E-Vehicels: China slowdown hinders global BEV growth
Largest European markets to lead the battery-electric vehicle charge in 2024
From: Strategy&, PwC’s global strategy consulting business
(PwC is member of CNBW)
China slowdown hinders global BEV growth
Battery Electric Vehicle (BEV) sales in all twenty analyzed markets increased by 26% in the third quarter of 2023 in comparison with the same period last year. But if it were not for waning growth in the Chinese market, that figure would be considerably higher. That is because China heavily dominates the global BEV market. Indeed, Chinese BEV sales accounted for two thirds of sales in all analyzed markets in the third quarter of 2023. BEV sales growth in China has been slowing for several months, in large part due to a weakening economic outlook, and is now significantly lower than just two years ago.
Indeed, BEV sales growth was higher than total powertrain sales growth in the period in question in all analyzed markets, with only one exception – South Korea. Some of the recorded gaps between BEV sales growth and overall powertrain sales growth were very substantial – for example, 62% vs. 17% in the USA, and 59% vs. 18% in Germany. PwC Autofacts recent study of market trends suggests that this strong BEV sales performance will continue, with projected growth of 35% in all analyzed markets in 2024.
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