McKinsey & Company analysts have released their latest Electric Vehicle Index (EVI). In the 2020 edition, the analysts see the strongest growth in the European market. In the previous year, sales of electric vehicles in the European Union increased by a whopping 44 percent. Around 600,000 vehicles – either fully electric or equipped with hybrid drives – were sold in the EU. That is around 2.8 percent of all new registrations.
Chinese market weakens, USA declines
In international comparison, demand in China only rose by three percent. Nevertheless, the Chinese market remains the largest in the world: around 1.2 million new electric vehicles were registered in the world’s most populous country in 2019 – compared to 2.3 million vehicles worldwide. The US market shrank by twelve percent over the same period and recorded 300,000 new registrations.
Germany is largest market in the EU
Germany is ahead of the rest of the European Union. According to McKinsey & Company, sales contracts for around 110,000 electric vehicles were concluded in Germany in 2019. Top value in the EU and third place worldwide. But: With a market share of 2.8 percent for electric cars, Germany is in the European average – Norway with almost 45 percent market share, Iceland (22%) and the Netherlands (13%) are at the top worldwide.
Germany could become world market leader
The Electric Vehicle Index 2020 published at the beginning of March, in addition to analyzing the current status, also dares to take a look into the future: German car manufacturers could be the big winners. According to the analysts, the share of German manufacturers in worldwide e-car production will increase from 18 to 29 percent in 2024. Germany could become world market leader as early as next year with 1.7 million built electricity vehicles, the EVI authors explain.
Image source: Volkswagen AG