The demand for new passenger battery electric vehicles has tripled this year, according to new research from Finbold.
The data reports that the demand for EVs in Europe surged 231.58% between Q2 2020 and Q2 2021, from 63,422 to 210,298. The figures reflect a triple growth in demand for all-electric vehicles.
Demand for the hybrid electric vehicle also spiked by 213.54% to 541,162 representing the biggest growth for all new passenger vehicles in Europe. In total, the electric vehicle registration as of Q2 2021 stands at 751,460, a growth of at least three times from the Q2 2020 cumulative figure of 236,015.
During the first half of 2021, battery electric vehicles recorded a share of 6.7% under new passenger cars by fuel type in the region. Hybrid electric vehicles had a share of 18.9% while plug-in hybrid stood at 8.3%. Petrol accounted for the highest share at 42% followed by diesel at 21.7%.
This follows news of Volkswagen seeing sales of its electric vehicles almost triple in the first half of 2021.
According to Finbold, the increase in demand for electric vehicles across Europe is motivated by the European Commission’s goal to achieve a climate-neutral economy by 2050.
The report states that there are “stringent restrictions on automotive emissions driving the expansion of the market.” It adds that in this line, car manufacturers are making commitments to climate change while at the same time accelerating their investments in electrification and meeting policy requirements.
It cites that the growth in demand also correlates to the likes of BMW, Audi, and Volvo entering the electric vehicle seen, along with new manufacturing brands such as Polestar.
Looking ahead, the report claims that the demand for electric vehicles will continue to grow once there is “increased competition” and there is a “scaling up of production.”