Today, sustainability on Earth is paramount. As humanity transitions from fossil fuels to zero emission, EV is the future.
For decades, automakers have talked a good game about emission-free driving, but when it came time to write checks for plant equipment or engineering resources, gasoline-powered trucks and sport utility vehicles (SUVs) received the cash.
This changed dramatically in 2020.
While much of the manufacturing world will remember the year as a hellscape of COVID-19 shutdowns and lost sales, it will likely go down as the turning point for investments in electric vehicles (EVs).
In 2019, Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicles (PHEV) sales surpassed two million vehicle sales. In 2020, the global electric car stock hit the 10 million mark, a 43% increase over 2019, and representing a 1% market share. Battery electric vehicles (BEVs) accounted for two-thirds of new electric car registrations and two-thirds of the market in 2020. China, with 4.5 million electric cars, has the largest fleet and continues to dominate the EV market, though in 2020 Europe had the largest annual increase to reach 3.2 million. Despite supply chains issues, China still accounts for the largest share of global EV sales and plans to further improve global penetration of the EV market.
BCM forecasts the global electric vehicle market to reach approximately 200 million units by 2030, at a CAGR of 21.7% during the forecast period of 2021 to 2030. We also forecast U.S electric vehicles sales to reach nearly 40 million units by 2025.