Europe is the largest electric vehicle market after China with more than 3% market share. During the first quarter of the year 2020, the e-cars market in Europe doubled compared to the first quarter of 2019. Germany became the frontrunner surpassing Norway in the year 2020 with increasing electric car sales. EV popularity still remains untouched in Norway with 60 percent of newly registered vehicles being electric.
The USA is the third-largest e-cars market with a slight drop in 2019. However, the recent decline hardly hindered the overall global exponential growth of electric cars. 50% of the total e-cars sales in the USA account for the best selling all-electric Tesla Model 3. It is inferred that a slight decline is primarily due to consumers waiting for new models, restricted supply, lack of comparable models, and lack of consumer knowledge.
Electric Cars Market in Europe source
Along with battery-powered electric vehicles, plug-in hybrid vehicles are also gaining popularity. In the first quarter of 2020, the EU reported a 126% increase in hybrid car sales.The hybrid electric car sales in the USA constituted 36% of total global sales of hybrid cars worldwide through April 2016. The main impetus behind soaring sales could be the government incentives such as hefty tax rebates and non-monetary benefits like free parking, access to carpool lanes, etc.
Electric cars market by country/Region source
Tesla (USA), BYD (China), BMW (Germany), Volkswagen (Germany), and Nissan (Japan) are some of the leading electric car manufacturers increasingly investing in fully electric cars. They offer a range of luxurious electric cars loaded with high-tech features such as autopilot, Smartphone connectivity with a multimedia interface, etc.
EV Duniya Editorial: This article is written by Sayali Deshpande
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