Impressive dynamics of the electric car market portrayed visual capitalist project. Infographic based on data from the International Energy Agency (IEA).
From 2011 to 2015, global EV sales grew by an average of 89% per year, with approximately one-third of global sales coming from the US, followed by China, the Netherlands, Norway and France. But that all changed in 2015, when sales of battery-powered vehicles in China grew by 238% in just one year, bringing the country to the top of the global electrification rankings.
In the following years, the Chinese electric car market continued to grow rapidly. This was facilitated by generous subsidies to buyers of electric cars, as well as state support for manufacturers of such cars. In 2016, Chinese consumers bought more electric vehicles than the rest of the world combined. In 2021, China accounted for more than half of global sales of such machines.
In 2019, global sales of electric vehicles remained almost unchanged compared to 2018, but growth has resumed since 2020. And sales doubled in 2021, thanks again to China, whose residents bought more electric cars than the rest of the world combined in 2020.
Nearly 300 models of electric vehicles are now sold in China, more than in any other country. It is also home to four of the world's ten largest battery manufacturers. Another interesting fact is that the average price of an electric car in China is only 10% higher than that of cars with internal combustion engines. In other large markets, the difference reaches 45-50%.
The US, after a two-year slump, returned to the electrification race last year. Electric vehicle sales have more than doubled in 2021. Growth was supported by a 24% increase in the availability of electric models, as well as an increase in Tesla production, which accounts for half of battery car sales in the US.
The largest European market for electric vehicles in 2021 is Germany. In 2021, sales of electrified cars are up 72% to almost 700,000 units. The country is home to some of the largest electric vehicle factories in Europe, and Tesla, Volkswagen and Chinese battery giant CATL are planning or already operating gigafactories there. Overall, sales in Europe are up 65% in 2021.
