Approximately 2.4 million hybrid electric vehicles (HEV) were sold globally which includes both mild and full hybrid vehicles. APAC sales consisted of 60.3% followed by Europe with 22.0% market share. Canada (+137.4%), South Korea (+83.4%) and USA (+77.1%) were the top 3 countries to experience highest y-o-y growth. In Canada and South Korea it was mainly to due increased in number of models available and in the US it was the Tesla Model 3. For the first time, Tesla emerged as the market leader with the launch of Model 3. Tesla sold highest number of cars constituting to 11.8% (231,850 units) of the total market closely followed by BYD with 11.3% (222,743) market share. 207 models (143 BEVs and 64 PHEVs) were available for sale in 2018 as compared to 165 (109 BEVs and 56 PHEVs) in 2017. In 2019 were 45 models added to the list which consisted of 37 BEVs and 8 PHEVs. BMW became the first automaker to offer inductive charging on its BMW 530e iPerformance model at an additional cost of $3,700 including taxes ($1000 for the module on the vehicle and $2,700 for mounting the control box).
Over 2.8 million electric vehicles are likely to be sold globally in 2019 in which 68% will be BEVs and 32% will be plug in hybrids. The EV market will account for 3% of the total passenger car market. China will continue to lead with over 58% market share followed by Europe and North America. More than 43 models are confirmed to be launched in 2019 in which 25 will be BEVs and remaining being PHEVs. The models will be a mix of small city cars, SUVs and performance vehicles. Africa, Middle East, Latin America and South Asia will be the next markets for electric vehicles that have the highest potential due to a heavy push from local government through incentives and subsidies for both automakers and car buyers. Incentives on EVs will be reduced in some countries such as China, UK, and USA. Cash incentives in US will be reduced by 50% ($3,750) as some automakers have surpassed 200,000 units sales. The competition will be tougher for foreign automaker in China as it will introduce stringent norms for automakers to promote electric vehicles by introducing a credit system. Automakers will require credits to produce conventional vehicles.
For example, if an automaker wants to produce 100,000 conventional vehicles, it will require 10,000 credits which will be gained by producing 2,000 EVs.