Despite its relative youth, the electric vehicle (“EV”) industry has made a lot of progress, especially in Europe. Several European countries have pledged to phase out internal combustion engine (“ICE”) vehicles in exchange for zero-emission electric vehicles over the next few decades, with Norway leading in terms of EV market share (54%). According to automotive industry analyst Schmidt Automotive Research, 2021 may be a good year for battery electric vehicles (“BEV”), with EV sales in Western Europe, which includes Britain, Germany, Norway, Italy, Spain, and France, projected to surpass more than a million units.
Sales will slow as the world and especially the heavily affected automotive industry recover from the coronavirus pandemic. After that, the EV sector will see its market share rise to 13% in 2025, Schmidt Automotive Research says. EV makers will sell more than a million zero-emission electric cars in 2021, achieving a market share of 8.5% of a total of 12.3 million cars, up from 6.7% in 2020. Sales will drop to 1.18 million units in 2022, then increase to 1.29 million units in 2023 and 1.36 million units in 2024.
By the time the automotive market is at around 14.3 million vehicles, battery electric vehicles will make up 9.5% of the market, the automotive industry analyst said in a report. Since electric vehicles are too expensive for the average consumer, the boom in EV sales relies heavily on government subsidies. Once the subsidies and grants expire, experts fear demand for electric vehicles will see a massive drop. But while these funds are still active, drivers will continue using them to purchase electric vehicles in increasing numbers.
With the European Union’s next carbon emissions hurdle coming in 2025, EV makers will introduce several cheaper models into the market, pushing the market share to 13%, independent automotive analyst Matthias Schmidt says. Additionally, the Schmidt Auto report stated that the demand for plug-in hybrid electric vehicles (“PHEVs”) is almost at par with the demand for BEVs, with the hybrids achieving an 11% market share up from 5.6% in 2020.
Compared to most mainstream forecasters that predict EVs will achieve a 19% market share by 2025, Schmidt Automotive Research’s forecast is quite modest. Data Publisher IHS Markit projects a 19.1% market share for BEVs and an 8.3% market share for PHEVs by 2025. Western European countries will still be responsible for the lion’s share of those sales.
It is interesting that these forecasts are looking at EVs only, yet other forms of clean energy exist and could make their mark on the automotive industry in the coming years. Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF), for example, is investing massively in its vision to make hydrogen fuel cell stations as readily available as their gas counterparts are in North America. This plan could pay off massively since access to refill stations is one of the biggest barriers to the widespread adoption of vehicles running on this clean fuel.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
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