FRANKFURT, Germany--(BUSINESS WIRE)--The power of electric vehicles keeps climbing when it comes to overall market share growth. Management and technology consultancy BearingPoint issued its analysis of the electric vehicle market “Automotive – Electric Market Overview 2017 .” The results show that the market share development for electric and hybrid vehicles continues to be positive for most countries analyzed.
According to the market overview, Norway is the dominant leader when it comes to electric vehicle (EV) and hybrid electric vehicle (HEV) market share: 29.5% of vehicles in Norway in 2016 were either electric or hybrid electric, followed by Japan with an EV/HEV market share of 21%, and the Netherlands with 13 %. Europe’s top three EV/HEV-producing countries, France (3.3%), Italy (1.8%) and Germany (1.3%) are far behind the leaders when it comes to EV/HEV penetration. China became the global leader of electric cars sold in 2016, surpassing the US for the first time; the country’s “electric-friendly” policies make China account for more than 40% of electric cars sold worldwide.
“According to our research, Europe’s main car producing countries are way behind regarding market share,” says Matthias Loebich, Global Leader Automotive at BearingPoint. “They clearly need to shift gears and energies towards electric drive. What really helped in countries like Norway or China to push the electric market share were government incentives to make companies and private people decide for electric cars.”
It is clear from the study that government incentives are a big driver of EV/HEV sales, with significant increases seen in countries having the highest incentives or subsidies and decreased demand in countries where such subsidy schemes diminished in value. Incentives are a main factor why the total volume of electric and hybrid electric vehicles delivered in Europe jumped 32% in H1 2017 as compared with same period in 2016. It is expected that by the end of 2017, the total volume of electric and hybrid electric vehicles delivered in Europe will exceed 300,000.
Along with the analysis is a BearingPoint map that includes country market data for production, new registered vehicles and exports along with trends in new cars by fuel type. For the major manufacturers, Toyota has the biggest percentage of electric & hybrid drive (27.1%), and Volkswagen saw the biggest jump in electric & hybrid drive share among its fleet.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three units: Consulting, Solutions and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics; Ventures drives the financing and development of start-ups. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
For more information, please visit: