Worldwide EV Registrations Soar in 2020

Electric vehicles have truly changed the way that we all drive and travel in our daily lives. As the world becomes more focused on sustainability and becoming carbon neutral, we’ve seen steady growth in demand for EVs. New statistics have shown that there’s been an especially sharp increase in EV registrations worldwide in 2020. Reports from the International Energy Agency (IEA) has shown that registrations grew by 41% in 2020, this comes in a year when total car sales dropped by 16% globally. Here are some of the key reasons why we’ve seen such a high increase in the number of worlwide EV registrations.

Promising Government Policies

Over the past year, a number of governments have introduced policies that encourage the sales of electric vehicles. Examples include the UK, where the government announced the end of sales of petrol and diesel cars by 2030, and also the EU where a strategy has been put in place to become completely climate-neutral by 2050. These policies have put pressure on car manufacturers to prioritise the development and sale of fully electric cars; it has also encouraged consumers to seriously consider making their next car purchase an electric one.

A Wider Range of Choice

Compared to a few years ago, there is a far greater range of choices when it comes to electric vehicles. The majority of car manufacturers offer their own take on EVs now too. The wider choice has also allowed the price of electric cars to reduce; this makes it much more achievable for the everyday consumer to purchase these vehicles.

Change in Consumer Attitudes

When electric vehicles first started coming to the market, there was a lot of scepticism. Consumers were concerned about adopting the new technology. Most thought that electric vehicles were expensive to run, slower than a traditional car, and would constantly run out of battery.

As EVs grew in popularity, these attitudes shifted and people are now much less concerned about electric vehicles. In recent surveys conducted by Ofgem, it was even found that 6.5 million households in the UK (1 in 4) plan to buy an electric vehicle.

Lower Battery Prices

Although EVs work out cheaper than traditional vehicles, the most expensive cost is that of the battery; Even the prices of batteries has fallen over the past decade, making electric cars much more affordable.

The price of the battery has fallen by 89% in the past 10 years alone, from $1,100/kWh in 2010 to just $137 in 2020.

Which is the Most EV-Friendly Country?

According to Lease Fetcher, the most EV-friendly country, in terms of the stock of electric vehicles and the number of chargers, is China – followed by the US and Norway.

If you’re interested in making the switch over to an electric vehicle, talk to the Fleet Evolution team today!