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According to a report by Acumen Research and Consulting, the global EV market is expected to grow by an annual compound rate of 23.2% between 2021 and 2028 and reach a valuation of $810.5 Billion.
The Asia Pacific region will dominate the electric vehicle market with China standing out as one of the most successful, accounting for more than half of the world’s electric car market in 2019, with nearly 1.2 million electric vehicles sold.
Looking to the West, Europe commands a sizable market share in the electric vehicle market with the number of new electric car registrations doubling to 1.4 million which represents a 10% sales share. Germany has registered 395,000 new electric cars in large markets, while France has registered 185,000. Furthermore, sales of electric vehicles exceeded 50% in Iceland, 30% in Sweden, and 25% in the Netherlands.
To bring those figures home, according to a 2021 publication by the South Africa minister of transport, there are about 4827 hybrid electric vehicles and just under 1000 battery-electric vehicles on South African roads.
With the likes of Audi, Volvo and Mercedes-Benz set to launch their fully electrified cars here in 2022, is South Africa ready for the EV wave?
In this episode, we’re chatting with Jaguar Land Rover South Africa to help us understand what the EV market holds for the country. We’ll be looking at the challenges and hurdles they’ve overcome in the past, current, and future challenges as well as the products they’ll be introducing to the market.
Beyond Auto is a joint venture of the reframed group and TWFLD.
You can contact us at info@reframed.co or papi@twfld.com
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