By 2030, Europe is anticipated to surpass China as the region with the highest use of electric vehicles globally. According to the Citi State of Global Electric Vehicle Adoption report, Europe is predicted to grow its market share for EVs from its current level of 22% to 67.3%, taking the lead against China’s 66.6%, South Korea’s 60.5%, the United States’ 45.8%, and the Middle East and Africa, predicted at 2.7%.
In October, the parliament and the council in Europe came to an agreement that guarantees all newly purchased cars as well as vans registered in Europe will be fully electric by 2035, which raises concerns about hybrid-tech that has long been relevant in Europe and denotes a complete ban on gasoline-powered vehicles in 15 years.
In the last year, EVs have become more and more popular in the region, taking about 17% of the market and surpassing diesel-powered cars to take second place behind gasoline-powered cars in terms of popularity according to SMMT data in the United Kingdom. This will continue to rise as gasoline and diesel-powered cars and vans won’t be sold in the UK after 2030.
The Citi report shows that 2022 was considered the best year for the adoption of EVs in the United States. In December alone, BEVs claimed 33% of the market, which was the category’s highest ever market share per month, thanks in large part to the delivery of numerous Tesla vehicles as well as the entry of new vehicle sales, which increased over the course of the year to over 5% of all sales of light vehicles.
Even though the automakers implemented price hikes, there was still a rise in the adoption of electric vehicles. Nonetheless, eight states in the United States accounted for two-thirds of the total sales made from electric vehicles. According to the report by Citi, an unexpected increase in demand for electric vehicles could be coming to the United States. Nonetheless, the economic slump may have unexpected effects on the United States’ adoption of electric vehicles.
In California, sales of electric vehicles make up 35% of all U.S. sales, and this could well be impacted by recent technology layoffs. This is especially true given that a younger demographic is supporting demand.
As reported by Citi, new battery tech as well as the capacity to introduce huge quantities of electric vehicles at lower prices will determine the rise in the use of electric vehicles in the future. The efforts being made by companies such as Atlis Motor Vehicles Inc. (NASDAQ: AMV) to make fully electric work trucks will also be beneficial for the electrification of specialized industries, including agriculture.
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