EV penetration exceeded 15% in China and Europe, significantly outperforming the rest of the world. DIGITIMES Research thinks as the ban on fossil fuel vehicles quickly approaches and automakers continue to step up EV investments and make EV their core business, global EV penetration is set to break through 30% by 2025.
Dampened by the chip shortage, global auto sales were up only 3.8% from the slump in 2020, whereas global EV sales soared 100% from a year ago. Well over 90% of global EV sales concentrated in the top-3 markets - China, Europe and the US.
China's share among the global EV market rebounded to 52% in 2021, regaining the number one position. This was mainly driven by the fact that China imposes a mandate on automakers requiring that a certain percentage of all vehicles made must be new energy cars.
Chart 5: Penetration rate of EVs in key auto market, 2020-2021
Chart 6: Overall EV sales and penetration in auto market, 2019-2025 (k units)