Electric cars will double their market share in 2021, forecast says
Hyundai Kona Electric Charging

The US is charging EVs.

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The auto industry had a bad year in volume terms from 2020, thanks to which Coronavirus Ubiquitous epidemic. However, electric cars had a very good year, and new data from IHS Markit confirms this. The forecasting firm revealed its data and projections for the EV segment last Friday, with 1.8% of sales of new cars on record market share for EVs.

Looking at the final month of December last year, EVs pushed 2.8% of registered vehicles. This is still a puny number compared to traditional vehicles, but the firm dropped this nugget of information with it: the 2.8% figure is only three times the number it was three years ago. In other words, three times as many people bought this EVS last December, as they did in December 2017. The fact is likely that there are more options on sale, but the number clearly shows that more people are more interested in EVs than ever before. .

The real interesting pieces come from IHS market forecasts for 2021 and beyond. This year, the firm believes that we will see electric cars take a market share of about 3.5% from the 2020 numbers. In fact, it coincides with dealership lots from several automakers with additional EVs. By 2025, the company will grow rapidly and forecast that all new car sales will increase by 10%. would be a Huge change in purchase trends. The firm believes that consumer acceptance of EVs will simply continue to increase as more companies throw their weight behind the zero-emission powertrain movement. We have already seen some aggressive moves from General Motors, for example.

This is good news for automakers selling EVs, as they are keeping their buyers in one place. According to the data, most EV owners buy each other when they are ready to trade their current electric car. Loyalty factor Just as important is showing that buyers are not finding remorse in their battery-powered cars and asking them to return the hybrid.

Knowing that Tesla had accounts 79% of all EV registrations in the US in the previous year, It gives other automakers a good shot at competing with the EV manufacturer. Because right now, Tesla is the leap forward.

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By Jothi Venkat

Chief Editor Jothi Venkat Tips Clear In . Editorial chief and CEO of TipsClear.in. Representing many online News sites and Magazines. Having Media company World Wide with a team of Neutral Reporters.

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