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EV Sales Suge Globally, US Market Sees Significant Growth

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Bloomberg NEF reported that in the fourth quarter of 2023, 4.4 million electric vehicles (BEV+PHEV) were sold globally, marking a 40% increase from the previous year and totaling 13.7 million units. This constitutes 18% of the total number of passenger cars sold worldwide.

In the US, approximately 1.3 million battery electric vehicles were sold last year, reaching a market share of 9%. While this is roughly half the global ratio, it represents an increase from the previous year’s 7%. According to data from S&P Global Mobility, the number of registered battery electric vehicles in the US in 2023 surged by 52%, with the market share rising from 5.7% in 2022 to 7.7%.

Bloomberg NEF predicts that over 16 million electric vehicles will be sold worldwide this year. Despite mentions of slowing sales growth, the growth trend continues, and the global auto industry’s penetration rate is expected to exceed 20% this year.

However, the US government, which initially aimed to boost the market share of electric vehicles from 8% in 2023 to 54-60% in 2030 and 64-67% in 2032, has contemplated easing this target to 50% by 2030 since last February.

The US is currently in an election season, and policy changes during this time can be influenced by various factors. Trump cannot easily declare abandonment of the plan due to support from the Sun Belt, where many electric vehicle and renewable energy companies are located. Trump hinted at this during a campaign event on April 2nd. However, reports in the domestic media suggesting that he would eliminate electric vehicle subsidies were a misunderstanding of his remarks.

Nevertheless, recent efforts to ease regulations concerning electric vehicles have faced considerable criticism as hindering protectionist trade initiatives centered in the US. Consequently, numerous European and Korean automotive companies are establishing electric vehicle factories in the US, with production expected to commence by the end of this year or early next year. These investments have spurred calls for a more assertive shift towards electric vehicles.

In 2019, the US Energy and Clean Air Research Center estimated that approximately 5% of the country’s annual GDP is spent addressing air pollution. Furthermore, reports suggest that mitigating air pollution can lead to savings in medical costs and trigger positive effects across various sectors.

Hence, it’s crucial to acknowledge that currently, there is no superior alternative to averting climate catastrophe and consistently advancing the transition to electric vehicles.

globalautonews
content@viewusglobal.com

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