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The global electric vehicle (EV) market is set to witness a substantial growth of 29 per cent, reaching 13.7 million units in 2023, according to the latest research from technology market analysts Canalys.<\/p>\n
This surge would equate to an impressive 17.1 per cent penetration rate. Canalys predicts China to maintain its position as the largest EV market, shipping 7.6 million units and commanding a substantial 55.5 per cent market share.<\/p>\n
Moreover, Canalys forecasts the global EV market to experience a remarkable 27.1 per cent growth in 2024, reaching a total of 17.5 million units.<\/p>\n
Additionally, China is expected to lead the way in terms of the final figures for 2023, with Europe (3.2 million units) and North America (1.8 million units) following closely as the second and third largest markets, respectively.<\/p>\n
To boost consumer demand, the report explained, car manufacturers are intensifying efforts in localising EV production.<\/p>\n
They are tailoring EV models to fit specific regions and markets, while also enhancing the overall EV user experience by developing charging infrastructure and intelligent services ecosystems.<\/p>\n
Despite the positive outlook, carmakers face challenges related to cost-effectiveness and subsidy reductions. Addressing these issues is crucial for sustained growth in the EV sector.<\/p>\n
With the Chinese government prioritising sustainable economic development and vehicle consumption, Canalys projects light vehicle sales in China to grow by 1 per cent in 2024, reaching 22.7 million units.<\/p>\n
In this regard, EVs are expected to play a significant role, reaching 9.1 million units and constituting 40 per cent of total sales.<\/p>\n
Reductions in battery costs are anticipated to further drive Battery Electric Vehicle (BEV) sales, particularly in the compact and subcompact vehicle market.<\/p>\n
Plug-in Hybrid Electric Vehicles (PHEVs) are also expected to gain market share due to their cost-effectiveness and adaptability.<\/p>\n
\u201cAppealing new EVs were launched at the end of 2023, setting the stage for 2024,\u201d said Alvin Liu, Analyst at Canalys.<\/p>\n
\u201cEVs are the core growth driver for the vehicle market in China,\u201d Liu added, noting that \u201cEVs from Chinese carmakers, which are expected to take up 78 per cent of the market in 2024, are pulling ahead, widening the user experience gap compared to internal combustion engine (ICE) vehicles\u201d.<\/p>\n
Furthermore, Liu explained that \u201cthe latest battery technologies and improving infrastructure address charging anxiety\u201d.<\/p>\n
The Canalys analyst mentioned that the creation of various charging ecosystems, referencing NIO\u2019s Battery Swap Alliance as an example, along with Mercedes-Benz and BMW\u2019s Super Charging Network and Lotus\u2019s Flash Charging Alliance, will further fuel the growth of BEVs\u2019 market share.<\/p>\n
\u201cHowever, maintaining a growth rate of over 50 per cent this year is impossible as EVs have reached a critical mass and convincing the remaining EV sceptics will be a growing challenge,\u201d Liu concluded.<\/p>\n
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The global electric vehicle (EV) market is projected to grow by 29% in 2023, reaching 13.7 million units with a penetration rate of 17.1%. China is expected to remain the largest EV market with 7.6 million units and a 55.5% market share. In 2024, the global EV market is forecasted to grow by 27.1%, reaching 17.5 million units. China is predicted to lead in sales for 2023, followed by Europe with 3.2 million units and North America with 1.8 million units. Car manufacturers are focusing on localizing EV production, tailoring models to specific regions, and improving charging infrastructure and services. Challenges in the EV sector include cost-effectiveness and subsidy reductions. China’s light vehicle sales are projected to grow by 1% in 2024, with EVs accounting for 40% of total sales at 9.1 million units. Battery cost reductions are expected to drive sales of Battery Electric Vehicles (BEVs), especially in the compact and subcompact segments. Plug-in Hybrid Electric Vehicles (PHEVs) are also anticipated to gain market share. Analyst Alvin Liu from Canalys stated that new EV launches at the end of 2023 will propel growth in 2024, with Chinese carmakers expected to dominate the market with a 78% share in 2024. Improvements in battery technology and infrastructure are addressing charging concerns. Charging ecosystems like NIO’s Battery Swap Alliance, Mercedes-Benz and BMW’s Super Charging Network, and Lotus’s Flash Charging Alliance are expected to support BEV growth. However, maintaining a growth rate over 50% is considered impossible as the market reaches critical mass and convincing remaining EV skeptics becomes more challenging.<\/p>\n","protected":false},"author":3,"featured_media":2860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[186,189,486,3,201,250,415,187,34,188],"class_list":["post-2859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-business","tag-businesspick","tag-china","tag-cyprus","tag-europe","tag-google","tag-government","tag-international","tag-markets","tag-tech-science"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n