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Global Electric Vehicle Car Sales to Reach 2 Million Units in 2019

Electric vehicle car sales demonstrating growth in most regions of the world.

Over 10 million electric vehicles expected to be sold annually by 2025.

March 23, 2019

With electric vehicles cars (EVs) evolving to more advanced, reliable and affordable options in the automotive market, global sales are expected to grow to around 2 million units in 2019, up from 1.2 million units in 2017, the latest research from Counterpoint’s Smart Mobility Services shows. Further, with the adoption of EVs on a path of sustained growth in most regions of the world, we believe, over 10 million EVs will be sold annually by 2025.

Commenting on the findings, Vinay Piparsania, Consulting Director at Counterpoint Research said, “The past year has seen numerous announcements from almost all major automotive OEMs sharing their ambitious global EV product plans. These announcements have been further amplified at the 2019 Geneva International Motor Show. Should these plans be realized, it will mean an introduction of around 400 electrified models and an estimated cumulative global sales of more than 38 million EVs during the 2018-2025 period. We expect that by 2030, the share of EVs in various global markets will range from 10% to 50% of new vehicle car sales. The actual share of EV sales will, however, depend on levels of congestion, mandated emission regulations, consumer incentives/subsidies and other such external factors.”

At this year’s Geneva International Motor Show, leading automakers Audi, BMW, Mercedes-Benz, and Volkswagen, unveiled several pure EVs. Interestingly, there were also several electric hypercars and supercars, including those from Volvo’s performance sub-brand Polestar, Mahindra & Mahindra’s subsidiary Automobili Pininfarina, and Czech-brand Rimac.

Our research shows that while EV sales are increasing across the world, China remains the largest market accounting for more than half of the global volume, with more than 600,000 EVs sold in 2017, more than three times the volumes of the United States which were at 198,000 in 2017.

Exhibit1: Global Electric Vehicle Sales (‘000 Units)

The findings are part of Counterpoint’s recently published report entitled, “The Automotive Transformation is Speeding Up”. In the report, Counterpoint Research explores how technological disruptions and evolving consumer requirements are reshaping the automotive landscape.

Vinay added, “The global automotive industry stands on the cusp of unprecedented change. Unstoppable megatrends that reflect a confluence of factors – economic, demographic and technological – are set to reshape the industry over the next decade. New markets will rise, and new technologies will emerge to meet the challenges ahead, driven by new imperatives – such as tighter regulatory standards due to climate change concerns and new personal connectivity innovations – as well as the familiar ones that have driven the steady growth of car markets and the automotive industry over the past century.”

We believe that key trends that will reshape the global automotive industry include:

  • Shared mobility – With Auto OEMs awakening to the reality and urgency of having to reimagine themselves as ‘mobility service’ providers, to protect their revenues and diversify their business models.
  • Connected carsWith innovations in connected car technologies projected to dramatically improve the quality, speed of vehicle-to-vehicle (V2V) and other vehicle-to-everything (V2X) communications.
  • Autonomous Vehicles – With rapid advancements in technology and artificial intelligence aiming to ultimately replace human drivers, fully autonomous vehicles are expected, in some forms, sooner than many think.
  • Electrification – With EVs gaining momentum and expected to eventually cost the same as conventional fuel powered equivalents, the reality of their opportunity for car manufacturers and battery suppliers is dawning.
  • Global Automotive Consolidations and Alliances – With the critical need to stay competitive and relevant, a race for partnerships and alliances among automakers and technology enterprises, unimaginable before, is on.

The comprehensive and in-depth report “The Automotive Transformation is Speeding Up” is available for subscribing clients. Please feel free to contact us at press(at)counterpointresearch.com for further questions regarding our in-depth latest research, insights or press enquiries.

Analyst Contacts:

Vinay Piparsania

+91 9971005882

vinay@counterpointresearch.com

 

Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.

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