Electric vehicles have taken the world by storm and their popularity only seems to be growing. Recent reports show that the UK has surpassed a 10% market share of EVs in 2020, indicating a shift in consumer behavior towards sustainable and eco-friendly options.
Earth Day 2021: US Electric Vehicle Sales Continue to Grow
As we celebrate Earth Day this year, it is important to acknowledge the growth of electric vehicle sales in the US. According to a report by the Bureau of Transportation Statistics, EVs have seen a significant increase in market share over the years:
In 2020, there were approximately 320,000 electric vehicles sold in the US alone, indicating a steady increase in demand. But America is not alone in the electric vehicle revolution.
Europe Takes the Lead in New Electric Vehicle Sales
Recent data shows that Europe is leading the pack in new electric vehicle sales. As of 2021, certain European countries such as Sweden, Germany, and Norway have significantly higher EV adoption rates compared to other parts of the world.
This trend is also reflected in the global electric vehicle market, which has seen a surge in sales in recent years, with Canalys estimating a 39% increase in 2020 alone:
According to EV volumes, the electric vehicle world sales database, these sales have grown exponentially since 2016:
The statistics are impressive, but what does this mean for the electric vehicle industry, particularly in India?
Electric Vehicle Industry in India: Opportunities for Investors
India is currently on the cusp of an electric vehicle revolution, with increasing government support and a growing demand for electric vehicles. In 2020 alone, India sold 3.2 lakh electric vehicles (EVs) compared to 1.5 lakh EVs sold in 2019.
Despite the significant increase in sales, India's EV market is still in its nascent stage, with a relatively small market share of 0.5%. However, this presents opportunities for foreign investors looking to tap into this growing market.
The Global Electric Vehicle Market in 2021
As we enter the second half of 2021, the global electric vehicle market is showing no signs of slowing down. In fact, recent data from Virta, a leading EV charging platform, shows that the number of EVs around the world increased by an impressive 43% in 2020:
The growth of the electric vehicle market can not only be attributed to a rise in consumer demand but also to significant advances in technology. EVs have become more efficient and cost-effective over the years, making them a more attractive option for consumers.
In conclusion, the electric vehicle market is on an upward trajectory, with record-breaking sales and government support inspiring change around the world. As individuals, we all have a role to play in creating a sustainable future, and by choosing electric vehicles, we take one step closer to achieving that goal.
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