Global 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. The Climate Group’s 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
United States Electric Vehicles Market
- 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.
- 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 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.
- 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 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 £3,500 were due to expire (April 2020). Moreover, sales were also boosted by a hike in demand for company cars due to their preferential tax treatment.
Electric Vehicles Market in Germany
Electric Vehicles Market in Sweden
- 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