Automakers Score Remarkable Performances in Top Five Ranking of EV Sales in 2020 Thanks to Affordable Models, Says TrendForce
Publish Date :2021/03/02
Global sales of NEV (new energy vehicles, which include both BEV and PHEV)
skyrocketed in the final two months of 2020, with various models setting
historical sales records, according to TrendForce’s latest investigations.
TrendForce estimates total NEV sales for 2020 at 2.9 million units, a 43%
increase YoY, and further expects yearly sales to reach 3.9 million units in
2021. However, as the current shortage of automotive chips has had a
considerable impact on the auto industry, some uncertainties still exist in the
forecast of EV sales.
With regards to the BEV market, Tesla primarily focused on marketing the
Model 3 as its key model for 2020. The automaker took leadership position with a
24.5% market share last year, while the Model Y is expected to be key to
securing its continued leadership in 2021 primarily because China has issued a
sales permit allowing the Model Y to be exempt from purchase tax. Furthermore,
Tesla was able to catch its competitors off guard by discounting Model Y prices
by 30% on the first day of 2021. Volkswagen took second place in the rankings
due to not only the excellent market reception of the e-Golf, but also the
remarkable sales figures set by the ID.3 in 2H20, which helped Volkswagen
stabilize its market share. Incidentally, as the ID.4 is set to hit the market
later on, it is expected to make meaningful contributions to Volkswagen’s
overall EV sales in 2021 instead of 2020.
BYD derives its competitive advantage from having a comprehensive model
lineup. The Chinese company comfortably took third place with a 6.4% market
share. Conversely, fourth-ranked Wuling Hongguang became the dark horse of 2020
by fielding a single EV model, the Hongguang Mini. Not only was the Hongguang
Mini attractively priced, but the Chinese government also made a heavy push for
NEV sales in China's rural areas. Both of these factors allowed the Hongguang
Mini to become one of the global top sellers within six months of its release.
Hot on the heels of Wuling Hongguang is Renault, which took fifth place in the
ranking. Renault was able to score a 5.6% market share thanks to its
longstanding best seller ZOE. Although other models, including the Nissan Leaf
and Hyundai Kona, also posted remarkable sales performances last year, their
respective automakers did not place on the top five list because these
automakers each had total EV sales that fell short of the five automakers on the
list.
On the other hand, the top PHEV manufacturers were neck and neck in terms of
ranking by market share. BMW and Mercedes-Benz each possessed a 13% market
share, followed by Volvo with 12%. Fourth-ranked Volkswagen and fifth-ranked
Audi registered a 10% market share and 6% market share, respectively.
TrendForce indicates that China and Europe are perfect examples of EV markets
propelled by government policies. For instance, European automakers have adopted
a proactive position to expand their EV lineups as a result of the stringent
emissions standards set by the EU, and these automakers have subsequently been
aiming to achieve zero carbon emissions or increase the share of EVs in their
total vehicle sales. Apart from China and Europe, the US is yet another market
where policies may have a positive effect on EV sales. After winning the 2020
presidential election, Biden is now set to launch his clean energy proposal,
which includes replacing the US government’s existing fleet with EVs, removing
the previously set ceiling on federal tax credits for EV purchases, and offering
consumer tax incentives to replacing their conventional fossil fuel vehicles
with EVs, among other actions. If these proposed actions were eventually
implemented, TrendForce believes they would be able to drive up EV sales in the
US.
Back