Energy
Visualizing 10 Years of Global EV Sales by Country
Subscribe to the Elements free mailing list for more like this
Visualizing 10 Years of Global EV Sales by Country
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.
In 2011, around 55,000 electric vehicles (EVs) were sold around the world. 10 years later in 2021, that figure had grown close to 7 million vehicles.
With many countries getting plugged into electrification, the global EV market has seen exponential growth over the last decade. Using data from the International Energy Agency (IEA), this infographic shows the explosion in global EV sales since 2011, highlighting the countries that have grown into the biggest EV markets.
The Early EV Days
From 2011 to 2015, global EV sales grew at an average annual rate of 89%, with roughly one-third of global sales occurring in the U.S. alone.
Year | Total EV Sales | CAGR |
---|---|---|
2011 | 55,414 | - |
2012 | 132,013 | 138.2% |
2013 | 220,343 | 66.9% |
2014 | 361,157 | 63.9% |
2015 | 679,235 | 88.0% |
Total sales / Avg growth | 1,448,162 | 89.3% |
In 2014, the U.S. was the largest EV market followed by China, the Netherlands, Norway, and France. But things changed in 2015, when China’s EV sales grew by 238% relative to 2014, propelling it to the top spot.
China’s growth had been years in the making, with the government offering generous subsidies for electrified cars, in addition to incentives and policies that encouraged production. In 2016, Chinese consumers bought more EVs than the rest of the world combined—and the country hasn’t looked back, accounting for over half of global sales in 2021.
EV Sales by Country in 2021
After remaining fairly flat in 2019, global EV sales grew by 38% in 2020, and then more than doubled in 2021. China was the driver of the growth—the country sold more EVs in 2021 than the rest of the world combined in 2020.
Country | 2021 EV Sales | % of Total |
---|---|---|
China 🇨🇳 | 3,519,054 | 51.7% |
U.S. 🇺🇸 | 631,152 | 9.3% |
Germany 🇩🇪 | 695,657 | 10.2% |
France 🇫🇷 | 322,043 | 4.7% |
UK 🇬🇧 | 326,990 | 4.8% |
Norway 🇳🇴 | 153,699 | 2.3% |
Italy 🇮🇹 | 141,615 | 2.1% |
Sweden 🇸🇪 | 138,771 | 2.0% |
South Korea 🇰🇷 | 119,402 | 1.8% |
Netherlands 🇳🇱 | 97,282 | 1.4% |
Rest of Europe 🇪🇺 | 469,930 | 6.9% |
Rest of the World 🌍 | 313,129 | 4.6% |
Total | 6,809,322 | 100.0% |
China has nearly 300 EV models available for purchase, more than any other country, and it’s also home to four of the world’s 10 largest battery manufacturers. Moreover, the median price of electric cars in China is just 10% more than conventional cars, compared to 45-50% on average in other major markets.
Germany, Europe’s biggest auto market, sold nearly 700,000 EVs in 2021, up 72% from 2020. The country hosts some of the biggest EV factories in Europe, with Tesla, Volkswagen, and Chinese battery giant CATL either planning or operating ‘gigafactories’ there. Overall, sales in Europe increased by 65% in 2021, as evidenced by the seven European countries in the above list.
The U.S. also made a comeback after a two-year drop, with EV sales more than doubling in 2021. The growth was supported by a 24% increase in EV model availability, and also by an increase in production of Tesla models, which accounted for half of U.S. EV sales.
Tesla’s Dominance in the U.S.
Tesla is the world’s most renowned electric car company and its dominance in the U.S. is unmatched.
Between 2011 and 2019, Tesla accounted for 40% of all EVs sold in the United States. Furthermore, Tesla cars have been the top-selling EV models in the U.S. in every year since 2015.
EV Model | 2021 Sales | % of 2021 U.S. EV Sales |
---|---|---|
Tesla Model Y* | 185,994 | 29.5% |
Tesla Model 3* | 147,460 | 23.4% |
Ford Mustang Mach-E | 27,140 | 4.3% |
Chevy Bolt EV/EUV | 24,828 | 3.9% |
Volkswagen ID.4 | 16,742 | 2.7% |
Tesla Model S* | 15,545 | 2.5% |
Nissan Leaf | 14,239 | 2.3% |
Porsche Taycan | 9,419 | 1.5% |
Tesla Model X* | 7,985 | 1.3% |
Audi e-tron | 7,429 | 1.2% |
*Estimates
Share of total sales calculated using total U.S. EV sales of 631,152 units, based on data from the IEA.
Source: Cleantechnica
Tesla accounted for over 50% of EV sales in the U.S. in 2021 with the Model Y—launched in 2019—taking the top spot. Furthermore, the Model Y remained the bestselling EV in the first quarter of 2022, with Tesla taking up a massive 75% of the EV market share.
Despite Tesla’s popularity, it could face a challenge as other automakers roll out new models and expand EV production. For example, General Motors aims to make 20 EV models available by 2025, and Ford expects to produce at least 2 million EVs annually by 2026. This increase in competition from incumbents and new entrants could eat away at Tesla’s market share in the coming years.
Energy
Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush
Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.
4 Reasons Why You Should Invest in Lithium
Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.
In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.
1. Lithium Prices Have Dropped
One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:
Date | LiOH·H₂O* | Li₂CO₃** |
---|---|---|
Feb 2023 | $76 | $71 |
March 2023 | $71 | $61 |
Apr 2023 | $43 | $33 |
May 2023 | $43 | $33 |
June 2023 | $47 | $45 |
July 2023 | $44 | $40 |
Aug 2023 | $35 | $35 |
Sept 2023 | $28 | $27 |
Oct 2023 | $24 | $23 |
Nov 2023 | $21 | $21 |
Dec 2023 | $17 | $16 |
Jan 2024 | $14 | $15 |
Feb 2024 | $13 | $14 |
Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029
2. Lithium-Ion Battery Prices Are Also Falling
The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.
In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.
Year | Price per KWh |
---|---|
2023 | $139 |
2022 | $161 |
2021 | $150 |
2020 | $160 |
2019 | $183 |
2018 | $211 |
2017 | $258 |
2016 | $345 |
2015 | $448 |
2014 | $692 |
2013 | $780 |
3. EV Adoption is Sustainable
One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.
According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.
Manufacturer | September 2022 | September 2023 |
---|---|---|
BMW | $69,000 | $72,000 |
Ford | $54,000 | $56,000 |
Volkswagon | $54,000 | $56,000 |
General Motors | $52,000 | $53,000 |
Tesla | $68,000 | $51,000 |
4. Electricity Demand in Transport is Growing
As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:
Transport Type | 2022 | 2025 | 2030 |
---|---|---|---|
Buses 🚌 | 23,000 GWh | 50,000 GWh | 130,000 GWh |
Cars 🚙 | 65,000 GWh | 200,000 GWh | 570,000 GWh |
Trucks 🛻 | 4,000 GWh | 15,000 GWh | 94,000 GWh |
Vans 🚐 | 6,000 GWh | 16,000 GWh | 72,000 GWh |
The Lithium Investment Opportunity
Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.
With prices dropping and demand skyrocketing, now is the time to invest in lithium.
EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.
-
Lithium24 hours ago
Ranked: The Top 10 EV Battery Manufacturers in 2023
Asia dominates this ranking of the world’s largest EV battery manufacturers in 2023.
-
Energy6 days ago
The World’s Biggest Nuclear Energy Producers
China has grown its nuclear capacity over the last decade, now ranking second on the list of top nuclear energy producers.
-
Energy4 weeks ago
The World’s Biggest Oil Producers in 2023
Just three countries accounted for 40% of global oil production last year.
-
Energy1 month ago
How Much Does the U.S. Depend on Russian Uranium?
Currently, Russia is the largest foreign supplier of nuclear power fuel to the U.S.
-
Uranium2 months ago
Charted: Global Uranium Reserves, by Country
We visualize the distribution of the world’s uranium reserves by country, with 3 countries accounting for more than half of total reserves.
-
Energy2 months ago
Visualizing the Rise of the U.S. as Top Crude Oil Producer
Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia.
-
Maps1 week ago
The Largest Earthquakes in the New York Area (1970-2024)
-
Money2 weeks ago
Where Does One U.S. Tax Dollar Go?
-
Automotive2 weeks ago
Almost Every EV Stock is Down After Q1 2024
-
AI2 weeks ago
The Stock Performance of U.S. Chipmakers So Far in 2024
-
Markets2 weeks ago
Charted: Big Four Market Share by S&P 500 Audits
-
Real Estate2 weeks ago
Ranked: The Most Valuable Housing Markets in America
-
Money2 weeks ago
Which States Have the Highest Minimum Wage in America?
-
AI2 weeks ago
Ranked: Semiconductor Companies by Industry Revenue Share