Where global EV sales are surging

Where global EV sales are surging

Sales of EVs globally hit the 6.6 million mark in 2021, representing roughly 9% of global car sales in that year.

EV sales are going up at the global level every year. Sales of EVs globally hit the 6.6 million mark in 2021, representing roughly 9% of global car sales in that year. For context, that’s about double the approximately 3 million EVs sold in 2020, and triple the roughly 2.2 million units sold in 2019.

Now, keep in mind that the U.S. represents a rather small piece of the EV sales pie in this context. Last year, 85% of EVs sold globally were delivered to customers in either Mainland China or Europe — 3.2 million EVs were sold in Mainland China, accounting for 15% of all new cars sold, and 2.3 million EVs were sold in Europe, accounting for 19% of new cars. In comparison, while demand IS growing, just 4% of new cars sold in the U.S. in 2021 were EVs, or about 535,000 units.

Now, China’s thriving EV market is in part due to vehicles like the Wuling Mini EV, which is easily the best-selling EV model in Mainland China at nearly 400,000 units in 2021. The base model starts at just $4,500 – giving Chinese drivers 75 miles of range and a top speed of about 62 miles per hour. The success of the Wuling brand is far greater in that country than the U.S. market leader, Tesla, and has already inspired plenty of copycats.

In Europe, traditional carmakers are increasingly electrifying their product ranges. The Tesla Model 3 was the best-selling electric car in Europe in 2021, but Volkswagen Group was the leading manufacturer of electric vehicles, with several models from Audi, Skoda and Volkswagen grabbing decent sales shares themselves.

Here in the U.S., Tesla continues to dominate EV sales with an estimated share of somewhere between 60 and 66%, depending on your source. Consumer interest might just be a bed of glowing coals now, but pickup trucks are expected to be the lighter fluid the U.S. market needs to turn those coals into a roaring fire. Rivian was first to deliver at the end of 2021, while Ford and GM have had strong interest shown in their F-150 Lightning and GMC Hummer Pickup, respectively.

EV manufacturers are banking on this growing demand and are putting their chips on the table. In fact, according to a recent analysis of the market by StockApps.com, the current offer of EVs in the U.S. will more than double by 2024! That’s two short years away. Americans will be able to choose from 134 different models by then.

While most production has focused on sedans so far, this analysis also shows we can expect to see a shift toward trucks and SUVs. This is no surprise, as these tend to offer automakers higher margins.

Higher production numbers would, of course, also boost the percentage of electric vehicles on U.S. roads. In fact, data from the experts at IHS Markit shows that EVs could make up as much as 45% of all cars on American roads by 2035. It further projects that by 2050, 50% of not just cars, but vehicles in general, on the roads will be electric.

Want more EV Impact Show? Click here.

You May Also Like

How important is regenerative braking for EVs?

Regenerative braking helps to increase the overall efficiency and range of the EV, increasing the range of an EV by up to 20%.

EV-IQ-EV-regenbrakes

You can’t talk about how electric vehicles are revolutionizing the way we think about transportation without talking about regenerative braking. It’s an incredible system that allows EVs to capture and convert some of the kinetic energy generated during braking into electrical energy. This energy can then be stored and used to charge the vehicle's batteries, effectively extending the range of the vehicle. So, how does regenerative braking work?

Is it time to get excited about V2X EV charging?

Using V2X (bi-directional) charging, fleets could sell energy from their own fleet back to the grid when needed.

Impact-Show-V2x-InCharge-Energy
Tomorrow’s EV adoption depends on today’s charging standards

EV chargers in the U.S. have no comprehensive standards for the installation, operation, or maintenance … for now.

Impact-Featured-Image-EP72 Highway
Is Ford’s EV plan working?

One of Ford’s biggest opportunities for growth and value creation lands in EV sales.

Impact-Featured-Image-EP71-Ford
This is the No. 1 challenge facing EV adoption

Despite EV adoption rates growing, there’s still a lot to learn. Are the top consumer concerns warranted?

Impact-Featured-Image-1400x700-Adoption

Other Posts

Volvo Cars report a 24% increase in March EV sales Y/Y

Volvo Cars said its new fully electric SUV, the EX30, contributed to the sales growth, as well as a strong sales performance in the US.

Volvo-EX30-charging-top-1400
Canoo to export LDV 130 and LDV 190 delivery vehicles to Saudi Arabia

Jazeera Paints will be deploying Canoo’s LDV 130 and LDV 190 delivery vehicles within its existing fleet in Saudi Arabia.

CanooCargoVan_Front
EV tire satisfaction gap widens as wear rates increase, J.D. Power finds

The study shows that EV owners have similar expectations for tire wear as owners of gas-powered vehicles do.

Tesla-Cheapest-EV-to-Run-Model-3-1400
Research finds that caffeine boosts platinum electrode performance

This discovery has the potential to reduce platinum requirements, making fuel cells more affordable and efficient, the researchers said.

Caffeine-stock