According to data acquired by Finbold, the demand for all electric new passenger vehicles across Europe surged 231.58% between the second quarter of 2020 and Q2 2021, from 63,422 to 210,298. The figures reflect a tripling in demand for all-electric vehicles.

Demand for the hybrid electric vehicle also spiked by 213.54% to 541,162 representing the biggest growth for all new passenger vehicles in Europe. In total, electric vehicle registration as of the second quarter 2021 stands at 751,460, a growth of at least three times from the same period in 2020, cumulative figure of 236,015.

During the period, plug-in hybrid vehicle demand surged 255.8%, from 66,252 to 235,730.

Furthermore, during the first half of 2021, all electric vehicles represented a share of 6.7% of new passenger cars. Hybrid electric vehicles had a share of 18.9%, while plug-in hybrids stood at 8.3%. Petrol still accounted for the highest share at 42%, followed by diesel at 21.7%. Natural gas with a share of 0.5%.

The report explains how different government policies contributed to the surge in demand for electric vehicles in Europe. According to the research report:

“For instance, when the pandemic hit, most governments across the region focused their stimulus packages on companies that are operating in line with fighting climate change. Notably, a big part of the support focused on incentives for consumers to buy EVs, creating a surge in demand.”

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