Is electric vehicle industry growing? What is the future of an electric vehicle industry? Let examine by the numbers.
For a long we have been talking about issues and challenges the world faced for the development and adaptation of electric vehicles system.
Let’s acknowledge, and cheer for the achievement and accomplishment we have done as human beings in the last decade.
When we look back, then we realized that the numbers of electric vehicles in stock today are much higher than that we had a decade ago.
The total number of electric cars worldwide had only 0.02 million in 2010 which is increased to more than 7 million in 2020. It includes all BEVs (Battery Electric Vehicle) and PHEVs (Plug-in Hybrid Electric Vehicle) where more than 67% share is of BEV with around 4.8 million of total.
The interesting thing is that the graph of total electric cars in stock increases purely exponentially as seen in this chart. Imagine the same growth rate for the decade 2020-2030, then one can realize the real future of the electric vehicle market worldwide.
Despite of worldwide sluggish sale-rate of passenger cars in 2019, electric cars had another great year. Even fast-growing economies like India and China had reported lower sales in 2019 than in 2018. Whereas electric vehicle sales maintained the exponential growth worldwide.
COVID-19 crisis made the year 2020 even worse for the automobile industry with a significant reduction in sales compares to 2019. Despite the corona crisis, sales in electric cars reported the growth in 2020 too.
It makes the vision of a green transportation system more clear and achievable than ever before.
Let’s have a look at different regions and countries that contribute the most.
China shares more than 45% of global electric car stocks. Whereas second and third rank goes to Europe and United State with the around 25% & 20% respectively. Other countries share the rest of the stock which is only around 8% which includes Australia, Brazil, Canada, Chile, India, Japan, Korea, Malaysia, Mexico, New Zealand, South Africa, and Thailand.
Share your view in a comment about what you think about the EV market share and future growth potential of your country.
Let’s have a look at one more interesting and important perspective i.e electric car’s market share in the automobile industry.
Here, one country really deserves the applaud for having electric cars sold higher than the ICE cars, no it’s not China, but it is one and only Norway. According to 2019 sales report, electric car sales in Norway share 56% of the total passenger cars.
Despite having a maximum no of electric cars in stock as compared to any other country, the market share of electric cars in China is below 5%.
Other countries having a good market share of electric cars are Iceland, Netherlands, Sweden, Finland, and Portugal according to the 2019 sales report. Iceland holds second position worldwide with more than 20% sale of electric cars.
Netherlands and Sweden have electric car sales of around 15% and 11% respectively. Whereas Finland and Portugal have electric car sales more than 5%. Percentage-wise electric car sale in India is below 0.1% only which is quite low.
Let’s talk about two-wheeler.
Today more than 25% of two-wheeler on road are electric type. Here china hits the high with around 96% of two-wheeler are electric. Though numbers are not reported, India surely holds second rank here as the numbers of two-wheeler are much higher than cars. Two-wheeler covers more than 75% vehicle of automobile industry in India.
Looking at all the past growth and current scenario of the electric vehicle market, it can be concluded as below.
Despite of many barriers and borders, electric vehicle transport system is one of the rare sustainable technology development which is on right track.
What you think the key role in the development of EV?
- Policies
- Incentives & subsidies
- Regulatory measures
- Technology Innovation (Range, Performance)
How you see the future of EV in your country? Share your view with our elite readers.
Data source: IEA Statistics
Checkout the premium online courses on electric vehicle,
Fundamentals of Electric Vehicle Engineering
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