Visualised: China Dominates EV Stock Globally

Who is dominating EV vehicle stocks globally?

Majority of the world’s 2 and 3 wheeler EV stock is held by China (83.1%) followed by India at 9.8% and Vietnam at 2.7%.

In fact, more than 96% of the world’s 2 and 3 wheeler EV vehicles are present in Asia alone. Unbelievable!

Asia’s domination is this market is because these vehicles are the most affordable model of transport for everyday commuters and businesses. Additionally, rise of gig-economies (especially in India) and well aligned infrastructure has made them perfectly suited for this region.

Here’s the story behind numbers:

1. China: 83.1%

   China’s domination in global 2 and 3 wheelers EV market is due to the country’s early and aggressive government mandate to reduce air pollution, along with integration in EV supply chain.

   
   

2. India: 9.8%

   India’s demand is driven by affordability, lower operational costs and increase in gig economy workers within dense metro traffic and last mile logistics.

3. Vietnam: 2.7%

   As the third largest country in this category, Vietnam’s dominance is due to its high reliance on gasoline motorbikes (more than 70 million) for daily transportation. The country’s focus on curbing air pollution by transitioning to EV vehicles as increased demand.

Other countries with overall high stocks include Türkiye, Indonesia, Philippines, France and Netherlands.

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