U.S. EV Market Grows, Still Just 11% of Global EV Market
As the global automotive industry pivots towards a more sustainable future, the U.S. electric vehicle (EV) market has shown remarkable growth in 2023, a trend that analysts expect to continue in the coming years.
In 2023, U.S. EV sales saw a notable increase, reaching 1.6 million units, up from the 1.1 million sold in 2022. This uptrend is projected to persist into 2024, with sales forecasted to hit 1.9 million units, representing a significant 13% of the new-car market. Interestingly, this growth trajectory seems resilient, even in the face of stricter federal tax-credit rules.
Despite these positive national trends, the U.S. still trails behind on the global stage, accounting for just 11% of worldwide EV sales. The global market is anticipated to grow by 21% in 2024, with a staggering 70% of these sales expected to be all-electric vehicles.
China has been the primary driver of this global surge, with its EV sales jumping from 6.1 million in 2022 to 8.2 million in 2023. Meanwhile, Europe’s growth, though still positive, is predicted to be more modest. The variation in EV adoption across different economies highlights a diverse landscape of growth and opportunities.
Back in the U.S., the rising trend in EV sales is an encouraging sign of a slow but steady shift towards electrification. However, the increase in EV sales comes alongside the growth of the gasoline fleet, underscoring the complex and evolving nature of the automotive market.
As we move into 2024 and beyond, it will be interesting to see how the U.S. positions itself in this global shift towards electric vehicles and how it navigates the challenges and opportunities that lie ahead in the electrified era of transportation.
Article courtesy of EVANNEX.
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