybrid and electric cars market declined in 2020, with the volume of sales down by 10.1%, as a result of the COVID-19 pandemic.
Electric Vehicles Market in Europe
In the first quarter of 2021, the registration of electrically chargeable passenger vehicles in the European Union (EU), UK, and EFTA countries increased sharply. The sales of battery-electric cars increased by 56% for a 5.7% market share while plug-in hybrid vehicle sales increased by 154% for an 8% market share. Germany was by far the largest market for new battery-electric vehicles and plug-in hybrid cars in Europe.
In 2019, Europe's electric car registrations were close to 550 000 units, having reached 300 000 units in 2018. This represents an increase from 2 to 3.5 % of total car registrations. The uptake of electric vans also increased, from 0.8 % of total registrations in 2018 to 1.3 % in 2019.
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- The European hybrid & electric cars market had total revenues of USD 70.9bn in 2020, representing a compound annual growth rate (CAGR) of 45.3% between 2016 and 2020.
- Market consumption volume increased with a CAGR of 43.8% between 2016 and 2020, to reach a total of 2,130,319 units in 2020.
- The European hybrid and electric cars market remained at a听growth trajectory in 2020, with the volume of sales up by 65.2%.
Electric Vehicles Market in the United Kingdom
- The UK Hybrid and Electric Cars market had total revenues of USD 6,757.9m in 2019, representing a compound annual growth rate (CAGR) of 34.3% between 2015 and 2019.
- Market consumption volume increased with a CAGR of 32.4% between 2015 and 2019, to reach a total of 229,012.0 units in 2019.
- The sales uplift in 2019 is attributable to rush-buying from consumers before government grants of up to 拢3,500 were due to expire (April 2020). Moreover, sales were also听boosted by a hike in demand for company cars due to their preferential tax treatment.
Electric Vehicles Market in Germany
In 2020, the German market witnessed a huge increase in new registrations of electric vehicles (EV). While in 2019 the share of battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV) accounted for 3.1% of total new car registrations, this share increased to 13.6% in 2020. 听A total of 394,940 electric vehicles were newly registered in 2020, increasing by 263.6% compared to the previous year. This means that in 2020, almost one in seven newly registered cars had a battery powertrain. In detail: PHEVs rose by 342.1% and BEVs by 206.8% in 2020.
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Electric Vehicles Market in Sweden
In December 2020, 34 974 passenger cars were registered for the first time, 27.7 percent less than in December last year, according to the Transport Analysis monthly official statistics on new registrations.
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Note:听The hybrid and electric cars market consists of the initial retail sale/registration of new electric and hybrid passenger cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s and other related vehicles. The electric cars segment refers to all-electric vehicles only, namely Battery Electric Vehicles (BEVs). The hybrid cars segment refers to all types of hybrid electric cars such as plug-in hybrid electric vehicles (PHEVs), Extended Range Electric Vehicles (EREVs) and standard Hybrid Electric Vehicles (HEVs). Other alternative fuel vehicles (e.g. LPG or Hydrogen fuel cell) are not included.听
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Data Resources
- US EPA: The United States Environmental Protection Agency
- International Energy Agency
- Argonne National Laboratory
- European Environment Agency
- Government of the United Kingdom
- Alternative Fuels Data Center - Department of Energy
- GIPA
- Statistics Sweden, Commission Services
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About The Author
Sudeep Chakravarty
