Just two years ago, the International Energy Agency predicted that electric vehicles wouldn’t reach 10% market share by 2030. However, anyone who bet on this prediction will probably be dissatisfied: electric cars have reached 10% market share for the primary time in history 2022, crossing a big mark whilst latest vehicle sales declined. Despite a decline of just below 6%, research group LMC Automotive said electric vehicles accounted for 19% of automobile sales in China last 12 months and 11% in Europe, on Wall Street Journal.
In addition, researchers revealed that sales of all-electric cars increased by 68% year-on-year, but overall automobile sales fell by 1%. LMC also noted that two-thirds of world electric vehicle sales were in China, where total vehicle sales increased by 1% last 12 months, offsetting an 8% decline within the US.
CBS reported 80% of latest cars sold in Norway are electric cars. Twenty-five percent of latest cars sold in Germany are electric cars, and that number is predicted to extend dramatically over the subsequent 12 months.
Tesla continues to be the world’s leading electric automobile maker, but Chinese competitors resembling SAIC Motor are catching up quickly, with Volkswagen closely following.
Analysts doubt electric cars will repeat their performance in 2023 attributable to difficulties in the availability chain, rising electricity prices and eliminating money rebates in some countries. However, Ralf Brandstätter, head of Volkswagen’s China division, believes that electric vehicles will surpass traditional cars within the near future. Wall Street Journal that in 2022, “every fourth vehicle we sold in China was plug-in, and this 12 months it can be every third automobile.”
“We have not reached the tipping point yet,” he said, “but we expect to get there between 2025 and 2030.”
The industry is more likely to thrive, but some aren’t being sold – like Wyoming legislators who recently introduced a bill that recalled electric vehicles in that state until 2035. A bill to guard the oil and gas industry, He died in committee – this time.