The world is making huge strides toward finding more viable and environmentally friendly alternatives to power-guzzling and gas-emitting vehicles. Though electric vehicles have always been viewed as the most practical option, it wasn't until the last fiscal year that they made a significant gain in the motor vehicle space that the world took notice.

Sharp Increase Despite the Pandemic

In 2020, 10 million electric cars hit the road globally, a whopping 43% increase from 2019. Even though conventional and overall new car registrations fell considerably on account of COVID-induced restrictions, the global electric car sales share increased to 70% in 2020. Among regions, Europe led with 1.4 million new registrations of electric cars, followed by China with 1.2 million and the US with 2,95,000.

In European countries, battery electric vehicles (BEVs) accounted for 54% of all EV registrations in 2020, double the previous year's figure. Germany registered a maximum of 3,95,000 new electric cars, followed by France with 1,85,000 and the UK with 1,76,000. While Norway witnessed electric cars’ sale share jump to 75%, Iceland saw a 50% increase, Sweden 30%, and the Netherlands 25%. In Canada, the new car market shrunk 21 %, while new electric car registrations remained unchanged from the previous year at 51,000. In other countries, despite negative headwinds, electric car markets showed resilience in 2020. 

Determined Efforts from Governments

As governments across the world doled out $14 billion as direct purchase incentives and tax deductions for electric cars in 2020, consumers spent a whopping $120 billion on EV purchases, a 50% increase from 2019. This year promises to be even better as an increasing number of automakers are electrifying their lineups and ramping up the production of gasless vehicles. Online car shopping site Edmunds says 30 EVs from 21 brands will be in the market in 2021, up from 17 models last year.

Jaguar Land Rover, a British company owned by Tata Motors, has become the latest manufacturer to commit to an electric future. Jaguar will become an “all-electric luxury brand” by 2025. The company has set another ambitious goal: zero net carbon emissions in its supply chain, products, and operations by 2039. Meanwhile, Ford Motor’s entire passenger vehicle lineup in Europe will run solely on batteries by 2030 while Bentley Motors’s first electric vehicle will debut in 2025. General Motors has also vowed that 40% of US models will be battery electric vehicles by the end of 2025.

With electric vehicles at the heart of governments' and automakers' future growth strategies, an emission-free future is becoming a reality.

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