There has been a meteoric rise in the sales of electric vehicles. There are signs that the electric-vehicle revolution has finally arrived after nearly a decade of hype. Now it’s almost impossible to walk into a car showroom and not see at least one concept with an electric angle. Many battery electric vehicles (BEVs) are expected to be released in this decade, according to automakers. Thanks to advancements in charging infrastructure and battery technology, the electric future is now clearer than ever before.
BEV worldwide sales and overall market shares
When we hear about BEVs or EVs the first name that pops out of our mind would be Tesla. Tesla sold 936,000 vehicles in 2021, that’s up 87% from its 2020 sales. But to our surprise, despite Tesla’s dominance in the US EV market, its overall market share is drying up. According to Experian’s Automotive Market Trends Review: Q2 2021 report, Tesla’s share of the overall U.S. EV market fell from 79.5 percent through the second quarter of 2020 to 66.3 percent for the same period in 2021.
Despite the fact that EVs make up only a tiny fraction of the total new-car market in the United States, luxury brands still need more EVs. To meet future emissions standards and address the competitive threat posed by Tesla, other EV startups should start selling luxury models. The report also stated that from January to June 2021, EVs accounted for 2.4% of all new vehicle registrations. Even though it’s a small sum, it still represents a year-over-year increase of 117.4%.
Tesla is losing its grip on the market shares when compared to SAIC, Volkswagen, BYD, and Hyundai. In November, SAIC Motor sold 601,000 vehicles. Its sales volume has continued to grow stridently in the second half of 2021. New-energy vehicle sales rose by 1.5 times in the last year. Automotive giants like Volkswagen, Ford, and General Motors are investing billions of dollars in efforts to electrify their vehicles. There was a 1.3 percent increase in the share of EV registrations. For Chevrolet in 2021 from 9.5 percent in 2020 to 9.6 percent in 2021 according to Experian. Nissan’s share of the market climbed to 3.9%.
Read: EV Charging Stations Throughout the U.S
Tesla’s possible future on BEV sales and market shares
Tesla’s dominance in the electric vehicle market is expected to last for several more years. But in this decade, competitors are expecting their sales to overtake it. According to UBS analysts, by the year 2025, 20% of all new cars sold globally will be electric. Tesla will sell more electric cars than Volkswagen in 2025 and will make more money per vehicle sold than Volkswagen.
Tesla currently controls a small but significant portion of the market. Despite the attention and hype surrounding electric vehicles (EVs), sales of vehicles equipped with electric motors and/or internal combustion engines, such as plug-in hybrids, remain extremely low.
Electric vehicle sales, including plug-in hybrids, are expected to account for less than 4% of total sales in the United States. Only 2.6 percent of the market, or 394,000 vehicles, are all-electric models like Teslas, according to LMC. LMC Automotive predicts that General Motors will overtake Tesla as the country’s top seller of electric vehicles in 2025 when the research and forecasting firm expects Tesla to have a 20 percent share of the U.S. market.
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