Key Takeaways
1. The global fleet of electric vehicles has reached 56 million, with China holding 56% of this total (31.4 million EVs).
2. The United States is the second-largest market for electric vehicles, with 6.4 million, followed by Germany (2.6 million), the UK (2.1 million), and France (2.1 million).
3. New registrations of electric vehicles are growing rapidly, with an increase from several hundred thousand to 3.7 million in recent years, particularly in China.
4. China’s electric vehicle market is supported by a strong local manufacturing sector, leading to competition for Tesla from companies like BYD, Nio, Xpeng, and Xiaomi.
5. The count of electric vehicles includes fully electric cars, plug-in hybrids, and vehicles with range extenders, as well as those no longer in service.
Electric vehicles are becoming more and more popular, as shown by a recent study. The Centre for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) from Germany found that the global fleet of electric vehicles has reached a total of 56 million, with the majority found in China.
Dominance of China
China leads the world in electric vehicle ownership, with 31.4 million EVs, which represents 56 percent of the global total. The United States follows as the second-largest market, home to Tesla, the leading electric car manufacturer, with 6.4 million EVs. Germany holds the third position with 2.6 million, while the United Kingdom and France each have 2.1 million electric vehicles. Norway, with one million EVs, ranks sixth but has the highest number of electric vehicles per person by a large margin.
Growing Registrations
The study interestingly notes that new registrations of electric vehicles are growing faster than the overall fleet. The gap has increased from several hundred thousand to 3.7 million over the past few years, largely due to developments in China, where older vehicles are being taken off the roads at a quicker rate.
Competition in the Market
In China, the growth of electric vehicle adoption is driven by a robust local manufacturing sector. Tesla is now facing fierce competition from companies like BYD, Nio, Xpeng, and the new player Xiaomi. This competition is expanding globally as more Chinese brands aim to reach international markets and increase their presence.
The count from ZSW included fully electric cars, plug-in hybrids, and vehicles with range extenders. It also took into account the electric vehicles that are no longer in service or have been scrapped.
Source:
Link
Leave a Reply