Global electric vehicles sales grew 41% in 2020
- Ben Geman, author of Axios Generate
U.S. electric car sales more than doubled in the first quarter of this year compared to the same period in 2020, but check out the chart above — the domestic market remains small compared to Europe and China.
The big picture: Those are two takeaways from new International Energy Agency data out this morning on global electric vehicle markets.
Overall, global EV sales (including plug-in hybrids and fully electric models) grew 41% last year even as overall vehicle sales fell. But EV sales declined slightly in the U.S. last year.
- Sales are picking up speed in the U.S. and other markets so far in 2021, rising 140% globally in Q1 compared to the first three months of 2020.
- Overall, there were about 10 million electric cars on the world's roads at the end of last year, plus some 1 million electric vans, heavy trucks and buses, IEA said.
Why it matters: "Current sales trends are very encouraging, but our shared climate and energy goals call for even faster market uptake," IEA executive director Fatih Birol said in a statement.
- The biggest growth is coming in Europe and China, where government regulation and support are strongest.
The intrigue: At a 30,000-foot level, IEA sees a mixed picture when it comes to EVs globally.
- Under current policies and trends, the number of electric vehicles on the world's roads (including buses and trucks but excluding two- and three-wheelers) reaches 145 million in 2030, about 7% of the total fleet, IEA projects.
- Under its Sustainable Development Scenario, which is roughly aligned with the Paris Agreement goals, that 2030 total would reach 230 million.
One big question: How big automakers' EV aspirations do or don't translate into reality.
- The report has a helpful compendium of major manufacturers' EV targets (scroll down on this page).
- Those ambitions, if realized, would make global sales largely aligned with IEA's Sustainable Development Scenario.
What we're watching: How much — or how little — the White House can influence the U.S. trajectory in the years ahead.
- While sales are growing this year, the White House is asking Congress for greatly expanded consumer incentives and funding for charging infrastructure.