Worldwide Sales Of Electric Vehicles Increased By 31% In 2023

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Lester stated that last year’s worldwide sales of electric vehicles closely matched the 30% increase predicted by Rho Motion. For 2024, the company anticipates a rise in global EV sales of approximately 25% to 30%.

In 2023, the global market for fully electric vehicles and plug-in hybrid vehicles (PHEVs) saw a 31% increase in sales, a notable decrease from the 60% growth observed in 2022, as reported by Rho Motion, a market research firm. Charles Lester, Rho Motion’s data manager, noted that a slowdown in growth rate is a typical phenomenon in expanding markets, emphasizing that it is unrealistic to expect sales to double every year.

Lester further highlighted that the sales figures for electric vehicles (EVs) in the previous year aligned closely with Rho Motion’s prediction of 30% growth. Looking ahead to 2024, the firm anticipates a growth rate for global EV sales to be between 25% and 30%. December witnessed a record-breaking month, with sales reaching 1.5 million units, according to Rho Motion.

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In the breakdown of the 2023 sales figures, fully electric or battery electric vehicles (BEVs) constituted a significant portion, with 9.5 million units out of the total 13.6 million EVs sold worldwide, leaving PHEVs to make up the remainder.

Despite the past rapid growth, there is a looming concern among some automakers about a potential slowdown in the demand for electric cars in Europe and other regions. This apprehension stems from consumers possibly delaying their purchases in anticipation of future models that offer better features, smaller sizes, and more affordability, expected to be available in two to three years.

In a regional sales analysis, BEV sales in the U.S. and Canada surged by 50%, while Europe and China saw increases of 27% and 15%, respectively. However, the sales trajectory in Europe for 2024 might face challenges due to Germany’s unexpected decision to end EV subsidies the previous year.

Rho Motion’s data also reveals that only 8% of BEV sales in Europe were from the smaller car segment. This trend is expected to shift with the upcoming launch of smaller models, such as the Citroen eC3 from Stellantis (STLAM.MI), slated for release this year.

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