Europe is the slowest-growing region for electric vehicle (EV) sales in the first half of 2024, according to the latest update from Rho Motion, a leading research house in the EV market.
Globally, EV sales reached nearly seven million units in the passenger car and light-duty vehicle segment from January to June 2024, marking a 20% year-over-year increase. Battery electric vehicles (BEVs) comprised 65% of these sales, with plug-in hybrid electric vehicles (PHEVs) making up the remaining 35%.
Snapshot of EV Sales (January – June 2024 vs January – June 2023):
- Global: 7.0 million (+20% y-o-y)
- China: 4.1 million (+30%)
- EU, EFTA & UK: 1.5 million (+1%)
- USA & Canada: 0.8 million (+10%)
- Rest of World: 0.6 million (+26%)
Charles Lester, Lead EV Data Analyst at Rho Motion, stated, “The global EV market can take comfort in the 20% growth shown in the first half of the year, but the regional disparities are quite remarkable. Europe’s 1% growth compared to China’s 30% needs swift course correction if targets are to be met in the Western region.”
Regional Highlights:
Europe (EU, EFTA & UK):
- 1.5 million EVs sold in H1 2024, a mere 1% increase compared to H1 2023.
- Germany saw a 9% decline in sales, while France and the UK experienced growth of 8% and 13%, respectively.
- Italy set a record for EV sales in June 2024 with nearly 20,000 units sold, yet overall sales have dropped by 11% this year.
China:
- Chinese EV sales grew the fastest among major regions, with 4.1 million units sold in H1 2024, a 30% increase from the same period in 2023.
- PHEVs have regained popularity, comprising 41% of the market share, driven by increased availability and strong sales from manufacturers like BYD.
USA & Canada:
- The EV market in the USA and Canada showed positive signs in Q2 2024 after a slow start.
- GM’s BEV sales rose by 34% in Q2 compared to Q1, with Ford and Honda also introducing new models and ramping up production.
Lester also noted the resurgence of PHEVs, which accounted for over one-third of global EV sales, highlighting a shift in consumer preferences and market dynamics.
