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Sales growth of electric vehicles (EV) is falling while hybrid growth is increasing, according to data analytics firm Euromonitor International.
 
Sales of EVs are rising with 16 million electric vehicles forecasted to be sold worldwide in 2024, up from 14 million last year. There is a total stock of 54 million electric cars in 2024, which represents 3.9% of all cars available globally. China has the biggest EV market in the world and Chinese EV brands continue to excel while other electric manufacturers are struggling. Six of the top 10 brands globally are expected to be Chinese manufacturers.
 
In the UK, the second largest EV market, sales of EVs are growing with 500,000 sales in 2024. EVs had a 22% share of new light vehicles sales and a 49% share of SUV and Crossover sales in the UK this year.
 
“EV sales have slowed because of challenges around lack of affordability and too few charging points for EV cars,” said Fransua Razvadauskas, insights manager, automotive and mobility at Euromonitor International. “There is also less EV appetite among the mass market, and consumers are worried about safety issues regarding battery fires.”
 
Razvadauskas said battery EVs had forecasted a 7.2% decline in Western Europe in 2024 while China’s plug in hybrid EV sales had seen growth of 67% over the same period.
 
According to Razvadauskas, there is no doubt consumers are preferring to buy hybrid vehicles with concern around the low range of travel related to EVs and the availability of charging points. Many manufacturers are scrapping their EV targets and selecting a more eclectic mix of powertrains.
 
Razvadauskas said that for EVs to be successful, there needs to be a greater choice of small and medium EV cars in the UK as choice could be a route to driving sales. Charging points, while growing, are not keeping pace with EV demand and price is still a barrier to adoption even though EVs have become more affordable.

“The EV industry will continue to grow but share rise is less optimistic,” Razvadauskas concluded.