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In 2021, EV sales nearly tripled in China and reached 3.4 million. China has had the fastest electric car market growth since 2015. This growth is the direct result of the Chinese government's target to make electric vehicles reach a market share of 20% in 2025.


Europe also saw a steep increase of 70% in EV sales in 2021. EV sales reached 2.3 million, and about half of them were plug-in hybrids. The surge in EV sales in Europe last year was partially driven by new CO2 emissions standards.


EV sales in the U.S. more than doubled in 2021 and reached half a million in sales. The U.S. electric car market in 2021 was mostly dominated by Tesla, which accounted for more than half of all electric units sold.


China, Europe and the U.S. accounted for roughly two-thirds of the overall car market but around 90% of electric car sales in 2021. In most other markets, electric cars accounted for less than 2% of overall sales, and in large developing economies such as Brazil, India and Indonesia, the share is still below 1% without any significant increase YoY.

 

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