A report by the consulting firm McKinsey & Company states that sales of electric vehicles increased by 44% in Europe in 2019, China increase by 3%, the U.S. will collapse by 12%.
Nicolai Müller, senior partner in McKinsey’s Cologne office believes that while China continues to be the largest market in the world, the demand in Europe is skyrocketing.
With over 110,000 electric cars sold in 2019, Germany is the third largest market worldwide and the largest in Europe, yet this represents only 2.8% of the cars sold in Germany. Meanwhile, EV sales in Norway hold a 45% market share, while sales of EVs in Iceland represent a 22% of new car sales, and the Netherlands are at 13%.
Müller predicts that by 2021, manufacturers will need to bring more than 2 million electric cars to the European Union.
The report also states that German manufacturers will become market leaders for EVs starting in 2021 and that some 600 new models of EVs will be offered by 2024.
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