The impressive dynamics of the electric car market were depicted by the Visual Capitalist project. Infographic based on data from the International Energy Agency (IEA)
From 2011 to 2015, global sales of electric vehicles grew at an average annual rate of 89%, with approximately one-third of global sales coming from the United States, followed by China, the Netherlands, Norway and France. But that all changed in 2015, when sales of battery-powered cars in China grew by 238% in just one year, propelling the country to the top of the global electrification rankings.
In the following years, the Chinese electric car market continued to grow rapidly. This was facilitated by generous subsidies for buyers of electric cars, as well as government support for manufacturers of such cars. In 2016, Chinese consumers bought more electric vehicles than the rest of the world combined. In 2021, China accounted for more than half of global sales of such machines.
In 2019, global sales of electric vehicles remained almost unchanged compared to 2018, but growth has resumed since 2020. And in 2021, sales even doubled, again thanks to China, whose residents bought more electric cars than the rest of the world combined in 2020.
Almost three hundred electric vehicle models are currently sold in China, more than in any other country. It is also home to four of the world’s ten largest battery manufacturers. Another interesting fact is that the average price of an electric car in China is only 10% higher than that of cars with internal combustion engines. In other large markets the difference reaches 45-50%.
The US returned to the electrification race last year after a two-year decline. Electric vehicle sales more than doubled in 2021. The growth was supported by a 24% increase in the availability of electric models, as well as production growth at Tesla, which accounts for half of battery-electric vehicle sales in the US.
The largest European market for electric vehicles in 2021 is Germany. In 2021, sales of electrified cars grew by 72%, to almost 700,000 units. The country is home to some of the largest electric vehicle factories in Europe, with Tesla, Volkswagen and Chinese battery giant CATL planning or already operating “gigafactories” there. Overall, sales in Europe grew by 65% in 2021.