The US is poised to overtake China as the world’s largest manufacturer of electric vehicles (EVs), according to a new report.
The report by the US-based non-profit Global Battery & Battery Manufacturing Association (GBMA) found that the US market for electric cars has grown by more than 500% since 2010, when electric vehicles were first introduced.
“Our analysis shows that by 2020, the US will overtake China in total electric vehicle sales,” the report’s co-author and former General Motors CEO Dan Akerson said in a statement.
“By 2020, we estimate that EVs will be the top-selling vehicle segment in the United States and will represent a majority of new vehicle sales globally.”
As well as being a major driver of the EV market, the United Kingdom is also a major market for EVs, according to the report.
While the UK market is expected to be dominated by EVs by 2027, it is predicted that EVs could account for 40% of UK EV sales by 2025.
“The UK market for EV sales will likely be dominated, at least initially, by electric vehicles,” the GBMA said.
“We predict that the UK will have the largest share of EVs in 2027 (42%), followed by Germany (20%), India (15%), and the United Arab Emirates (15%).”
As the global demand for EVs continues to increase, we expect that the market for new vehicles will expand, as well.
“In 2018, the UK saw a growth in EVs, with about 8.3 million new vehicles registered in the country, up from 4.7 million in 2018.
The UK’s EV market share grew by about 30% between 2017 and 2018.
Despite the UK’s large EV market and rapid growth, the GBMAS expects that the industry’s global growth will continue to lag behind the country’s.”
Despite our best efforts, global EV growth is still lagging behind.
We expect this to continue in 2019 and 2020, which will have an impact on the global market as a whole,” the group said.