Electric Vehicle Market Share Doubles in 2021

The trend of electric vehicles is strengthening globally. Depleting fossil fuel sources and high air pollution from conventional vehicle emissions are making electric vehicles increasingly viewed as an environmentally friendly solution for future transportation.

The International Energy Agency (IEA) reports show that the prospects for electric vehicles are improving year on year.

In 2021, the global market share of electric vehicles was recorded at 8.57%. This figure is approximately double that of the previous year, which stood at 4.11%.

Electric vehicle sales also increased to 6.7 million units in 2021. This figure grew by 116.13% compared to 2020 sales, which totaled only 3.1 million units.

China Leads in Electric Vehicle Sales

Regionally, the highest electric vehicle sales in 2021 occurred in China, reaching 3.4 million units, followed by Europe with 2.3 million units.

The IEA estimates that there are currently around 16 million electric vehicles worldwide, with an annual electricity consumption of approximately 30 terawatt-hours (TWh). The IEA assesses that the use of these electric vehicles played a significant role in reducing CO2 emissions in 2021.

Some of the automotive companies dominating the global electric vehicle market include Tesla, Shanghai Automotive Industry Corporation (SAIC) Group, Volkswagen Group, BYD Automobile, and Stellantis.

(Read More: [Tesla's Market Capitalization is the Largest Among Global Electric Vehicle Manufacturers](https://databoks.katadata.co.id/datapublish/2022/01/11/kapitalisasi-pasar-tesla-terbesar-di-antara-produsen-mobil-listrik-dunia))