Summary Electric Vehicles (EVs) surpassed 3.1 million sales in 2020, with majority of demand derived from Europe. Europe represents more than 45% of the global electric car sales, followed by China and the US. Europe surpassed China in EV sales in 2020 with 1.4 million EVs sold. The growth was driven by both existing policies and COVID stimulus measures. Globally, EV sales grew 40.9% YOY and accounted for 4% of car sales in 2020. However, large scale commercial production of EVs by the big car makers is unlikely to take off until 2025.
The COVID-19 pandemic outbreak caused a decline in the global auto industry, yet electric car sales did the opposite.The growth was supported by quick recovery in China and strong growth in Europe.
Over the long term, EV market share is also more likely to increase in China and Europe compared to the US.Innovations in battery technology coupled with favorable regulatory policies will drive EV costs down, which in turn will drive increased adoption.
Battery manufacturing is also ramping up, especially in Europe. The region is catching up with Asian rivals in battery manufacturing but requires more efforts to build a complete supply chain.
Power utilities, EV charging point operators, automakers, and EV charging hardware manufacturers, along with other auto industry stakeholders are also supporting increased investment into EV charging infrastructure.Utilities have an important role to play in boosting vehicle electrification.
There is a lot of opportunity for those willing to invest in EV infrastructure and customer engagement.With planned investments and policies, the companies will be able to serve new markets.
Power utilities are collaborating with EV manufacturers for boosting their offerings in areas such as EV charging, vehicle-to-grid (V2G) services, energy storage and renewable energy sources.
Scope - This report focuses on electric vehicles industry. - It identifies winners and losers in areas such as batteries, electric power trains, assembly, and charging stations. - It contains global market size and growth forecasts for electric vehicles, as well as market share figures. - Includes a timeline highlighting key milestones in the story of vehicle electrification. - It identifies the impact of COVID-19 in the global electric vehicle market. - It identifies the impact of electric vehicles on power utilities.
Reasons to Buy - Electric vehicles are having a major disruptive effect on the automobile industry. - This report highlights the key trends in electric vehicles, analyses each of the key segments of the electric vehicle value chain, identifies both the companies best positioned to succeed in this theme and those that are lagging behind, and also identifies the impact of COVID-19 in global electric vehicle industry along with its impact on power utilities.
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