Global EV sales continue to surge

Global EV sales continue to surge

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.

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.

Global-Sales-Market-Share-EVs-1400
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.

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.

You May Also Like

Magna wins battery enclosures business for Chevy Silverado EV

Battery enclosures, which all battery EVs require, house high-voltage batteries, electrical components, sensors and connectors.

2024-Silverado-EV-RST-Magna-battery-enclosures-1400

Magna has secured new business from General Motors to supply battery enclosures on the new 2024 Chevrolet Silverado EV. The company will produce the enclosures at its Magna Electric Vehicle Structures facility in St. Clair, Michigan, where it already produces the battery enclosure for the GMC Hummer EV.

Magna recently announced significant investment plans for the facility in St. Clair to support the fast-growing electric vehicle market. Production is expected to begin later this year.

The Shyft Group will build Blue Arc Commercial EVs in Michigan

The company will spend $16 million to expand its engineering and manufacturing campus in Charlotte, Michigan.

Shyft-Group-manufacturing-Michigan-blue-arc-ev-1400
BendPak releases improved Mobi-EVS EV lift

Mobi-EVS full-rise mobile scissor lift tables are designed for removing and installing high-voltage battery packs.

New-BendPak-Mobi-EVSTM-EV-Powertrain-Lifting-Systems
BorgWarner acquires Hubei SSE charging business

SSE’s electrification capabilities in China are expected to complement BorgWarner in Europe and North America.

BorgWarner-Santroll-eMotor-Handshake-1400
Qnovo, NXP partner on EV battery performance, range

Qnovo is working to integrate its software with the NXP battery management system, leading to reduced EV development costs.

Qnovo-Vanderhall-Brawley-CES-2023-1400

Other Posts

U.S. EV manufacturing investment hits $120B in last 8 years

Manufacturers also created 143,000 new jobs in the electric vehicle sector in the last eight years.

EV-manufacturing-Environmental-Defense-Fund-hero-1400
Canada chosen for Volkswagen overseas EV battery gigafactory

The Volkswagen Group brands plan to introduce more than 25 new BEV models through 2030.

Volkswagen-Canada-Gigafactory-EV-Batteries-PowerCo-SE-1400
Autel expands EV charging solutions in Asia, Australia

Autel has partnered with several companies in the Asia-Pacific region on EV-infrastructure-related services.

Autel-Asia-Australia-EV-Charging-1400
Bank of America to offer financing for residential EV chargers

Demand for the charging units is expected to grow in the U.S. to nearly 27.5 million by 2030, up from 1.3 million in 2021.

Bank-of-America-Residential-EV-Charging-1400