Due to continued shortages of automotive chips and related automotive accessories, the annual and monthly growth rates of internal combustion engine (ICE) passenger car sales in July and August both fell sharply, while global electric vehicle (EV) sales in August was out of the shadow of the recession in July, showing a trend of growth, leading to a rapid growth in the penetration of global EV and battery electric vehicle (BEV), and both penetration rates reached record highs. In addition, China remains the world’s largest EV sales country, accounting for 74% of sales along with Germany and the US. Norway overtook the UK to become the fifth-largest country. South Korea had a highest YoY growth rate among the top 10, and Denmark overtook Italy to become the tenth-largest. Regarding to the global EV sales volume in 2021, we still maintain our previous estimate of 6,389,035 units with a year-over-year (YoY) growth of 97%.

 

Taipei, Taiwan, September 28, 2021—According to Worldwide Monthly BEV & PHEV Tracker from Researcher and Research LLC, despite the negative impact of global shortages of automotive chips and seasonal slowdown, global EV market grew to 513,841 units in August, shaking off the recession of July, with a YoY growth of 103% and an month-over-month (MoM) growth of 6%.

The proportions of BEV and plug-in hybrid electric vehicle (PHEV) were 72% and 28%, respectively. BEV mainstream status was firmly established, up 1% from the previous month, but there was still nearly 30% in PHEV type.

In terms of penetration, as shown in figure 1, the global EV penetration continued to grow in August, approaching 10%, and the global BEV penetration surpassed 7% for the first time. Both penetration rates reached record highs.

Figure 3 Global EV and BEV penetration

Figure 1  Global EV and BEV penetration

 

Due to continued shortages of automotive chips and related automotive accessories, many OEMs have reduced their new vehicle production targets for ICE passenger cars (including light commercial vehicles used primarily as passenger cars), which led to a significant decline in both YoY and MoM growth rates for ICE vehicle sales in July and August.“Most OEMs put a lot of resources into developing their EV business, which has allowed EV production and sales to continue to grow. This situation has led to a rapid growth in the penetration of EV.” said Dr. Y.-C. Hsu, co-founder & CEO at Researcher and Research LLC.

In terms of EV sales volume and market share in major countries, as shown in table 1, China remains the world’s largest EV sales country, with a 19% MoM sales growth in August, followed by Germany with a 4% drop and the US with a 16% decrease. And the gap of sales units between Germany and USA widened. These three countries accounted for the majority of August sales, with a combined share of 74%, up from 71% in July. China alone accounted for 54%, up 6% from last month, but failed to surpass the peak of 59% set in April 2020.

The other bright spots in August were (1) Norway, which overtook the UK to become the fifth-largest country in terms of EV sales; (2) South Korea, having a highest YoY growth rate among the top 10; and (3) Denmark, which overtook Italy to become the tenth-largest.

 

Table 1 Sales units and shares of the top 10 EV sales countries

Table 1 Sales units and shares of the top 10 EV sales countries

Regarding to the global EV sales volume in 2021, we still maintain our previous estimate of 6,389,035 units with a YoY growth of 97%. Overall, we continue to believe that EV sales this year will be better than the consensus.

 

Note:

Researcher and Research here defines EV as battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV), with passenger car (including light commercial vehicles (LCV)) as the primary purpose.

 

 

About Researcher and Research LLC

Established in January 2020, Researcher and Research LLC determined to be one of the best research companies in the field of market and strategy to help our clients think strategically to assess business investments. We will initially focus on research of electric vehicle (EV) market and automakers’ strategy, and then expand into other areas, such as EV battery supply and demand analysis and self-driving technology research. We believe that quality research will lead to a high level of customer and we are committed to continue to invest more research resources and provide better quality research services.

 

 

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