The reason we believe that EVs are taking over the world, is the Exponential rise in the sales number of EVs in past few years. Since 2015, EV sales are grooving at 40%+ rate annually, with Asia showing the highest growth rate compared to Europe and America.
Below we will see how the leading world economies fare in the EV Space (in sales number):
China Market: China is selling around 25 million vehicles every year, more than the USA and Canada combined. The rate at which China is growing is mind blowing, with 60,000 EVs sold in 2014 to over a million in 2018. This shows just how fast China is moving to embrace the EV market.
Europe Market: Norway which had only 3% of all vehicle sales being electric has gone to a staggering 56% in 7 years. Though the rate seems higher for Norway, but the market share is much lower as compared to China. Iceland and Sweden have also joined Norway in this transition to EVs. Iceland’s EV market share was recently 23.5% and Sweden’s 11.2%. Even though Norway has almost completed its S-curve, Sweden and Iceland are still in their rapid growth phase. Europe has 10 countries out of Top 15 in terms of Market Electric Vehicle Index.
US Market: The US Market share of EVs has increased from 0.14% in 2011 to 2% in 2018 globally. Few states in the US provide incentives or tax exemptions for BEVs and PHEVs. Tesla being the biggest contributor and manufacturer in USA and around the globe has soared the potential of global domination of US in the EV domain.
India Market: If there is one market that can attain the growth rate and market capacity of the USA and China in the coming 5-10 years, it has to be India. With the government and local bodies taking adequate measures and implementing new schemes and subsidies, their vision is clear and so is the Indian people’s acceptance to the market. There are around 100+ EV manufacturers in India with startups coming up in large numbers in this domain.
Recently the Covid-19 Corona Virus has affected the manufacturing industry, especially EV manufacturing on a large scale, with China & US being worst hit due to this crisis. Although the signs are clear that people will shift to greener and cleaner solutions in future, leaving EVs are a considerable replacement to the polluting gas vehicles.
It will take time for all leading world economies to regain the ground lost but no one can deny the fact that EVs are the FUTURE and are going to take over the world for sure.
Data Source: Google