High Adoption of Electric Vehicles in China Attracts OEMs Looking to Expand Their Global Footprint

"Sales from Asia-Pacific accounted for 60.3% of the total sales in 2018, followed by Europe with 22.0%. However, the year-on-year growth rates were the highest in Canada (137.4%), South Korea (83.4%), and the US (77.1%)," said Prajyot Sathe,Industry Manager,Mobility. "In Canada and South Korea, the growth was mainly due to the availability of a higher number of models, whereas in the US, it was largely a result of the popularity of the Tesla Model 3. While 207 models (143 BEVs and 64 PHEVs) were available in 2018, 45 new models comprising 37 BEVs and 8 PHEVs will be added in 2019."

"Sales from Asia-Pacific accounted for 60.3% of the total sales in 2018, followed by Europe with 22.0%. However, the year-on-year growth rates were the highest in Canada (137.4%), South Korea (83.4%), and the US (77.1%)," said Prajyot Sathe,Industry Manager,Mobility. "In Canada and South Korea, the growth was mainly due to the availability of a higher number of models, whereas in the US, it was largely a result of the popularity of the Tesla Model 3. While 207 models (143 BEVs and 64 PHEVs) were available in 2018, 45 new models comprising 37 BEVs and 8 PHEVs will be added in 2019."

Frost & Sullivan's recent analysis, Global Electric Vehicle Market Outlook, 2019, presents the regional EV market outlook for North America, Europe, and China, and analyzes their growth potential for 2019. It presents the current and future market trends as well as the models that are expected to be launched in the next two to three years.

For further information on this analysis, please visit: http://frost.ly/3g5

"Toyota and Volkswagen will remain strong volume brands, while Tesla is working to shake off the tag of being a premium offering. Among HEVs, Toyota is proving the most popular automaker, while Audi leads among PHEV car owners," noted Sathe. "By 2025, more than 40 million xEVs are forecast to be sold globally and are anticipated to account for approximately 28.6% of the total passenger vehicle market."

Owing to China's dominance of the EV market, vehicle OEMs have targeted the country for partnership opportunities. Successful OEMs will make the most of the growth opportunities also presented by:

Global Electric Vehicle Market Outlook, 2019 is part of Frost & Sullivan's global Automotive & Transportation Growth Partnership Service program.

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Global Electric Vehicle Market Outlook, 2019
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