Electric Cars Market: From Zero to 2 Million in Fifteen Years - BizVibe

The global electric cars market has enjoyed significant growth over the last few years, as both production and sales of electric cars around the globe keep soaring at a staggering speed. The latest breakthrough in the global electric cars market has been the total number of electric cars on the road has hit the 2 million threshold Worldwide, marking an impressive leap from virtually zero electric cars on the road fifteen years ago. Tesla is expected to disrupt the electric cars market even further, after announcing the production of the Tesla model 3 – the company’s first mass-market electric vehicle.

 

Electric car sales worldwide

 

According to a recent report from International Energy Agency, newly registered electric cars around the world hit a new record in 2016, with over 750,000 electric cars sold worldwide, meaning that the total global electric car stock excessed 2 million units in 2016, registering a market growth of 60% year-on-year. More impressively, this latest milestone just came about one year after the global electric car stock reached the 1 million mark in late 2015.

 

The report, titled Global EV Outlook 2017, also indicates that China is currently the largest electric vehicles market in the world when it comes to sales and stocks. In 2016, over 350,000 electric vehicles were sold in China, accounting for more than 40% of the electric cars sold worldwide and more than double the amount sold in the United States. By the end of 2016, China had a total 630,000 electric cars on its roads. Expect electric vehicle sales statistics to keep looking this promising.

 

Electric cars market share by country

 

When it comes to electric vehicle market growth in terms of market share, 29% makes Norway the country with the highest electric car market share, followed by the Netherlands and Sweden in second and third places, with 6.4% and 3.4% electric car market shares respectively. China, France and the United Kingdom all have electric car market shares close to the 1.5% range.

 

To further push the sales of electric cars in the world, a multi-government program named the Electric Vehicle Initiative has been introduced recently, with the aim of driving market share of electric vehicles to 30% worldwide by 2030. So far, 10 countries joined this initiative, including China, Germany, the US, UK, France and others. India, although not currently part of this initiative, has already set a rather ambitious goal to sell only electric vehicles in the country by 2030.

 

Future electric cars expected to disrupt the market

 

Meanwhile, many of the World’s largest automotive manufacturers are also well-prepared to make the most of the booming electric cars market. Tesla just started the production of its first mass-market electric car Model 3 this week. Volkswagen, currently the world’s largest car maker, announced it will introduce four new electric car models this year and forecasts sales of 2 million electric cars by 2025. German auto giant Mercedes-Benz also plans to introduce around 10 new electric car models over the next three years.

This is a big time for disruptive technology in the electric cars market. With all these new electric car models, which automotive manufacturer do you think will dominate the industry in the future?

 

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