Return to Uzone News Portal
Uzone.id – The growth in electric car demand persisted in the first three months of 2024 and increased by about 25% compared to the same period in 2023 and exceeded 3 million.
This growth rate is quite the same as it experienced in the same period before 2023 compared to 2022.
The major portion of the increase was witnessed in China which sold nearly half a million electric cars in the reference period as compared to the first quarter of 2023.
According to the data presented in the Global EV Outlook 2024 by the IEA, sales more than doubled in the ‘rest of the world’, that is, in the segment beyond the EV market leaders, which proves the intensification of the trend toward the formation of electromobility in an increasing number of countries.
Close to 1 million Chinese have died from December of last year up to March of this year alone thanks to their government’s actions toward the novel coronavirus. Nearly 9 million electric cars were purchased in China during this year which was 35% higher than the uptick recorded in the first quarter of 2023.
NEV sales alone in the Chinese market were above 40 percent of total auto sales for the first time last month as per the retail sales data released by the China Passenger Car Association.
This is based on the fact that sales of plug-in hybrid electric cars increased more as compared to the sales of pure battery electric cars in the year 2023.
Specifically, this year saw a 75% YoY growth rate in sales of plug-in hybrid electric cars in China, while the growth rate of battery electric car sales was only 15%, though the latter’s figures began at a lower level.
In Europe, in the first quarter of 2024, she tested more than 5% year-by-year growth, slightly higher than the car sales growth rate hence keeping the share of EV sales at the same level as the year 2023.
Belgium recorded the highest increase in the number of electric car sales with approximately 6o000 cars thus a 35% increase from the previous year. Though, Belgium only accounts for less than 5 percent of total European car sales. In the major European markets including France, Germany, Italy, and the United Kingdom (accounting for almost 60 percent share of the new car registrations in Europe) the sales of electric cars were relatively lower.
In France, total passenger EV registrations have risen about 15% in Q1 of the year with BEV increasing its market more prominently than PHEV. This is lower compared to half the level achieved in the same period last year but overall total sales remained higher which led to a small share of EVs in the total automobile sales.
Thus, the UK also experienced a similar year-on-year increase in the sales of EVs which crossed the 15% mark similar to that of France and was almost at par with the corresponding period of last year.
For instance, battery electric car subsidies in Germany end in 2023, and since then electric car sales dropped by almost 5% in Q1 2024 with the majority of this decline resulting from a 20% first quarter to first quarter plunge in March. Consequently, it can be stated that the share of EVs in the total number of sold cars is slightly less than a year ago.
Like in the case of China, PHEVs accounted for more sales as compared to BEVs in Germany as well as in the UK. Italy market: the sales of electric cars in the first three months of 2024 were 20% lower than the corresponding period in 2023, while the decline was mainly in the PHEV segment.
Nonetheless, this trend could be altered by introducing new schemes and incentives for consumers, and if Chinese automakers, Chery were able to capture the attention of the Italian populace when it officially launched its operations in the latter part of this year.
Said region’s first-quarter sales stood at about 350,000 units, around 15 percent above that of the same period of last year. As in other significant markets, the PHEV sales increase was even more significant and reached 50%.
Thus, while the percent of BEV sales in the United States has fallen a little over the past few months, that of PHEV sales has risen.
The competition remained relatively low for electric vehicles, although sales’ first months of 2024 indicated significantly higher growth in this segment than in cars as a whole.
The popularity of electric cars has rapidly grown, in Brazil for instance, sales rose to almost 400% increase in January and February and in Vietnam, it rose even to over 700% increase in the same months. Sales rose by over 50per cent in the first quarter of 2024 in India.
Last year the market share of electric cars was a little low whereas in the first quarter of this year, it normally touches 15-20% of the annual sales of cars all over the world. From such patterns in conjunction with policy drive and the seasonalities that are inherent with EV sales, it is foreseen that EV sales could touch about 17 million in 2024.
That is good news for the emerging market, as the sales of cars in 2024 are expected to outpace those in 2023 by more than 20%, and the share of electric vehicles is expected to be more than one-fifth of total car sales.
All of these numbers suggest that electric vehicles are on an upward trend in most of the world’s markets.
