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Global EV sales continue to surge

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Sales of EVs globally hit the 6.6 million mark in 2021, representing roughly 9% of global car sales in that year, according to data projections from BanklessTimes. Additionally, it’s double the 3 million EVs sold in 2020 and triple the 2.2 million units sold in 2019.

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BanklessTimes’ compilation shows that China is the largest EV market globally. In 2021, it retailed 3.4 million units. That was more than the combined total from the rest of the world in 2020.

Two reasons explain China’s thriving EV market. First, Beijing extended subsidies to the sector up to this year. The chances are that many Chinese EV customers rushed to acquire their vehicles using 2021’s subsidy levels.

Secondly, there’s a wide variety of EVs for the Chinese market. Like the Wuling Hongguang Mini, some provide an affordable entry-level vehicle for first-time owners. All in all, China’s e-car industry will boom in 2022.

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Global sales and sales market share of electric cars, 2010-2021

Europe also posted impressive returns. Its 2021 electric vehicle sales amounted to 2.3 million cars. However, the annual increase lagged compared to the 2020s.  

In 2020, the European EV market doubled its 2019 sales. Its strict emissions limits partly account for this surge. Again, the region enhanced incentives for purchasing EVs, thus peaking their sales and outpacing diesel-powered vehicles for the first time.

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Tesla remains the undisputed market leader controlling over 50% of all EVs sold here. That, however, is a decline from the 65% market share it held in 2020. Increased competition partly contributed to the decline.

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