Rho Motion, a notable market research company, has reported a considerable hike in global sales of electric vehicles (EVs) and plug-in hybrids in July 2024. According to the data, there was a year-on-year increase of 21% in sales. This hike was primarily operated by sturdy sales in China, even if European markets had a depreciation.
Sales of electric vehicles (EVs) in China hit 0.88 million units in July, a noteworthy 31% rise over the same month last year. Furthermore, during the first seven months of 2024, plug-in hybrid sales in the nation increased by 70%.
One of the biggest producers of electric vehicles in the world, BYD, reported a significant increase in sales. During the same year, the company claimed a 13% increase in sales of battery electric vehicles (BEVs) and a 44% increase in sales of plug-in hybrid electric vehicles (PHEVs).
On the other hand, the European market showed a divergent pattern, with EV sales falling 7.8% in July over the same month the previous year. In the first seven months of 2024, sales of electric vehicles (EVs) fell by 12% overall in Germany, the largest market in the European Union.
Data Manager at Rho Motion Charles Lester discussed the possible effects of temporary tariffs placed on Chinese imports of electric vehicles. He pointed out that MG Motor, which is owned by SAIC Motor Corp. in China, is probably going to be significantly impacted by these actions. Because of its Berlin factory’s manufacturing capacity and BYD’s still-relatively-small European presence, the impact on Tesla and BYD may be less severe.
In the meantime, the North American market showed steady expansion, with EV sales rising 7.1% in July. This shows that the region’s chances of experiencing sustainable growth are still favorable.
This varied pattern of EV sales across various areas highlights the various dynamics and difficulties that the global electric vehicle market faces. Stakeholders are closely observing these developments as the sector continues to change in order to manage the shifting terrain.
Will the Growth Continue?
In 2024, the market for electric vehicles is expected to reach $442.34 billion worldwide, per a recent report by market research firm Fact.MR.
The global electric vehicle market is anticipated to reach a valuation of $1,639.84 billion by 2034, with a compound annual growth rate (CAGR) of 14% predicted by the report between 2024 and 2034.
Growing environmental concerns and technology improvements that have made EVs more useful and efficient are to blame for the spike in EV adoption. Worldwide adoption is being fueled by increased battery life, quicker charging periods, better performance, and expanding charger availability.
