In 2020 we saw booming European EV market, returning to growth and new record Chinese EV market, and not so much action in the U.S. However, things are improving in the U.S. as well.
According to data provided by IHS Markit, in 2020, all-electric vehicle registrations share in the U.S. (plug-in hybrids were excluded from the report), reached a record market share of 1.8%!
In December 2020 in particular, the monthly share of BEV registrations was at record high 2.5% (2.8% of retail registrations)!
It means that all-electric cars are clearly on a rise and it's just the beginning, as this year and this decade, we will see a tsunami of new BEV models on the market.
"While overall registration volumes were down across the industry for the year due to COVID-19 impacts, the fact that EVs experienced such increased share indicates rising consumer acceptance of EVs. In fact, from a retail perspective, EVs accounted for 2.8% of new vehicle registrations in December, according to the analysis, more than tripling EV retail share three years ago. This rising EV acceptance coincides with recent OEM announcements of substantial investments in electrification."
According to IHS Markit's forecast, in 2021 we should expect that all-electric car sales will surpass 3.5% nationally.
In the longer perspective, we should see more than 10% in 2025. Of course, this is an average, as in some states it will be much higher, while in another, much lower.
"Across the automotive spectrum, a wave of new EV products and brands all point to support EV trends in 2021 and beyond. With more than 100 new EV options expected between 2021 and 2025, a continued increase in consumer acceptance and demand will grow as ICE options are displaced by EVs."
The all-electric car sales varies depending on particular market. Let's take a look at the market share results for 2020:
- Western region: 4.8%
"The San Francisco DMA’s EV share of 11% far exceeds that of any other major DMA in the Western Region."
- Northeast region: 1.6%
"The New York City DMA’s share of 2% is driving the Northeast."
- Southeast region: 1.1%
"Washington, D.C., DMA is leading the way at 2.5%."
- Southwest region: 0.9%
"Austin was the top DMA with a 2.1% EV market share."
- Midwest region: 0.8%
"Chicago led all other Midwest DMAs with a 1.5% EV market share."
In terms of loyalty, the data show that more and more electric car owners are returning to the market for another BEV.
This factor is already above half, at record - but undisclosed - level, and is expected to continue to grow.