Europe Leads in EV Sales, but for How Long?
The Briefing
- Europe and China were the largest electric vehicle (EV) markets by a wide margin in 2020
- EV adoption in the U.S. is expected to rise as the Biden administration works to increase industry incentives
Europe Leads in EV Sales, but for How Long?
Global sales of electric vehicles (EVs) and plug-in hybrids (PHEV) surpassed 3 million for the first time in 2020, despite the economic headwinds imposed by COVID-19.
This visualization presents a geographical breakdown of these sales, revealing that over 80% were made in either Europe or China.
| Country | EV and Plug-in Hybrid Sales (2020) | Population (2020) |
|---|---|---|
| European Union (EU) | 1,390,000 | 747.6M |
| China | 1,330,000 | 1.4B |
| U.S. | 328,000 | 331.0M |
| South Korea | 52,000 | 51.3M |
| Canada | 47,000 | 37.7M |
| Japan | 31,000 | 126.5M |
| Taiwan | 7,000 | 23.8M |
| Other | 43,000 | - |
The EU was the largest market by a margin of 60,000 cars, but given China’s larger population, it’s likely the two will switch places in the near future.
Government Incentives Play a Key Role
Government incentives have boosted the transition to battery power in recent years. For example, many countries offer a buyer rebate, which effectively reduces the price a consumer pays for an EV or PHEV.
In Germany, buyers can receive a subsidy of $10,800 when purchasing an EV with a list price of less than $48,000. China also offers a rebate program, where buyers of an EV with a travel range of at least 186 miles can receive a subsidy of $2,500.
Consumers should be aware that these incentives are (Read more...)