WORLDWIDE MARKET ANALYSIS
Electric mobility is developing at a very rapid rate. In 2018, the global fleet of electric cars exceeded 5.1 million, up 2 million from the previous year and almost doubled the number of sales of new electric cars. The People’s Republic of China remains the world’s largest market for electric cars, followed by Europe and the United States. Norway is the world leader in terms of market share for electric cars.
Politics play an essential role. Major electric mobility countries use a variety of measures such as fuel economy standards combined with incentives for zero and low emission vehicles, economic instruments that help close the cost gap between electric and conventional vehicles and support for the deployment of charging infrastructure. Increasingly, political support is being extended to address the strategic importance of the battery technology value chain.
The response of the private sector to public policy signals confirms the rise in power of transport electrification. In particular, recent announcements from automakers are ambitious about plans to electrify the car and bus markets. Battery manufacturing is also undergoing major transitions, including major investments to increase its production. Utilities, charging point operators, charging equipment manufacturers and other energy stakeholders are also driving investment in charging infrastructure.
In 2030, global sales of electric vehicles would reach 23 million and the stock is said to exceed 130 million vehicles. It is interesting to note that tax incentives are present in all regions of the world to sponsor this major transformation for the people.