Analysis and Studies - Products analysis
Electric Motor Vehicles: import and export
February 2nd 2023
Electric vehicles (EVs) were first invented in the late 19th century and they are now seeing a rise in popularity.
The first known practical electric car dates back to 1835, when two Dutchmen, Sibrandus Stratingh and Christopher Becker, built an electric motor that powered a small model car. Then, in 1859, batteries that could be recharged came along, making the electric car idea more viable.
Despite becoming more popular and widespread in the late 19th century, EVs were overtaken by the introduction of the mass-produced gasoline-powered car, the Model T. Renewed interest in electric vehicles sparked between the 1960s and the 1970s, thanks to oil prices and gasoline shortages.
Today, these vehicles are becoming increasingly popular due to their efficiency and environmental friendliness. Powered by an electric motor instead of an internal combustion engine, EVs are more cost-effective than conventional cars, as they require less maintenance and also offer tax incentives in some areas. In addition, although their battery lives can be limited, they are considered reliable and they are becoming more accessible.
In 2020, electric motor vehicles were the 66th most traded product of the world, with a total trade of $33.2B and representing 0.2% of total world trade.
In the same year, the top exporters were Germany ($8.1B), United States ($5.25B), South Korea ($3.83B), Belgium ($3.71B), and France ($1.93B), while the top importers were Germany ($4.48B), United Kingdom ($4.36B), Norway ($3.1B), France ($2.5B), and Netherlands ($2.49B).
Between 2019 and 2020, the exports grew the fastest in Germany ($4.36B), South Korea ($1.48B), Slovakia ($1.43B), Spain ($1.02B), and Czechia ($967M), while the fastest growing importers were United Kingdom ($2.83B), Germany ($2.78B), France ($1.41B), Belgium ($614M), and Japan ($560M).
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