The global EV market: growth in 2015 and 2016; definite upturn from 2020

Several companies and leading research entities have recently published figures on the global sales of electric vehicles in 2015. Although data varies between the highest figure quoted by the DOE of 565,688 plug-in electric vehicles to the 462,000 units sold according to BNEF, there is no doubt that the electric vehicle revolution has started. The drop in battery prices is leading this change and not even the current reduced oil prices are holding back a market that, since 2011, has boasted two- or even three-digit growth figures.

In line with the USA’s Department of Energy (DOE), global plug-in electric vehicle (PEV) sales grew by 80% in 2015 in the world’s top five markets (China, Western Europe, the USA, Japan and Canada). Despite sales of PEVs in the US slightly dropping by around 3%, sales more than tripled in China, overtaking all other countries in the number of EVs sold. Western Europe as a whole enjoyed the second highest volume of EV sales in 2015 with an increase of 80% on 2014. Although Japan and Canada had lower sales in terms of volume, both markets recorded significant increases in EV sales compared to the previous year.

In 2011 global EV sales amounted to 50,000 units. Four years later, global sales have multiplied ten-fold to more than 565,000 units. Specifically the DOE estimates that in 2015 a total of 565,668 pure EVs and plug-in hybrids (PHEVs) changed hands in the world’s top five markets, compared to 315,519 in 2014.Read more…

Article published in: FuturENERGY April 2016