The Market, COVID-19 Effects and the Future
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The UK is among Europe's largest markets for electric vehicle sales. Electric Vehicle sales has shown a huge increase since 2010. In 2018 the market is estimated to be stood at $2.4 b with a robust CAGR rate of more than 14%
The global market has also shown a similar increase between the same term, Year-over-year growth were between 50-60% on recent years. In absolute terms, China is the world`s largest Electric vehicle market with more than 2.4 million electric vehicles on the roads and account around 45% of the global fleet. It is followed by European market and US market. While saying that, Electric vehicles are only 4% of total vehicles in China. In Europe zone, only Norway is approaching 50% share mark with new cars running on electricity. The largest markets in Europe is Germany, UK, Netherlands, Norway and France.
Charging times and high costs associated with the purchase of a new electric vehicle were among the main concerns among new car intenders in the United Kingdom. The most recent advancements in the industry has reverted the main concerns by reducing charging times lower than 20 min (Rapid Chargers) and price reduction on new models by the help of giant investments from OEMs as well as more than 70 new electric vehicle introduction into the competition.
The governments set our ambitious objectives to reach zero emission in global. The phase out of sales of Internal combustion vehicles (esp diesel) are targeted for 2020 (S Korea, Austria), 2025 (Norway, Athens, Madrid, Paris, Brussels), 2030 (Denmark, Germany, India, Netherlands), 2035 (UK) and 2040 (China, France, Taiwan).
UK Government Objectives “Road to Zero: Net Zero by 2050, ending the sale of petrol and diesel by 2035”
The Government published its Road to Zero Strategy in 2018. The strategy sets out an “ambition” for at least 50% — and as many as 70