Plug-in Electric Vehicle Sales
Source Research:
The EV Market Slowdown
Summary
This chart presents a forecast for passenger Plug-in Electric Vehicle (PEV) sales from 2024 to 2034 in the following regions: North America, Asia-Pacific, Western Europe, and the rest of the world. Notably, it shows that the Asia-Pacific region is forecasted to lead in EV sales, with significant growth expected across all regions.
Worldwide EV Market Forecasts
ABI Research forecasts 16.84 million EV sales worldwide in 2024, a 21% Year-over-Year (YoY) growth over 2023. By 2034, annual EV shipments are predicted to approach the 63.4 million mark, spurred by faster charging technologies and government low-emission vehicle mandates.
Spotlight on China
Our analysts report that Asia-Pacific is by far the top region for EV sales, accounting for 66% of total EV shipments in 2024 (11.18 million units in Asia-Pacific). By 2030, this market share will still be a dominant 54%, but Western Europe will cut into that market share (26% by 2030). After a slow start to 2023, China's EV market has picked back up: 38% more EVs were sold in 1H 2023 than in 1H 2022.
A significant contributor to this is the EV price war started by Tesla, which has seen OEMs slash their prices. As of August 2023, a Tesla Model 3 starts at CNY231,900 (US$31,900), down from CNY279,000 (US$41,700) in August 2022. BYD discounted its models by up to 10%, and NIO cut prices by CNY30,000 (US$4,200) across its lineup. This, as well as a new extension of tax breaks for EVs that will last until 2027, has led to the forecasts for Chinese EV sales being revised upwardly (see how BYD overtook Tesla as the world’s EV market leader in this blog post).
Learn more in the report.
