6 March 2020
EVs thrive in dipping automobile market
The latest figures on automobile markets show a slide in sales with the sales amounting to 78 million vehicles worldwide, a reduction of 8% from 2017. However, the news is not all bad as electric vehicles had a strong showing in certain markets. With a combined 2.1 million plug-in hybrid and electric vehicles being sold last year, the market increased 1.9% over 2018 and analysts at Bloomberg expect the rise to continue, amounting to 2.4 million vehicles sold in 2020. The Asia Pacific markets continue to lead the world in EV sales, a trend that has yet to be broken since its rise in 2015. Bloomberg’s analysts also expect China to continue its dominance with a 50% increase in 2020. European markets, however, are expected to benefit from strict efficiency regulations that punish automakers not reaching certain targets. As a result of these fleet-wide regulations, the continent’s automakers would need to sell some 608,000 pure electric vehicles or 906,000 plug-in hybrids to meet the requirements, assuming that sales stay steady at 15 million.