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According to the article, electric cars will make up 18 to 19 percent of global auto sales by 2022. After 2022, the number will climb above 50 percent. The article points out that EVs are expensive compared to hybrids and will require more charging stations. Still, the numbers are encouraging. The future of the automobile industry depends on EVs. But the future of EVs is bright.
EVs will account for 18-19% of global auto sales in 2022
In the year 2019, China emerged as a leader with a record-breaking delivery of NEVs, surpassing the total of all regions combined. Volkswagen and BYD remained in the top three, while the latter climbed four places to rank three. Sales of the Model 3 and the Y are expected to outpace their 2020 numbers. However, the number of EVs in the United States decreased by 33 percent in the first quarter of 2020, due to a sluggish start to 2020.
European EV sales soared tenfold between 2017 and 2018, reaching 2.3 million vehicles, with a 19% market share. Moreover, EV sales in December 2021 surpassed 29% of total global sales. This is expected to continue in 2022, with strong growth in China, India, and Europe. The company’s Giga Berlin factory, expected to open in 2020, could be a major boost for EV sales.
The slow growth of the EV market in China in 2019 is partially related to the slowdown in the overall light vehicle market. As a result, the central government axed purchase subsidies for battery-electric vehicles below 200 kilometers, while reducing subsidies for batteries with a range of over 400 kilometers. The move reflects the government’s strategy of reducing incentives and focusing on the development of new-energy vehicles. Instead of monetary incentives, the central government has switched to nonmonetary forms of support for these vehicles. These credits are awarded to OEMs for each NEV produced. Credits are issued based on the vehicle’s maximum speed, energy consumption, and weight.
While the numbers of EVs sold today are promising, the pace of their growth is slow and uncertain. In some regions, EVs still represent a small proportion of the market, but as the world progressively moves toward a cleaner future, EVs will dominate the car industry. Until recently, only a few models had reached the eight-digit mark. In China, however, EVs have been largely under-represented by diesel cars, but that is changing fast.
By the end of the decade, the number of EVs on the road is expected to increase. The first million electric vehicles were sold in China. This number has climbed year after year. In the next few years, sales of EVs are expected to double, accounting for almost four percent of the world market. By 2040, EVs are expected to account for 58% of all passenger vehicle sales worldwide.
They will surpass the 50% threshold in 2022
Recent reports have highlighted the adoption of electric vehicles in the U.S., but the country still lags behind other countries, including China. Recently, Vice President Joe Biden announced that the U.S. would reach 50% electric car sales by 2022, including plug-in hybrids. Ford Motor Company and General Motors have committed to reaching this goal within five years, and several automotive analysts have also predicted that this will happen sooner rather than later.
Recent company announcements suggest that electric cars will reach the 50 percent mark of U.S. sales numbers in 2022. Nonetheless, this rollout will be uneven across markets, with most EVs being sold in the low-end market. Nonetheless, EVs will be a major contributor to the growth of electric mobility in the coming decades. And as the demand for electric vehicles continues to rise, automakers will prioritize investments in this new vehicle segment.
Federal tax incentives will drive the market adoption of EVs. One-time tax credits and grants will help make the cost of an EV affordable in some markets, which will be a critical factor for sales. And EVs are eligible for $7,500 in federal tax credits, which could save potential buyers thousands of dollars. In addition, the new vehicle will be based on a shared platform.
EVs continue to grow in China and Europe. China’s ambitious fuel economy targets will pressure automakers to sell more electric cars in these markets. Meanwhile, as more models are sold, consumer interest will increase. By 2022, China will account for over half of global EV sales. As the government ends the purchase subsidies in China, there will be a transition to organic consumer demand for EVs. Supply chain constraints and charging infrastructure will be major hindrances to further growth of the electric car market.
Europe’s EV market will show significant growth. Countries in the Nordic region will continue to lead the way in EV adoption. Norway will achieve a 56 percent market share and two of its top ten best selling cars will be BEVs. The United Kingdom will report triple-digit growth in 2022, owing to favorable government policies and changing consumer attitudes. The goal of reaching zero emissions is an important step toward reaching a net zero carbon car fleet.
They are more expensive than hybrids
While hybrids are generally more expensive than their electric counterparts, electric cars are still cheaper than gas-powered ones. The cost of gasoline has risen drastically since 2008, and hybrids have been on the rise in recent years. Hybrids can also stretch the driver’s range by up to 20 miles. Hybrids are expected to reach a plateau around 2023, which makes them a good investment for those who are looking to reduce their carbon footprint.
One of the biggest drawbacks of electric vehicles is their limited range. While a typical electric car can travel between 60 and 150 miles, the most expensive models have a range of over 200 miles. This isn’t enough for most drivers, and many still prefer gasoline-powered vehicles. But if you’re willing to pay the extra money, the benefits of an electric car are undeniable. Besides saving on gas, you can also take advantage of tax incentives.
In addition to being cheaper to buy, hybrids are also more affordable to maintain. While hybrids rely on the electric motor to reduce the strain on the combustion engine, they still have all the problems of a standard car. Hybrids will also cost more to repair and maintain than electric cars in the long run, so if you want to purchase an electric car, you might want to wait until the batteries come down.
The biggest disadvantage of buying an electric vehicle is the cost. Although electric cars are more expensive than hybrids, they are more cost-effective in the long run. Electric vehicles, for example, will cost you approximately $500 to $750 per year in electricity when driven for 15,000 miles annually. They will also cost you less to buy and maintain than the average gas-powered car. Moreover, electric cars require less battery capacity and will cost you less in the long run.
Besides, it is easier to use a hybrid car if you need to go from one place to another. You don’t need to stop at gas stations to fill up. Hybrid cars are cheaper than all-electric cars, but still cost more than standard gasoline-operated vehicles. And you don’t have to worry about charging stations or any other hassles with electric cars. This is a good option for a family or first time buyer.
They require more charging stations
After nearly a decade of sales growth, mass-market electric vehicles are finally reaching a turn around point in the U.S. As demand grows and costs go down, sales numbers of EVs are set to start climbing. The first three months of 2022 saw an explosive 60 percent increase in EV registrations, while the overall market fell 18 percent. But great EV sales come with great responsibility: finding enough charging stations to support the growth of EVs in the United States.
EV sales have been steadily growing in China, and they’ll continue to do so as demand increases. AutoPacific predicts that U.S. sales will hit six hundred thousand units in 2022, a 45% increase over the previous year. That’s a lot of cars – and the future of the auto industry depends on how well the market is prepared for them.
EVs are gaining traction worldwide. In January, the number of EV registrations in China was the highest it has ever been. The country’s EV sales are already approaching that level in some areas. In addition, Norway has seen a dramatic jump in EV sales, with 86 percent of all new automobile sales in the country. And while the global numbers are promising, advocates of electric cars know that change takes time.
Despite not releasing its sales figures, Tesla’s recent announcement indicates that the EV market is becoming an increasingly viable option for consumers. In the first quarter of 2022, registrations of electric cars jumped 60 percent, while new car registrations declined 18 percent. This is the latest sign that domestic acceptance of EVs is reaching a turning point in the U.S.
With so many electric cars on the road, it is only natural that the car industry will undergo radical change. Most manufacturers agree that the next decade will see more changes than the previous decade. And the next tipping point is expected to happen in 2025. While electric cars still make up a relatively small percentage of the market, this year could be the year that the market shifts irreversibly.