The Global Electric Vehicle Market In 2022 – Virta

The Global Electric Vehicle Market In 2022 – Virta

Electric Cars and Electric Mobility - Statistics & Facts

Electric vehicles gain market share

Environmental framework

The market potential has recently attracted the interest of big technology companies, such as Apple and Sony , which have announced the development of their own electric vehicle models.While the electric vehicle (EV) industry has a long way to go to reach the same sales levels as the business for conventional automobiles, the new sales record would mean that the market share of electric vehicles increased from roughly 4.2 percent in 2020 to about 8.3 percent in 2021. This rapid market growth is propelled by constant innovation in electric vehicle technologies. The transportation industry was responsible for around a quarter of all green patent filings worldwide as of 2020. Tesla, the EV industry leader, filled some 3,304 patents that same year, most of them in the energy generation and storage technology area. This improvement of the industry amounts to an increase in the range of electric vehicle models in recent years. The global availability of public fast electric vehicle chargers also rose by some 43 percent in 2020, as the market starts to become more accessible to consumers.Electric vehicle accessibility is tipped to be one of the main challenges for the industry. While the COVID-19 pandemic has led to an increase in consumer interest for the EV market , recent studies in the United States found that around four-fifths of the country’s states were not considered accessible markets for consumers interested in purchasing an EV. The United States had the second largest network of publicly available EV chargers worldwide, dwarfed only by China.Government agencies, including the Environmental Protection Agency (EPA) in the United States, are increasingly beginning to introduce limits on nitrogen oxide and carbon dioxide emissions . Automakers are expected to be penalized if they fail to meet these limits. Despite the new regulations, standards, and goals in effect, opponents are right to criticize that the sources of electricity employed to power electric cars, as well as how materials (including cobalt, nickel, and lithium) used in car batteries are generally not taken into consideration when it comes to calculating a vehicle’s carbon footprint. On the consumer level, the regular power grid was the leading power source drivers reported intending to use to charge their EVs, in part due to its accessibility when compared to alternative power sources.Automakers around the world will have to focus on clean fuel sources and sustainable supply chains. In 2015, Volkswagen experienced how disrespecting emerging environmental regulations may hurt brand image. The company started delivering its electric ID.3 model in 2020 and has since consistently ranked among the best-selling EV brands . By 2021, the Volkswagen Group was the fourth leading EV automaker worldwide.

Merge ahead: Electric vehicles and the impact on the automotive supply chain

Europe and China will lead the way on EV adoption. England and France both intend to ban the sale of fossil fuel-powered vehicles by 2040, and Germany is offering sizable financial incentives to prod consumers to purchase EVs. For its part, China, the world’s largest automobile market, will begin requiring at least 10 percent of new car sales be fully electric or plug-in hybrid starting in 2019. To help encourage adoption, the Chinese government offers generous subsidies that averaged $15,000 per vehicle in 2016. Notwithstanding these incentives, our view is the main drivers of sustainable EV adoption will be economic rather than regulatory, and only when parity in total cost of ownership is achieved will EVs begin to make up a significant share of new vehicle sales. Because we expect this to occur later in the U.S. than Europe and China, we also forecast that adoption there will lag behind somewhat as well. But due to the global nature of the automotive supply chain, OEMs and their suppliers should prepare for the shift toward EVs and away from ICE vehicles regardless of where they are based.

Even though the road to mainstream EV adoption may be lengthy, long vehicle development cycles and lead times mean that important decisions and investments are already being made. Auto companies continue to invest heavily in the technologies that will power the vehicles of tomorrow, even though they are unlikely to see returns on those investments anytime soon. They have have spent $90 billion in EV-focused research and development, and additional spending is a certainty, according to an analysis by Reuters. These investments will drive sourcing decisions in the years ahead.

The Global Electric Vehicle Market In 2022 – Virta

The global electric vehicle market share has taken a tremendous leap forward in the past decade, and we expect the trend to accelerate exponentially. Even though we’ve already seen some incredible growth in the number of EVs worldwide, electric car industry predictions would suggest that we’ve only just scratched the surface.

Let’s start by looking at some historical data about the development of the global EV market.

1. Historical data of the global EV market

To understand the current situation of the EV sector, let’s look at what happened in the past couple of years.

The year 2020 did not show a big growth in overall new car registrations. The global market for all types of cars was negatively affected by the COVID-19 pandemic and the economic downturn that followed. Amid the pandemic, the outlook for global EV sales was quite unpredictable in the beginning of the year.

However, as time showed, 2020 turned out to be a surprisingly positive year, with global EV sales growing by 43% from 2019 and the global electric car industry market share rising to a record 4,6% in 2020.

2021 followed, breaking records. Sales of electric vehicles doubled from 2021 to 6.75 million. The amount of EVs sold in a week in 2021 was higher than how many were sold in a whole year of 2012.

EVs are to play a central role in the ambitious objective of zero emission targets set for 2050, and the industry is clearly gearing up for it.

Source: EV volumes

Of course, while we’re heading in the right direction, the road to full electrification is still long — but it’s becoming a reality.

2. Global electric car market share and size

The year 2021 was already a major leap forward in terms of electric vehicle sales.

Sources: EV Volumes & Global EV Outlook 2022

2022 is a whole new story. The market is growing. It’s growing fast. And it’s growing everywhere.

Carried by a decarbonisation challenge most leading nations now take seriously, global EV sales keep accelerating in 2022. Looking at the first five months of the year, more than 3.2 million new plug-in cars were registered worldwide.

The increase in electric car registrations in Europe, where numbers are accelerating a lot faster than elsewhere since 2019, can be attributed to stimulus measures introduced by many European governments. Major markets have also introduced tax benefits and subsidies, which contributed to the sales growth.

Source: EV volumes

Out of Europe's overall car sales, electric vehicles accounted for 17% in 2021. The largest European markets remain to be Germany, Norway, Iceland and Sweden, according to the 2022 Global EV Outlook by IEA.

3. The state of other electric vehicles

While passenger cars typically get all the credit for the EV revolution, it’s good to also consider other forms of transportation that are gradually becoming greener.

From public transportation to e-scooters: The entire transport industry is turning electric

An interesting EV trend that appeared already in 2020 and continues to gain on importance relates to public transportation and the sharing economy.


Electric buses have been growing in popularity since 2020. The global stock of electric buses in 2021 was 670 000. One of the emerging global leaders in electric bus fleets is India, aiming to introduce 5 500 electric buses according to this tender.

In the European Union countries, the Clean Vehicles Directive also provides a public procurement of electric buses. France, Germany, Spain or the UK are only a few of the countries witnessing an increase in electric bus sales.

Heavy-duty trucks

When it comes to heavy-duty trucks (HDT), manufacturers are showing their commitment to electrification of mobility. Many truck manufacturers strive for an all-electric future. HDT sales have been rapidly rising over the past five years in the United States and Europe.

In 2021 however, almost 90% of electric trucks were registered in China. Turning the existing fleet of HDT electric matters because even though they only account for 10 % of ICE vehicles, they are responsible for 70 % of ICE CO2 emissions.

Two and three wheelers

The biggest concentration of privately owned electric two/three wheelers is in Asia, specifically in China, accounting for 9.5 million registrations out of the total of 10 million in 2021. Vietnam and India follow as strong markets for electric two/three wheelers. The market is also growing in Europe, where it reached 5% market share in 2021.

4. The state of EV charging in europe

The most charging still happens at home or at work, but the more electric vehicles roaming the roads, the more public charging points will be needed in the future.

In 2021, we counted almost 376 000 publicly available EV chargers in Europe. By 2025, it's estimated for 1.3 million charging stations to be publicly accessible and the number should grow to 2.9 million by 2030.

Fast(er) chargers make longer journeys a lot nicer and might be a reason for those without private charging access to buy an electric vehicle. They are the most efficient way to fight range anxiety (or how far can one go with an EV before having to stop and recharge).

In Europe, slow chargers are being replaced by rapid, fast, and ultra fast chargers. In 2021, the number of fast chargers was up by more than 30% and reached almost 50 000 units.

In Europe, only the Netherlands, Germany, France and the UK still count an important part of slow chargers. The other European countries are making their way into the world of EVs by installing fast(er) chargers.

Another trend that’s steadily increasing in the EV space is the smart charging of electric vehicles, the use of cloud-connected charging devices. For business owners and consumers alike, smart EV charging allows — among other things— greater convenience and control over electricity consumption.

Lastly, we can't mention EV charging trends without acknowledging vehicle-to-grid (V2G). V2G technology makes it possible to transfer the electricity stored in electric vehicle batteries back to the grid, the same way stationary storages are connected to the grid. V2G services are already commercially available and several charger manufacturers are able to supply V2G chargers.

The V2G market is projected to grow to over $ 5 billion by 2024. The European standard for V2G charging, ISO 15118-20, developed back in 2020, defines the requirements for bidirectional charging. Virta has been recognised as one of the global leaders in V2G technology.

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