In one year, sales of electric vehicles have doubled according to the latest report of the International Energy Agency (IEA) published on January 30, 2022. In 2021, electric vehicles accounted for 9% market share worldwide. Figures show Europe and China are driving the market.
China and Europe drive electric vehicle sales
If we look back ten years, the differences are impressive. In 2012, we noted 130,000 electric cars sold over the whole year. In 2022, this figure corresponds to sales in a single weekend. The electric market is progressing. Perhaps even faster than some analysts predicted. Electric vehicles are popular. Despite a 25% drop in the number of new vehicles sold due to component shortages, we have gone from 2.5 million electric vehicles sold in 2019, to 6.6 million in 2021 (from 2.5% market share to 9%).
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Evolution of the electricity market between 2010 and 2021.
Europe and China are the two largest markets for electric vehicles today. Between 2020 and 2021, the Old Continent experienced an increase of 70% of electric vehicle sales, to reach a total of 2.3 million units sold. One in two models is a plug-in hybrid. If we look at the details of each country, growth is not homogeneous within Europe. Some countries have taken a considerable lead over others. This is the case of Norway where electric vehicles represent 72% market share or the Netherlands (45%). Whereas in France, they only represent ” than “ 15%, 8.8% in Italy and 6.5% in Spain.
The global market is totally fragmented
China leads the world in electric vehicles. In 2021, 3.4 million electric vehicles were sold, compared to just 700 million in the United States. Chinese growth is impressive: the market share of electric vehicles has gone from 7.2% in January 2021 to nearly 20% in December of the same year. Other growing markets include South Korea, with 8% market share for electric vehicles in 2021. The report shows how fragmented the market is… China, Europe and the United States accounts for approximately 90% of electric car sales.
In most other markets, electric cars represent less than 2% of overall sales, and in large developing economies such as Brazil, India and Indonesia, this share is still less than 1%, without increasing. significantly over the past year. In contrast, sales of electric scooters and buses are growing in these countries. The case of Japan is surprising. In the land of the rising sun, sales of electric cars are not taking off. Their market share is also less than 1%. Australia is showing good momentum: sales have tripled between 2020 and 2021, bringing their market share to 2%.