The introduction of new zero-emission vehicle models will help boost the adoption of these cars in Canada and South Korea, and could potentially attract more vehicle manufacturers looking to expand their global footprint.
The high adoption of EVs in China is already attracting OEMs, according to a Frost & Sullivan analysis. Their report anticipates that more than 2.8 million EVs are likely to be sold globally in 2019, with 68 per cent being battery EVs (BEVs) and 32 per cent plug-in hybrid EVs (PHEVs).
“Sales from Asia-Pacific accounted for 60.3 per cent of the total sales in 2018, followed by Europe with 22.0 per cent. However, the year-on-year growth rates were the highest in Canada (137.4 per cent), South Korea (83.4 per cent), and the U.S. (77.1 per cent),” said Prajyot Sathe, Industry Manager, Mobility.
He said the growth in Canada and South Korea was mainly due to the availability of a higher number of models.
“By 2025, more than 40 million EVs are forecast to be sold globally and are anticipated to account for approximately 28.6 per cent of the total passenger vehicle market,” said Sathe.
At the moment, China is leading in the EV market — now for the fifth consecutive year with more than 58 per cent of the total share. They are followed by Europe and North America. However, Africa, the Middle East, Latin America, and South Asia markets have the potential to rise in the future, according to Frost & Sullivan’s news release.
These countries are anticipated to benefit from strong government support, which will come in the form of incentives and subsidies for OEMs producing EVs, and for car buyers. Other countries such as China, the U.K., and the U.S. will experience a reduction in incentives.
“In the U.S., federal incentives will expire for original equipment manufacturers (OEMs) that have achieved sales of 200,000 EV units,” said Frost & Sullivan. This is already the case, or soon-to-be, for some OEMs there.
