Data shows international electric vehicle sales slowing
Date
1/15/2024 7:34:12 AM
(MENAFN) Sales of fully electric and plug-in hybrid vehicles (PHEVs) are showing signs of deceleration on a global scale, marking a notable shift in the dynamics of the electric vehicle (EV) market.
According to data from market research firm Rho Motion, the growth rate of EV sales slowed to 31 percent in the past year, down from the robust 60 percent expansion witnessed in 2022. While global EV sales surpassed the 10 million mark in 2022, with China contributing significantly, the recent data reveals a more tempered pace of growth.
Rho Motion's data manager, Charles Lester, highlighted that the slowdown is a natural progression in growing markets like the EV sector, stating, "You can't double every year." The research firm had projected 30 percent growth for global EV sales in 2023, and the actual figures align closely with this estimate. Looking ahead to 2024, Lester anticipates a growth rate ranging between 25 percent and 30 percent.
Despite the overall slowdown, December 2023 marked a milestone with a monthly record of 1.5 million EV units sold globally. Notably, battery electric vehicles (BEVs) accounted for the majority of sales, comprising 9.5 million out of the 13.6 million EVs sold during the year, while PHEVs made up the remainder.
However, concerns are emerging among automakers as the market matures. Some fear a potential slowdown in demand in Europe and other regions as consumers hold off on purchases, anticipating the arrival of more advanced, compact, and affordable EV models in the coming years. The article also highlights specific challenges in the European market, such as Germany's abrupt decision to discontinue EV subsidies, which could impact sales in the region.
As the global EV landscape evolves, industry observers are closely monitoring these shifts in market dynamics, considering their implications for future growth and the ongoing transition toward sustainable transportation.
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