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The global market surge of electric vehicles in the year 2020 and 2021

After more than 10 years rapid growth, by the end of 2021, the global electric car stock is estimated to hit the 20 million mark, a 50% increase over 2020. Battery electric vehicles (BEVs) accounted for two-thirds of new electric car registrations and two-thirds of the stock in 2021. China, with 4.6 million electric cars, has the largest fleet, though in 2021 Europe had the largest annual increase to reach 3.2 million.

Basically, the global market for all types of oil-powered cars was greatly affected by the Covid-19 pandemic. The first part of 2020 saw new car registrations drop about one-third from the preceding year. This was offset by stronger recovery activity in the second-half, resulting in a 16% drop by the end of the year 2020. Notably, with oil-powered and overall new car registrations falling, global electric car sales share rose 70% than before after the pandemic occurred in the beginning of the year 2020.

About 3 million new electric cars were registered in 2020. For the first time, Europe led with 1.4 million new registrations. China followed with 1.2 million registrations and the United States registered 295 000 new electric cars.
The market share of electric vehicles in different regions in the year 2020
Market penetration, however, has taken place mostly in China, North American, and European markets, with Japan, Asia Pacific, and the rest of the world significantly lagging in sales of EV.

About 370 electric car models were available in the world in 2020, a 40% increase from 2019. China has the widest market share, reflecting its  less consolidated automotive sector and that it is the world’s largest EV market.

The growth in electric model ranges from 2020 to 2023 across segments – bus, medium freight truck (MFT), heavy freight truck (HFT) and others – demonstrates manufacturers transformation to electrification. Truck makers such as Daimler, MAN, Renault, Scania and Volvo have expressed their positive anticipation foran all-electric future. The broadening range of available zero-emission HDVs, particularly in the HFT segment, demonstrates the decision to provide fleets the flexibility to meet operational needs.
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