Even though most of the European countries are more developed. And economically stabler than most of the Asian countries. The scenario doesn’t stop the competition between the countries regarding electric vehicles. And taking it as a challenging effort to enter into the market with economic resources. And a strong foothold.
In comparison between the Asian and the European countries. Cost is something that always is the upper hand for Asian countries. Since the resources are economical, the manufacturing and the production cost will always be the primary. And main resources that need to be optimized for further enhancement of the manufacturing of electric vehicles in different ranges.
Both the continents are well-equipped with skilled engineers. And craftsman for the production. And designing electric vehicles in new segments as well as modifying various other methods. To develop the scenario of the current production of the vehicles in Asian and European countries.
As per the EV-Volumes.com, the sales of plug-in electric vehicle across the world in 2020 is speculated to be 3.1 million units. In the case of registration, PHEV in Europe had a year-on-year growth of 137%.
China 12% whereas Japan saw a decline with -28%. The numbers are somehow showing that Europe is much serious about the latest trend. As compare to any of the Asian countries. The rest of the Asian countries didn’t rank up in the top 3 list only.
As per PwC, the market share for the registered battery electric vehicles in Norway is 48.1%. The Netherlands is 9.1%, and in Germany is 3.6%. Whereas in China 3% and South Korea 1.9%.
The market share for Plug-in hybrid electric vehicles in Norway is 20.4%. The Netherlands is 3.5%, Germany is 4.8% whereas in China it is 1% and South Korea is 0.3%.
As per IEA, the number of plug-in electric vehicles in use in China is 767.9 thousand. Japan 141.68 thousand, UK 159.91 thousand and Germany is 112.35 thousand. The number of battery electric vehicles in use in China is 2581.19 thousand. Japan is 152.32 thousand, Norway is 222.62 thousand, the UK is 99.26 thousand and Germany is 146.46 thousand.
The global market size for electric vehicles in 2027 is expected to be 802.81 billion US dollars. The sales volume of electric vehicles in Europe from Q1 2019 to Q2 2020 is from 130 thousand to 160 thousand.
The total market share for passenger electric vehicles in the European Union in 2020 is 10.5%. Where the registration for battery electric vehicles is 5.3% and plug-in hybrid electric vehicle is 5.2%.
The main European markets for the sales of electric vehicles are: –
The main Asia Pacific region markets for the sales of electric vehicles are: –
The comparison if you see, a greater number of countries are interested in the EV market. Whereas for European markets, the number is lesser however the selling of EVs are more in the maximum European countries.
The largest market share for EV can be the Asia Pacific region. As compared to Europe, the living cost and livelihood are some realistic factors. It may lead the sales figures to be higher in Europe as compared to the APAC region.
In my opinion, the European markets are not yet saturated with electric vehicles. Whereas APAC is rising to make the necessary changes to be in trend. With the latest movement and changes happening in Automotive.
As no one should forget that with change only new opportunities arise. And provides strength and knowledge to the region that was able to sustain. And be up-to-date with the latest happenings in the industries.
Source:- IEA, Statista.