Electric Car Market Analysis Using Open Data: Sales, Volatility Assessment, and Forecasting

Abstract

In the context of the growing popularity of electric cars, it is important to track the sustainability of this emerging industry. This work presents the results of electric vehicle sales up to and including 2021, proposes volatility assessment and short-term forecasting using normalized monthly sales analysis, and discusses why quantitative long-term forecasting is impossible. In cases where authorities and regulators are the main driving forces of change, the electric car market does not need forecasting, but instead requires proper goal setting and timely published market data with open access.