Car sales in 2020 dropped by 6% in China, 24% in Europe, and 14% in the US. Despite these figures, there is a silver lining: electric vehicles (EVs).
Despite the overall impact on the automotive industry, sales of high voltage hybrids (HEVs), plug-in hybrids (PHEVs), and battery-electric vehicles (BEVs) all saw an increase in most regions across the globe, according to a recent report from market research firm IDTechEx. In Europe, sales of gas, diesel and other alternatively powered vehicles (APVs) all saw a significant decline in 2020, but HEVs were up 54%, BEVs up 107%, and astonishingly, PHEVs were up 211%.
BEVs continue to gain market share and big automakers that have been slow or reluctant to adopt BEVs are finally making big investments and transitions towards electrification, researchers said. There are still challenges to widespread BEV adoption, whether this be range anxiety, charging infrastructure or cost, these concerns are starting to fade and with the roadmaps set out by so many automakers and governments, IDTechEx expects BEVs to be the dominant form of transport in the long run.
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