Global demand for electric vehicles (“EVs”) is on the rise. Despite car makers dealing with chip shortages and supply chain disruptions, 2021 sales rose by 109% in comparison to the previous year. In a report released last week by marketing firm Canalys, about 6.5 million battery electric and hybrid vehicles were sold, with Tesla (NASDAQ: TSLA) accounting for 14% of the market share.
According to the report, the global car market expanded by 4% last year with EV sales accounting for 9% of total passenger car sales. Most electric cars, about 85%, were sold in Europe and mainland China.
Mainland China provided a huge growth opportunity for electric vehicles by having new releases every month. In total, more than 3.2 million electric vehicles were delivered. According to Jason Low, the lead principal analyst at Canalys, the monthly launches were dedicated to reaching important market segments, which resulted in 15% being the share of EVs out of all the cars sold in the country.
A similar occurrence was recorded in Europe where demand for electric vehicles grew, and traditional car makers used this opportunity to electrify their product range. As a result, 2.3 million vehicles were delivered, representing 19% of total car sales last year.
EV sales in the United States continue to run behind those of Europe and mainland China. A total of 535,000 units were sold, which represented 4% of the country’s total car sales. One way the U.S. is looking to increase the country’s share in the global market is through the sale of electric pickup trucks. According to Chris Jones, the chief analyst at Canalys, more carmakers have a strong interest in their product line-ups to deliver pickup trucks.
Last year, for example, Ford released its all-new electric Ford F-150 Lightning. However, the company still could not beat Tesla, which is the best selling EV company, dominating with 60% of the country’s market share.
Tesla’s reign continues in Europe where the Model 3 was the best-selling car. Globally, Tesla also leads in EV sales accounting for 14% of the total market share. In mainland China, the Model Y overtook the sales figure of the Model 3 during the year but couldn’t outperform the country’s best seller Wuling Hongguang Mini.
Meanwhile, Volkswagen Group came in second place on the bestsellers list with a market share of 12%, and SAIC with a 11% market share came in third. BYD had a 9% market share and Stellantis had a 6% market share, coming in fourth and fifth respectively.
As the chip shortages eventually abate, we are likely to see other EV companies, including Rivian Automotive Inc. (NASDAQ: RIVN), making inroads into the electric vehicle market in the major regions of the world.
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