Monday, 25 March 2019 04:51

Electric vehicle sales expected to reach 2m this year

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Electric vehicle sales expected to reach 2m this year Image by Marilyn Murphy from Pixabay

Global sales of electric vehicles are expected to reach about two million in 2019. up from 1.2 million units in 2017, the global industry analysis firm Counterpoint Research says, adding that by 2025, this number is forecast to grow to 10 million.

In a statement, the company said leading vehicle manufacturers like Audi, BMW, Mercedes-Benz and Volkswagen had unveiled EVs at this year's Geneva International Motor Show. There were also electric hypercars and supercars from companies like Volvo, India's Mahindra & Mahindra and the Czech brand Rimac.

While EV sales were increasing globally, Counterpoint said its research showed that China accounted for more than half the volume with more than 600,000 units sold in 2019, more than three times the number sold in the US – 198,000.

Counterpoint consulting director Vinay Piparsania said: “The past year has seen numerous announcements from almost all major automotive OEMs sharing their ambitious global EV product plans. These announcements have been further amplified at the 2019 Geneva International Motor Show.

"Should these plans be realised, it will mean an introduction of around 400 electrified models and an estimated cumulative global sales of more than 38 million EVs during the 2018-2025 period.

"We expect that by 2030, the share of EVs in various global markets will range from 10% to 50% of new vehicle car sales. The actual share of EV sales will, however, depend on levels of congestion, mandated emission regulations, consumer incentives/subsidies and other such external factors.”

Counterpoint listed what it believed to be key trends that would shape the automotive industry:

Shared mobility – Automotive OEMs are awakening to the reality and urgency of having to reimagine themselves as ‘mobility service’ providers, to protect their revenues and diversify their business models.

Connected cars – Innovations in connected car technologies are projected to improve quality and speed of vehicle-to-vehicle and other vehicle-to-everything communications.

Autonomous vehicles – With rapid advancements in technology and artificial intelligence aiming to ultimately replace human drivers, fully autonomous vehicles are expected, in some forms, sooner than many think.

Electrification – With EVs gaining momentum and expected to eventually cost the same as conventional fuel powered equivalents, the reality of their opportunity for car manufacturers and battery suppliers is dawning.

Global automotive consolidations and alliances – With the critical need to stay competitive and relevant, a race for partnership and alliances among automakers and technology enterprises, unimaginable before, is on.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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