Global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose 31% in 2023, down from 60% growth in 2022, Reuters reports. “The pace of growth is slowing, but that’s what’s expected in growing markets like this,” Rho Motion data manager Charles Lester told Reuters. "You can’t double every year."
Sales forecast
Lester said global EV sales last year were largely in line with the 30% growth Rho Motion had forecast. For 2024, the firm forecasts global EV sales growth of between 25% and 30%. Sales in December hit a monthly record of 1.5 mn units.
Vehicle Type Distribution
Fully electric or battery electric vehicles (BEVs) accounted for 9.5 mn out of the 13.6 mn EVs sold around the world in 2023, with PHEVs accounting for the rest.
Regional Analysis
After years of accelerating growth, some automakers fear electric car sales in Europe and elsewhere could be heading for slowing demand as drivers wait for better, smaller and cheaper models that are two to three years down the road. BEV sales jumped 50% in the U.S. and Canada and grew 27% and 15% in Europe and China respectively.
Sales in Europe in 2024 could be affected by Germany’s abrupt decision last year to drop EV subsidies. Rho Motion said only 8% of Europe’s BEV sales were in the smaller car segment, though that should start to change with the arrival of smaller models like the Citroen eC3 from Stellantis (STLAM.MI) that is due to go on sale this year.
Central Asian countries car sales
Uzbekistan
In Uzbekistan, passenger car sales were reported at 153,750 units in December 2022. This records an increase from the previous number of 138,377 units for December 2021. The market volume of passenger cars in Uzbekistan is projected to reach $4.5mn in 2024.
Kazakhstan
In Kazakhstan, new vehicle registrations were at 17,330 in October 2023. Year-to-date (YTD) figures at 151,432 were up 57.2% from the previous year.
Kyrgyzstan
In Kyrgyzstan, the projected revenue in the Passenger Cars market for the year 2024 is estimated to reach $86.1mn. The market is anticipated to experience an annual growth rate (CAGR 2024-2028) of 16.1%, resulting in a projected market volume of $156.6mn by 2028.
Turkmenistan
In Turkmenistan, the projected revenue in the Passenger Cars market for the year 2024 is estimated to reach $142.6mn. Looking ahead, the market is expected to experience a steady annual growth rate (CAGR 2024-2028) of 13.13%.
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