Joe Biden and Kamala Harris have been named TIME magazine's Person of the Year

In a package making the announcement, TIME editor-in-chief Edward Felstenthal said: "Person of the Year is not just about the year that was, but about where we're headed, and the next four years are going to be an enormous test of them and all of us to see whether they can bring about a unity."

Every elected US president as been named Person of the Year during their term, although the vice president has been added this year due to the nature of their victory.

Incumbent president Donald Trump had the honour in 2016, while Barack Obama was named Person of the Year in 2012.

Reflecting on the election results, Biden said: "This moment was one of those do-or-die moments.

"Had Trump won, I think we would have changed the nature of who we are as a country for a long time."

Meanwhile, Harris added: "We're at a moment where we will be confronted by many crises that have converged. We're talking about a public health crisis, we are in the midst of an economic crisis, a long-overdue reckoning on racial injustice, and a climate crisis.

"We got a lot of things that we need to handle, and we will multitask to address them all."

The Person of the Year honour is not regarded as an award, but rather a marker of who TIME's editors consider to be the most significant historical figure.

Last year, teenage climate change activist Greta Thunberg was on the cover.

For 2020, the likes of BTS (Entertainer of the Year) and LeBron James (Athlete of the Year) have also been recognised.

Assa Traore and racial justice organiser were named Guardians of the Year, while Zoom founder Eric Yaun was recognised as Business Person of the Year, and Dr. Anthony Fauci was named Guardian of the Year.