Electric Car Market Trends

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kingzy.shop – Electric Vehicles Michael Woodward, Dr Bryn Walton, Dr Jamie Hamilton, Genevieve Alberts, Saskia Fullerton-Smith, Edward Day, James Ringrow

In 2019, sales of battery electric and hybrid electric vehicles exceeded the two million vehicle mark for the first time. In this Deloitte report, we take a new approach to market segmentation and demonstrate how to seize opportunities and manage risks. .

Electric Car Market Trends

Electric Car Market Trends

Before the COVID-19 pandemic rocked the auto industry, like every other industry, electric vehicles were steadily in the spotlight. In 2019, combined annual sales of battery electric vehicles and hybrid electric vehicles exceeded the two million vehicle mark for the first time. This long-awaited milestone may have been overshadowed by economic uncertainty and changing consumer priorities, but it’s worth assessing the EV market even now.

Electric Car Market Recorded A 29.97% Y O Y Growth Rate In 2021

Since Deloitte released its latest electric vehicle (EV) sales forecast in January 2019, the EV market has made significant strides, and not just in terms of sales. OEMs have invested billions to develop new electrified models, from research and development to factory upgrades. Consumer attitudes have changed. Government intervention has pushed forward and retreated. But then COVID-19 completely disrupted global sales and production. In this context, a revised forecast based on updated data is needed.

By examining the current state of the electric vehicle market around the world and noting the many factors driving growth in different directions (Part 1 of this report), we have come to a conclusion about how the market will shape up over the next decade. The significant growth of electric vehicles by 2030 will create significant opportunities and challenges for traditional original equipment manufacturers (OEMs), new OEMs, finance companies and dealers. In particular, traditional OEMs will find information in this report that will help them change their customer priorities and strategies in an uncertain competitive environment.

Central to seizing opportunities and managing risks is a new approach to market segmentation. We detail one such approach in Part 2 and use it as a case study in one large market, the United Kingdom, to inform and inspire OEMs and other stakeholders around the world. By allowing today’s ideas to develop a path over the next ten years, we can accelerate the obstacles of the pandemic and move closer to a future where electric vehicles take center stage.

*In this report, we use the term electric vehicles (EV) to refer to battery electric vehicles (BEVs) as well as plug-in hybrid electric vehicles (PHEVs).

Electric Vehicle Sales Surge In 2021

The EV market’s cumulative gains over the past two years are encouraging despite the short-term impact of COVID-19, with a pattern of continued growth expected to continue throughout the 2020s. With BEV and PHEV sales surpassing two million vehicles in 2019 (see Figure 1), electric vehicles accounted for 2.5% of all new vehicle sales last year.

Looking back at BEVs in 2019, they accounted for 74 percent of global EV sales: an increase of six percentage points from 2018. This growth was driven in part by new, stricter European emissions standards, which convinced manufacturers to prioritize the production and sale of zero-emission vehicles. – emission vehicles. Another factor is the advanced state of the BEV market in China compared to the rest of the world. Although BEVs are still the dominant electric vehicle technology in the United States and Europe, they have a smaller market share than in China.

There have been significant regional differences in growth since Deloitte’s last report on EV sales. For example, electric vehicle sales in 2019 were up 15 percent compared to 2018, driven by BEV growth in Europe (+93 percent), China (+17 percent) and “other” regions (+22 percent). . In contrast, the U.S. BEV market fell 2 percent (see Figure 1). Then, in the first half of 2020, COVID-19 slowed the growth rate of electric vehicle sales or caused them to decline in different regions. The speed of recovery is expected to vary by region.

Electric Car Market Trends

But overall, the path to growth over the next decade appears clear, despite the potential lingering impact of COVID-19 on overall auto sales over the next three years. To understand how things might play out next, we need to understand what’s been happening in different regional markets over the past year.

Forecast: 2019 Us Ev Sales Growth Will Drop To ~12%

In 2019, the European electric vehicle sector grew much more than other regions. The Nordic countries and the Netherlands continued to lead; Norway achieved 56 percent of the market, and two of the ten best-selling vehicles in Holland were BEVs.

The United Kingdom and several other countries reported triple-digit growth for the year. The catalysts were favorable government policies and changing consumer attitudes, mainly due to rising concerns about climate change.

Climate change has become top of the agenda for many European governments. The United Kingdom has committed to achieving net zero emissions by 2050 and has proposed banning the sale of all polluting cars by 2035.

Germany plans to cut greenhouse gas emissions by 40% by the end of 2020, by 55% by the end of 2030 and by up to 95% by the end of 2050 compared to 1990 levels.

Made In China

Despite growth in 2019, mass adoption of electric vehicles has so far been hampered by the limited number of models available for the European market and consumer perceptions of relatively insufficient charging infrastructure in some regions.

The COVID-19 outbreak and national lockdown measures have impacted overall car sales in Europe as showrooms have closed their doors and manufacturers have suspended production, but electric vehicle sales are holding up well compared to their internal combustion engine (ICE) equivalents. Demand for new passenger cars fell by 38.5 percent in the European Union (EU) in the first four months of 2020, but in April 2020 – the first full month under COVID-19 restrictions – new passenger car registrations in the EU recorded a fall of 76 .3% year-on-year, with some major markets reporting declines of more than 95% year-on-year.

But electric vehicle sales in Western Europe fell just 31 percent in April, with some countries actually reporting modest year-on-year growth – albeit from a low base.

Electric Car Market Trends

China continues to dominate the electric vehicle market, accounting for half of all vehicle sales. Sales in the second half of 2019 were lower than previously expected after some subsidies available to Chinese consumers were halved.

Global Electric Car Sales Set For Further Strong Growth After 40% Rise In 2020

This significantly reduced consumer demand for electric vehicles and overall annual sales fell, with PHEV sales falling 9 percent and BEV sales falling to a 17 percent growth rate from 2018 to 2019.

On the plus side, slowing sales of ICE-powered vehicles in the region means that the EV market share in China has actually grown.

China’s slowdown in the second half of 2019 has impacted global EV sales figures, but neither subsidy cuts nor the impact of COVID-19 should significantly impact EV sales in the long term. Chinese authorities have announced that they will refrain from further subsidy cuts in 2020.

Meanwhile, other incentives (such as license plate privileges in Tier 1 cities) remain, investments are being made in China’s charging infrastructure, and a continued focus on encouraging Chinese manufacturers to produce and sell electric vehicles.

Canalys: China’s Electric Vehicle Sales To Grow By More Than 50% In 2021 After Modest 2020

As a result of the COVID-19 pandemic and quarantine measures in China, passenger car sales declined by 45 percent in the first quarter of 2020.

Electric vehicle sales fell faster than the overall market (down 56 percent) as consumers stayed home and showrooms closed their doors.

But the pace of renewal was rapid. By March 2020, Chinese factories had restarted and reached production levels of 75 percent, with 86 percent of workers returning to work. By April 2020, production had largely resumed to pre-pandemic levels.

Electric Car Market Trends

Although sales remain weak in some Chinese provinces, the recovery is being accelerated by pent-up demand, favorable policies introduced by Chinese authorities and the ability to buy cars online; total sales actually reflected year-over-year growth in April. This raises hopes for China’s “V-shaped” renewal, as many individual EV makers have already benefited from the launch of new models.

The Trend Of The Ev Car Market, The Sales Are Booming Around The World

After an encouraging start to 2019, falling fuel prices in the United States (a market that already has relatively cheap private transportation) led to a disappointing second half of the year for electric vehicle sales. The electric vehicle market in the United States is almost entirely dependent on the success of the Tesla Model 3, which accounts for nearly half of all electric vehicle sales.

As in Europe and China, auto sales in the United States fell sharply in the first three months of 2020 as the pandemic impacted demand; Job losses increased and large numbers of the population were ordered to stay at home. The resumption of electric vehicle sales in the United States is likely to be slower than in other major regions as manufacturers delay new vehicle releases and consumers take advantage of low oil prices.

The world outside of Europe, China and the United States is lagging behind in terms of electric vehicle sales for various reasons: lack of government commitment to electric vehicles, insufficient or

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