Favorable conditions unleash EV potential
Europe has confirmed its position as the leading market in the global electric vehicle market, boasting both the highest growth and the highest market share in the third quarter 2020. As customer interest and demand for electric and hybrid vehicles is spurred by numerous local and national incentive programs, manufacturers are struggling to increase production and advance product launches. Technical issues and supply limitations are creating operational challenges for automotive companies.
Despite the overall market decline earlier in 2020, sales of battery electric vehicles in the European top 5 markets have more than doubled for the year to date compared to the same period last year (+120%). While conventional powertrains have felt the full brunt of the market downturn, customers have flocked to electric vehicles due to increasingly attractive products and higher battery capacity, efficient sales processes, and more affordable prices.
More plug-in hybrid vehicles have become available from premium brands in Q3, further boosting overall EV sales in Europe. As these products become rolled out globally, the segment is expected to expand in other regions as well.
PwC Autofacts® and Strategy& have analyzed e-mobility sales worldwide in the third quarter of 2020.