Study: Europe Leads Plug-In Cars Market In 2019
Remaining the second largest plug-in car market in the world, Europe is gearing up this year to spearhead their growth. The list of the most important development factors includes government stimulus measures for purchases, toughening environmental standards and developing charging infrastructure.
According to the results of 10 months of 2019, 451,400 plug-in cars were sold in Europe, EV-Volumes reports. This is 39% more than for the same period in 2018.
The ratio of sales of hybrid cars (PHEV) and electric vehicles (BEV) in total volume continues to shift in favor of the latter. In 2018 PHEV accounted for 45% of sales, and BEV accounted for 55%, but in the first nine months of 2019 the proportion already looks like 32% to 68%. This is the result of an explosive (+ 84%) increase in sales of electric vehicles and a noticeable 9% decline in demand for hybrids.
It is expected that the European market for plug-in cars will by 42%, reaching 579 thousand units for 2019.
Bloomberg predicts that in 2020 European sales of electric cars and hybrids will grow by 32%, continuing to outpace the dynamics of China, where the government is curtailing purchase subsidies, and the United States, where most of the Tesla Model 3’s production is exported.
Fitch analyst Emanuel Bulle notes that pricing and the development of charging infrastructure remain the cornerstone of the growth of electric vehicles: why pay more if the mileage of an electric vehicle on a single charge is very limited?
In response to this challenge, national governments offer various subsidies for the purchase of electric vehicles and are developing charging station networks.
source: ev-volumes.com, bloomberg.com