As the world continues to fight climate change by striving to meet its climate targets, the need to reduce the consumption of fossil fuels grows. Even with the adoption of low-carbon technologies, however, the use of electric cars is crucial in helping to decrease emissions in the transport sector. This helps explain the increase in automobile brand models and investments in this area.
Over the last decade, the market share of electric cars around the globe has grown more than 40 times, reach 8.3%. In 2021, electric car sales reached $6.7 million, which is quite an increase from the sales recorded in 2020. EV-volumes.com data shows that in 2020, electric car sales reached $3.2 million, which is a feat in itself, despite the raging pandemic.
The transformation of the electric car market is greatly reflected in sales, with all of the net growth recorded in the global car market in 2021 stemming from electric cars. Last year also recorded the largest annual growth of the last decade in electric cars.
In 2012, electric cars occupied a market share of 0.2%, which highlights just how significant its increase in market share is. Data from the International Energy Agency also shows that in the year 2012, 130,000 electric cars were sold. This same number was sold in a week last year.
With regard to sales by country, China recorded the highest sales of electric vehicles in 2021, selling 3.4 million units. This is a 155% increase from its 2020 sales, when the East Asian country sold fewer than 2.1 million electric cars.
Over in Europe, 2.3 million electric cars were sold last year. This figure represents a more than 60% increase in sales when compared to 2020 electric car sales in Europe. America came third in EV sales, recording 735,000 electric car sales in 2021.
Other countries that increased electric car sales include South Korea, which sold 114,500 units last year. Japan, India, Australia and Israel sold more than 10,000 electric car units each in 2021.
Tesla sold the highest number of electric cars last year at 936,000 units. This figure was closely followed by VW Group, which sold 763,000 units. BYD, GM and Stellantis sold 598,000, 517,000 and 385,000 electric car units respectively. Currently, the total number of electric cars around the globe has now reached 16 million, inclusive of 2021’s sales.
The total electricity consumption of electric cars globally is expected to reach 30 terawatt-hours in 2021. This figure is equal to a year’s production of electricity in Ireland.
As more people make the switch to electric vehicles, we are likely to see the stocks of startups such as Mullen Automotive Inc. (NASDAQ: MULN) become more attractive to mainstream investors as a result of the greater shareholder value, which those entities will deliver over time.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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