During the year 2020, Toyota Motor North America (TMNA) posted sales of 2.11 million vehicles. Compared to its 2019 performance, it marked a decline of 11.3% in sales volume.

According to the research data analyzed and published by Sijoitusrahastot, Toyota sold 336,036 hybrid vehicles in 2020. That marked a 22.7 year-over-year (YoY) increase in the segment that accounted for 16% of Toyota’s total sales.

Based on a BloombergNEF report, passenger electric vehicle sales shot up from 450,000 in 2018 to 2.1 million in 2019. However, in 2020, there was a slump sending the total down to 1.7 million.

Total Electric Vehicles Worldwide to Reach 8.5 Million in 2025

Though hybrid vehicles have been around for two decades, they are making a gradual resurgence. Volkswagen posted sales totaling 190,500 in the hybrid segment for 2020, a 175% increase over 2019. For BMW, sales under the category totaled 148,000, up by nearly 40% from the previous year. Daimler’s Mercedes Benz sold 160,000 hybrids and fully electric vehicles, a 228.8% increase YoY.

In China, the top EV market globally, sales soared by 8% YoY to reach 1.3 million according to SP Global. In December alone, there was a 50% surge to 248,000 unit sales. SP Global projects that in 2021, EV sales in China could increase by 40% to 1.8 million units.

Comparatively, the total EV sales are set to rise by 4% to 26 million. Europe saw EV sales in the first ten months reach 500,000, compared to 354,000 in the whole of 2019. In Norway, EVs accounted for 54.3% of the country’s total car sales in 2020.

By 2025, BloombergNEF projects that EV sales globally will reach 8.5 million. The global penetration rate is set to rise from 2.7% in 2020 to 10% by 2025, 28% by 2030 and 58% by 2040.

China will continue dominating the global EV market with sales capturing a 54% share in 2025. But the figure will decrease to 33% by 2040 as worldwide adoption increases.