Electric Vehicle Market Share Increases Worldwide
As we are heading towards the end of the 2023 year, we are seeing a worldwide shift in the automotive industry. Vehicle electrification is here to stay. As the sale of electric vehicle is projected to, grow over 40% year-over-year we are going to see more and more electric vehicles on the road and dealership lots.
Although the automotive industry experienced a momentary dip during the beginning of covid in 2019 it did undergo an immediate expansion just the year after.
The IEA estimates that global EV sales exceeded 3 million units in 2020. That’s over 4% of global vehicle sales and that number is expected to climb.
In fact, the 2020 electric car sales surpassed expectations, by having the largest electric vehicle adoption rate in history. More and more people are leaving the conventional internal combustion vehicles for the more modern and electric alternatives.
Both the new and used vehicle markets are changing at brake neck speeds and because of this massive leap in electric vehicle adoption it’s estimated that there are over 10 million electric vehicles on the road today.
In the past five years, the growth of electric vehicle (EV) sales has been spearheaded by China and Europe, with impressive advancements in their respective markets. During this period, the United States experienced a slight setback due to less favorable results in 2019. However, the US made a remarkable recovery in 2020, exhibiting a significant growth rate that is expected to bolster its position in the global EV market.
Currently, Europe has surpassed China to become the largest market for new plug-in electric vehicles.
In 2020, sales of Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV) in Europe witnessed a remarkable surge of 137%, even amidst a 20% year-over-year decline in the overall car market.
Part of the drive to electrification can be accredited to increasing fuel prices and the multitude of improvements that electric vehicle manufacturers have been making to improve and increase the overall practicality of their electric vehicles.
The growing appeal of EV vehicles in the new cars market can be attributed to advancements such as extended EV range, improved reliability, and faster charging capabilities.
When embarking on the journey to find your new car or truck, the options seem limitless, including the choice of power source. Whether you opt for an EV or a conventional internal combustion engine vehicle, it is essential to carefully weigh the pros and cons of each option.
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