European EV market share rising fast
A study released this week by policy group Transport & Environment shows a tripling in EV share of sold vehicles across Europe in 2020. The forecast incorporates actual data to the end of Q2 2020 (bottom chart), with UK, Italy & Germany leading the charge. The EV share of European vehicle sales is forecast to rise from around 3% in 2019 to more than 15% in 2021 as shown in the top chart. The surge in EV sales is being driven by a tightening of EU average vehicle emissions standards, pushing supply side response from car manufacturers to accelerate EV model production & sales. This pace of EV growth has important implications for electricity demand growth and load shape.