Rho Motion, a prominent market research company, has reported a substantial rise 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 growth was predominantly driven by robust sales in China, although European markets experienced a decline.
In China, EV sales reached 0.88 million units in July, marking a significant 31% increase compared to the previous year. Additionally, plug-in hybrid sales in the country surged by 70 percent over the first seven months of 2024.
BYD, a leading manufacturer of electric vehicles both in China and globally, highlighted a considerable uptick in their sales. The company reported a 13% rise in battery electric vehicle (BEV) sales and a 44% increase in plug-in hybrid electric vehicle (PHEV) sales during the same period.
Conversely, the European market displayed a contrasting trend with a 7.8% drop in EV sales in July compared to the same month last year. Overall, EV sales in Germany—the largest market within the European Union—declined by 12% in the first seven months of 2024.
Charles Lester, Data Manager at Rho Motion, commented on the potential impact of interim tariffs imposed on electric vehicles imported from China. He noted that these measures are likely to have a significant impact on MG Motor, owned by the Chinese company SAIC Motor Corp. However, the effect on Tesla might be less severe due to its production capabilities at the Berlin factory, and on BYD, whose presence in Europe remains relatively limited.
Meanwhile, the North American market demonstrated stable growth, with a 7.1% increase in EV sales in July. This suggests a continuing positive outlook for sustainable growth in the region.
This diversified pattern of EV sales across different regions underscores the varying dynamics and challenges faced by the global electric vehicle industry. As the sector continues to evolve, stakeholders are closely monitoring these developments to navigate the changing landscape.
Will the Growth Continue?
The global electric vehicle market is poised to reach $442.34 billion in 2024, according to a new report from market research firm Fact.MR.
The report forecasts a compound annual growth rate (CAGR) of 14% from 2024 to 2034 with the global electric vehicle market expected to reach a valuation of $1,639.84 billion by 2034.
The surge in EV popularity is down to increasing environmental concerns and the technological advancements that have made these vehicles more practical and efficient. Enhanced battery life, faster charging times, improved performance and growing availability of chargers are driving uptake worldwide.
