EVs are becoming more competitive. Median electric car range has increased 171% in 7 years, from 73 miles in 2011 to 125 miles in 2018, according to the US Department of Energy. While the median cost of electric car batteries has dropped significantly in the same time frame, from $800 per kilowatt hour in 2011 to $209 per kilowatt hour in 2017, according to a Bloomberg survey. These advances are translating into sales: in 2011 global EV sales reportedly reached just 50,000 units; by 2018, electric vehicle sales had increased 40x to surpass 2M units.
The race is unfolding on a global scale, with startups and incumbent brands alike all jockeying for market share and seeking to secure their place.
Below, we look at how the race is unfolding: where the market is currently, the major contenders, how EV adoption is evolving in various markets, and the consumer concerns and technical challenges that need to be addressed for the technology to achieve widespread adoption.