Global sales of fully electric and plug-in hybrid vehicles (PHEVs) increased by 31% in 2023, down from 60% in 2022, according to market research firm Rho Motion.

“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.”

Lester said global EV sales last year were broadly in line with Rho Motion’s prediction of 30% growth. The business predicts a 25% to 30% increase in global EV sales in 2024.

Rho Motion reported that sales in December reached a monthly record of 1.5 million devices.

Fully electric or battery-electric cars (BEVs) accounted for 9.5 million of the 13.6 million EVs sold globally in 2023, with PHEVs accounting for the remainder.

After years of rapid growth, several automakers fear that electric vehicle sales in Europe and worldwide could stagnate as buyers wait for better, smaller, and less expensive vehicles two to three years from now.

BEV sales increased by 50% in the United States and Canada, while growing by 27% and 15% in Europe and China, respectively.

According to Lester, Germany’s unexpected decision last year to phase out EV incentives may have an impact on European sales in 2024.

According to Rho Motion, only 8% of Europe’s BEV sales were in the smaller car class, but this should improve with the introduction of smaller models such as Stellantis’ Citroen eC3, which will go on sale this year.

(Adapted from BusinessToday.in)

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