How Has The EV Market Increased, from 2019 to 2020?

The electric vehicle (EV) market has continued to see growth throughout the years 2019 and 2020. In 2019 alone there was a 40% global increase in EVs compared to the previous year. EV sales in 2020 have been slower due to a decline in the light vehicle market. We may also attribute this decline to the COVID pandemic and a slow economic recovery. However, global EV penetration has increased to 2.8%, up from 2.5% in 2019. Europe in particular saw a heavy increase in sales by 44%, creating a 25% market increase in the region. What follows is a further break down of how the market for EVs has increased between 2019 and 2020.

EV Market Growth in Europe

Europe saw the most growth in EV sales between 2019 and 2020. This was in part due to the EU’s new emission standards and the stipulation that 100% of the fleet must meet this standard by the end of 2021. BEVs such as the Tesla Model 3 and Hyundai Kona in particular saw a 70% growth throughout this period.

In the UK alone, according to the SMMT, the market share for BEVs jumped from 3.3% in 2019 to 16.5% in December 2020. HEVs and PHEVs also saw their market share double from 3.7% to 6.0% and 3.0% to 6.9% respectively in the same period, while MHEVs also saw a similar increase. Meanwhile, the market share for petrol and diesel vehicles fell from 62.4% to 44.1% and 22.3% to 11.9% respectively. Overall a combination of increased demand and government incentives has seen market penetration reach increase by 7.5% throughout Europe.

Other Factors Influencing the EV Market

One of the factors leading to the increase in EV sales is the range of new vehicles being introduced. According to McKinsey & Company, there were 143 EVs introduced in 2019. By 2022 manufacturers plan to increase this number to 450 models on the market to meet increased demand. The market has also been influenced by new emissions regulations being introduced around the world. This is influencing manufacturers to make the switch to developing more EVs models for the market.

Another important factor in the increase in EV sales is the localisation of regional supply chains. Where once EVs were costly due to imported components and overseas production, more manufacturers are creating local distribution centres to create batteries, vehicle parts and more. This includes an increase in the availability of EV chargers, of which there were 7.3 million worldwide in 2019. All these factors are helping drive the uptake of EV sales around the globe.

The Future of the EV Market

With the increase in market penetration of EVs, especially from 2019 onwards, it is highly likely we will see EVs begin overtaking traditional fuel vehicles over the next decade. With this increase comes the need for more professionals who know how to service and repair EVs for this growing market. At EINTAC we offer a range of professional training courses that will help you understand the ins and outs of EV maintenance. To find out more about our electric vehicle course options contact us online or via phone for more information.