Despite the coronavirus pandemic, 2020 saw significant global growth in the EV market, according to new figures.
The study, undertaken by EV-volumes.com, suggests that the combined sales of pure EVs (BEVs) and plug-in hybrids (PHEVs) was a million more year-on-year – from 2.26m in 2019 to 3.24m in 2020.
Europe in particular has been a success story – even while its economies have been ravaged by coronavirus lockdowns. Some 1.4m BEVs and PHEVs were registered in 2020 across the continent – a 137% annual growth margin. This was against a 20% decline in the overall vehicle market, suggesting during a ‘normal’ economic cycle, the figures would have been even more impressive.
Europe has now overtaken China in terms of EV growth with sales outstripping China for the first time since 2015 – accelerating from a 3.3% to 10.2% share of the market compared to 5.1% to 5.5% in China.
The US and other global market news was less optimistic with EV sales only increasing by 4% and there were declines in Japan, Canada and Australia. But increases in South Korea, Taiwan, India, Israel and elsewhere assisted in global growth, EV-volumes said.
According to the report, global EV sales are expected to grow to 4.6m plug-in sales with higher growth in the two largest economies of China and North America.
