In recent years, electric vehicles have become increasingly popular and the global EV market has shown a significant growth trend. According to a report from EVAdoption, the sales of electric vehicles are increasing on a rapid pace and the trend is expected to continue in the future.
Global EV Sales Back on Track
The global sales of electric vehicles reached a total of 3.24 million in 2020, a 43% increase from the previous year. The trend suggests that the global electric vehicle market is on track to reach the anticipated targets by the end of the decade. Electric vehicles are gaining popularity around the world due to their eco-friendliness, lower cost of ownership, and reduced dependence on oil.
The report states that the increase in electric vehicle sales can be attributed to the introduction of new models by automakers, the decline in battery costs, and the increased awareness of the environmental benefits of electric vehicles. The electric vehicle market is also being driven by government incentives and regulations aimed at reducing greenhouse gas emissions.
US EV Sales Lead the Way
The United States is one of the leading markets for electric vehicles, with the sales of plug-in electric vehicles surpassing 1.8 million units in 2020. The report from EVAdoption predicts that by 2025, electric vehicles will make up 10% of all new vehicle sales in the country, rising to 20% by 2030. Charging infrastructure is also expanding rapidly in the United States, with more than 100,000 public charging stations currently in operation.
The report also indicates that battery electric vehicles (BEVs) are expected to outsell plug-in hybrid electric vehicles (PHEVs) in the United States in the coming years due to the falling cost of batteries and the introduction of more affordable models.
Global Electric Vehicle Sales
China remains the world's largest electric vehicle market, with sales totaling 1.3 million units in 2020. The report suggests that the Chinese market will continue to grow, driven by government support for electric vehicles and the need to reduce air pollution. Europe is also emerging as a major market for electric vehicles, with sales totaling 1.4 million units in 2020.
The global electric vehicle market is dominated by a few major players, including Tesla, Volkswagen, and Renault-Nissan-Mitsubishi. Tesla continues to lead the market, with its Model 3 being the best-selling electric vehicle globally in 2020 with over 365,000 units sold. Volkswagen is also ramping up its electric vehicle production, with plans to produce over 1 million electric vehicles by 2025.
US EV Sales Forecast
According to a report by InsideEVs, electric vehicle sales in the United States are expected to reach 750,000 by the end of 2021, up from 442,873 in 2020. The report predicts that the sales of electric vehicles in the United States will continue to increase in the coming years, with a projected sales figure of 6 million by 2025. The report also suggests that electric vehicles are expected to account for 50% of all new vehicle sales in the United States by 2035.
The rapid growth in the sales of electric vehicles in the United States can be attributed to various factors, including falling battery costs, the introduction of more affordable models, and government incentives. The report also suggests that the COVID-19 pandemic has accelerated the shift towards electric vehicles, as people become more aware of the environmental benefits of electric vehicles and the need to reduce air pollution.
Electric Car (EV) Stocks to Buy
Investing in electric vehicle stocks has become increasingly popular as the electric vehicle market continues to grow. According to a report by BeraNews, the electric vehicle market is expected to grow at a compound annual growth rate of 21.1% between 2020 and 2026. The report suggests that investing in electric vehicle stocks can provide investors with significant returns in the future.
Some of the top electric vehicle stocks to consider include Tesla, NIO, BYD, and General Motors. Tesla remains one of the top electric vehicle stocks due to its dominant position in the market and its innovative technology. NIO, a Chinese electric vehicle manufacturer, is also a popular investment choice due to its strong growth potential. General Motors is also ramping up its electric vehicle production, with plans to invest $27 billion in electric and autonomous vehicles by 2025.
Global EV Sales Estimates
According to a report by Canalys, global electric vehicle sales increased by 39% in 2020, totaling 3.1 million units. The report predicts that the global electric vehicle market will continue to grow in the coming years, driven by falling battery costs and the introduction of more affordable models. The report also indicates that North America is expected to be one of the fastest-growing electric vehicle markets in the world, with sales doubling between 2020 and 2024.
The Electric Vehicle World Sales Database
EV-Volumes, a leading provider of electric vehicle sales data, maintains a comprehensive database of global electric vehicle sales. The database provides up-to-date information on electric vehicle sales by brand, model, and country. The data can be used by analysts, policymakers, and investors to understand the electric vehicle market and make informed decisions.
The database shows that the sales of electric vehicles in Europe reached a total of 1.3 million units in 2020, an increase of 137% from the previous year. The database also indicates that the global sales of electric vehicles are expected to reach a total of 26 million units by 2030.
Global Electric Vehicle Top 20
The global electric vehicle market is highly competitive, with many players vying for market share. According to a report by CleanTechnica, the top 20 electric vehicle manufacturers accounted for 85% of global electric vehicle sales in 2020. Tesla remained the clear market leader, with a 16% market share, followed by Volkswagen (11%) and Renault-Nissan-Mitsubishi (10%).
Other major players in the market include BYD, BMW, and General Motors. The report suggests that the electric vehicle market will continue to be dominated by a few large players in the coming years, with smaller players struggling to compete due to the high costs of developing electric vehicles and the need for a comprehensive charging infrastructure.
In conclusion, the electric vehicle market is expected to continue its rapid growth in the coming years, driven by falling battery costs, the introduction of more affordable models, and government support for electric vehicles. Investing in electric vehicle stocks can provide investors with significant returns in the future, while policymakers can use the data to understand the electric vehicle market and make informed decisions.
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