How far is the market expansion of electric vehicles?

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Have you ever wondered about the progress rate of the electric vehicle market in the last three years? The demand for EVs is spreading across the geographical horizon with a rapid flow. It’s just not about the number of vehicles got sold but also the number of new registration getting registered across the globe.

Global share of the electric vehicle market production — Source:- McKinsey

Maximum number of battery electric vehicle market sold in 2018 — Source:- Center of Automotive Management

Number of electric vehicle market sold — Source:- Center of Automotive Management

The following survey shows that China is becoming the world’s largest market for EVs. The last two years result indicates the strong foothold in electric vehicle scenarios also shows the motivation to fight against the air pollution and also handle the dependency on depleting source with an alternative method.

No. of new registration in Europe — Source:- ACEA

The following analysis shows that Germany is holding a strong position with respect to EVs. The scenario clearly indicates that the customers are more prone to electric vehicles as compare to traditional vehicles.

It shows that the customer is more environmentally friendly and would like to switch to alternative drives rather than depending on depleting sources. Somehow, South America is lacking the initiative to switch to alternative drives or join the race of electric vehicles.

Source:- Statista.