The electric vehicle (EV) market is experiencing notable shifts in dynamics, as the growth in EV sales slows while hybrid vehicles gain momentum, according to Euromonitor International. In 2024, global EV sales are expected to reach 16 million, up from 14 million in 2023, with a total stock of 54 million EVs worldwide, comprising 3.9% of all cars. While China leads the global EV market with six of the top ten EV brands, the UK follows as a strong market, recording 500,000 EV sales this year and notable penetration in light vehicles and SUVs. Despite these positive figures, challenges such as affordability and charging infrastructure limitations hinder faster EV adoption.
According to insights from Fransua Razvadauskas at the London EV Show, consumer hesitations surrounding EVs stem from high costs, insufficient charging networks, and safety concerns related to battery fires. These barriers have dampened enthusiasm, especially in the mass market. In Western Europe, battery EV sales are forecasted to decline by 7.2% in 2024, whereas China has seen a 67% surge in plug-in hybrid EV sales. This trend highlights a growing preference for hybrids, as they address key consumer concerns like range anxiety and charging availability, prompting many manufacturers to shift their focus to a diverse powertrain portfolio.
To sustain EV market growth, Razvadauskas emphasized the need for greater diversity in affordable small and medium-sized EV models, improved infrastructure, and continued price reductions. While the EV industry is projected to expand, the pace of its market share increase appears less promising. Hybrids, offering a middle ground, are filling the gap as EV adoption progresses, signaling a more cautious and varied transition toward electric mobility.
