Electric Vehicle Sales Are About To Pass a Remarkable Milestone
Global electric vehicles sales are poised to reach a 20 million milestone in 2022. Why is this so impressive?
If you’re still an
electric car
skeptic, some recent estimates on sales
by the end of 2022 just might convert you to a believer. By June 2022, economists estimate that there will be 20 million plug-in electric vehicles on the road globally—the majority of which were sold in just the last 18 months. That’s a huge increase from 2016, when there were just one million. According to
Bloomberg
, in the second half of 2022 there will be one EV added to the global fleet about every three seconds, totally an approximate 26 million by the end of 2022. There are also 5.3 million plug-in hybrids, but experts expect a shift away from hybrid technology as fully electric cars become more popular and accessible. Electric vehicle adoption is happening quicker than you think
While you might not see many electric cars on the road yet in your neighborhood, the exponential growth of the global industry is arguably the most radical shift in the automotive market in some time.
Bloomberg previously estimated that there would be 71 million plug-in vehicles on the road by 2035, but it looks like we might be reaching that goal a full 10 years earlier than anticipated.
China leads electric vehicle sales
Accounting for 46% of total EV sales to date, China leads the way by a large margin. Following in second is Europe, making up for 34% of global EV sales, with North America in third at 15%.
Not everyone is adopting EVs at the same pace, however. Surprisingly in Japan, the world’s second-largest automotive market after China, Japanese automakers have been much slower to adopt electric car technology.
Emerging markets that could become future power-players in the electric car segment include India, Brazil, Mexico, and Southwest Asia.
A changing automotive marketplace
While consumer demand has driven much of the popularity of electric cars, increasingly strict emissions standards have also made a large contribution to sales. In Europe, for example, falling in line with stringent emissions targets for the future mean that for many, buying a hybrid or electric car is the best plan.
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