McKinsey: China and Europe drive demand in the EV sector

According to a new report by McKinsey, the market share of electric vehicles (EV) in China is expected to grow to 11-14% by 2022. This is close to Europe, which is expected to reach 12-15% according to the report.

With more than two million electric vehicles sold worldwide in 2019, the EV sector accounted for a record 2.5 percent of the global light vehicle market. China is the largest EV market in the world with 1.2 million electric vehicles sold in 2019. The rapid containment of the coronavirus pandemic and the country’s economic upswing had contributed to an EV ecosystem that is developing robustly.

Read more at McKinsey.com