Source: Gasgoo Author: Song Mingxuan
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According to Reuters, global sales of pure electric vehicles and plug-in hybrid vehicles are expected to grow by 31% in 2023, down from 60% in 2022, according to market research company Rho Motion. In addition, Rho Motion said that global electric vehicle sales hit a new record of 1.5 million units in December 2023.
Charles Lester, Rho Motion’s data manager, said, “The rate of growth [in the electric vehicle market] is slowing, but that’s to be expected in a growth market.” He said, “It’s not likely to double every year.”
Lester said global vehicle market sales in 2023 are largely in line with Rho Motion’s forecast of a 30 % increase. And in 2024, the agency predicts global vehicle market sales will grow by 25 to 30 %.
Stellantis’ Citroën eC3 ; Image source: Stellantis
In terms of power type, pure electric vehicles account for 9.5 million of the 13.6 million electric vehicles sold globally in 2023, with plug-in hybrids making up the rest. In terms of countries, pure electric vehicle sales are growing by 50 % in the US and Canada, in addition to 27 % and 15 % in Europe and China, respectively.
After years of rapid growth, some automakers are worried that demand for electric cars in Europe and elsewhere will weaken as buyers wait for better, smaller, and cheaper models that may take another two to three years to come out.
Lester said Germany decided to end subsidies for electric cars last year, which he believes could affect electric vehicle sales in Europe by 2024.
Rho Motion says that only 8% of European electric vehicle sales are currently small cars, but that will start to change with the introduction of smaller models such as Stellantis’ Citroën eC3, which is expected to go on sale this year.
