According to a recent report by investment management firm Goldman Sachs, the global growth rate of EV sales is declining. The company outlined the reasons for the slow growth rate of EV sales, noting that capital expenses, election uncertainty, and a lack of fast-charging stations are the main causes of this decline. The car valuation and automotive research firm Kelley Blue Book found that in the first quarter of 2024, Americans bought over 2 lakh new electric vehicles based on sales data. Compared to Q4 2023, EV sales as a percentage of all new car sales decreased to 7.3 percent in Q1. Annual EV sales are still increasing, albeit at a noticeably slower rate.
Sales in Q1 2023 climbed 2.6 percent year over year, but declined 15.2 percent from Q4 2023. According to the research firm mentioned above, the gain from the previous quarter was noticeably less than that of the previous two years.
EV Sales in the Indian Market
According to a survey by JMK Research & Analytics, India continues to see a strong spike in EV sales, with the market surpassing 1.7 million units in the fiscal year 2024.
In 2023, India’s sales of passenger vehicles grew by 10% YoY, while sales of electric vehicles (EVs) more than doubled to account for 2% of all PV sales in the nation. Hybrid electric vehicle (HEV) and plug-in hybrid electric vehicle (PHEV) sales are increasing despite the slow demand for EVs. As the article stated, growth in the US has surpassed EVs in recent months.
Sales of new electric vehicles in the European Union (EU) decreased to 134,397 units in March, an 11.3 percent decline. The biggest market in Europe, Germany, saw a 29% decline in EV sales, which was the main reason for this dip. The nation’s electric vehicle (EV) sales are expected to increase by 66% in 2024, and their market share in the passenger car category will double from 2% to 4% in 2023, predicts Counterpoint Research. It also forecasts that EV sales will account for one-third of India’s PV sales.
