Electric Vehicle (EV) Markets: A Review of the First Half of 2024
The first half of 2024 has seen significant developments in the global electric vehicle (EV) market. Let’s take a closer look at the performance of various EV markets around the world during this period.
China Dominates New EV Volumes
China continues to lead the way in terms of new EV volumes. With nearly 4.3 million plug-in deliveries in the first six months of 2024, the country maintained its position as a key player in the EV market. Battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) accounted for 43% of the market, with BEVs alone making up 25% of sales. The BYD Song emerged as the top-selling EV in China, with over 292,000 registrations. However, internal competition within the OEM could pose a challenge to its future success.
Tesla’s Dominance in Europe and North America
In Europe, over 1.4 million new EV deliveries were recorded in the first half of 2024. The Tesla Model Y emerged as a top performer in the region, driving the EV market forward. Despite a 26% year-on-year decline in deliveries, the Model Y still outperformed other models. In North America, Tesla also took the lead with the Model Y recording some 188,000 registrations. Overall, the North American market saw a 12% year-on-year increase in EV registrations, with EVs claiming a 9% market share.
Varying Success in Different Markets
Japan struggled to gain traction in the EV market, with volumes falling by 10% year on year. South Korea saw a mixed first half, with EVs taking a 7% market share. Australia recorded a 23% growth in plug-in deliveries, with Tesla models leading the way. Brazil witnessed triple-digit growth in EV registrations, with BYD models dominating the market. India, Thailand, and Israel also saw positive results in their respective EV markets.
Small Markets with Big Potential
Turkey, the United Arab Emirates, Malaysia, Indonesia, and Russia all recorded significant growth in EV deliveries in the first half of 2024. These markets show promise for future electrification efforts. Mexico emerged as a leader in Latin America, with BYD, Tesla, and Volvo driving plug-in progress. Taiwan and New Zealand experienced contrasting fortunes, with Taiwan seeing a 39% increase in EV volumes while New Zealand faced a decline due to fluctuating EV purchase incentives.
Stability in EV Policies is Key
The importance of stable EV policies is evident in markets like Germany, the Netherlands, and New Zealand. Without consistent support and incentives, EV markets can experience irregular growth cycles that hinder the progress of electrification efforts.
Overall, the first half of 2024 has been a dynamic period for EV markets worldwide. As countries continue to invest in EV infrastructure and technology, the future of electric mobility looks promising.
