The consulting and analysis firm McKinsey has done the math: While China was the world’s largest market with sales of more than 3 million e-cars – battery electric vehicles and plug-in hybrids – in 2021, Europe leads the world with a market share of nearly 20% of all new vehicles sold. The top 8 countries in terms of share of e-cars sold are all in Europe – led by Norway with a sales share for electric cars of almost 90%. The U.S. falls somewhat behind China and Europe: although e-car sales there also doubled to just under 700,000 vehicles in 2021, they were (still) at a lower level. These are the key findings of the McKinsey Electric Vehicle Index, which management consultants McKinsey & Company use to regularly measure the development of e-mobility in the 15 most important countries.
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“E-mobility is increasingly arriving on the mass market,” says Patrick Schaufuss, a partner in McKinsey’s Munich office. “Model diversity is increasing massively, with more than 500 new e-car models coming to market by 2025.” China remains the country with the greatest model diversity, with 295 e-cars available, followed by Germany with 155 models. In China, the small vehicle segment has been growing for several years and now accounts for almost a quarter of the e-car market; in Europe, on the other hand, customers find smaller SUVs attractive – this segment has a market share of over a third.
It is also worth noting that sales of e-cars have increased against the general market trend: While the overall market grew only slightly from 66 million to 68 million new vehicles sold, e-car sales increased by 108%. McKinsey analyst Schaufuss interprets this as an indicator that automakers have prioritized e-car production and sales in times of strained supply chains and semiconductor shortages.
The charging infrastructure remains critical to the success of e-mobility. There are serious differences here in a global comparison: In China, there is an average of 7 e-cars per public charging point, while in the USA there are still 21 – Germany, on the other hand, lags behind with an average of 27 e-cars per charging point.
In absolute terms, China also leads in this ranking: More than 1.1 million public charging points are available in China, compared with just under 50,000 in Germany in 2021. Schaufuss: “In Europe, the pace of expansion must be kept up – by 2030, 5,000 to 10,000 new charging points must be added every week to enable the smooth expansion of e-mobility.
Since 2010, the Electric Vehicle Index developed by McKinsey has been examining at country level where the 15 most important nations for electromobility stand in each case. The countries studied are China, Canada, Denmark, Finland, France, Germany, India, Italy, Japan, the Netherlands, Norway, South Korea, Sweden, the United Kingdom and the United States. The index examines the two important dimensions in the development of e-mobility, the market side and the industry side.
On the market side, the index analyzes the market share of e-vehicles in the overall market. On the other hand, incentives such as subsidies, the existing infrastructure and the available supply of e-vehicles are evaluated. The industry EVI examines how successful the respective automotive industry of the country is in the topic of e-mobility. Factors such as the current and future share of global production of electric vehicles as well as important components such as e-motors and batteries are used for this purpose.