The analysts at McKinsey & amp; Company have published their current Electric Vehicle Index (EVI). In the 2020 edition, the analysts attest the European market the strongest growth. In the previous year, sales of e-vehicles in the European Union rose by a whopping 44 percent. Around 600,000 vehicles – either fully electric or equipped with hybrid drive – were sold in the EU. That is around 2.8 percent of all new registrations.
The Chinese market is slacking, the USA shows a decline
In an international comparison, demand in China only increased 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 – worldwide there were 2.3 million vehicles. The US market shrank by twelve percent in the same period and recorded 300,000 new registrations.
Germany’s largest market in the EU
In the European union of states, Germany is one step ahead. According to McKinsey & amp; Company, sales contracts for around 110,000 e-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 e-cars, Germany is in the European average – here Norway with almost 45 percent market share, Iceland (22%) and the Netherlands (13%) lead the world.
Germany could become world market leader
The Electric Vehicle Index 2020 published at the beginning of March dares to analyze the current situation also take a look into the future: German carmakers could be the big winners here. According to the analysts, the share of German manufacturers in global e-car production will increase from currently 18 to 29 percent in 2024. With 1.7 million electric vehicles built, Germany could become world market leader as early as next year, explain the authors of the EVI.
Image source: Volkswagen AG