Islamabad, Oct 15: Global EV Market Share Declines Slightly Amid Drop in Sales. For many years, there has been a steady increase in the demand for electric vehicles, or EVs. However, this pattern has slightly changed as of 2024.
The Alliance for Automotive Innovation reports that the first half of this year saw the first-ever dip in EV sales in the U.S. market, with a little decline in the market share of completely electric vehicles. Even though the drop was only 0.1%, it nevertheless caused Lucid and other companies to cut employees.
Despite this, sales of EVs have increased for some manufacturers, such as Ford, while sales of conventional internal combustion engine (ICE) vehicles have decreased. Although the Global EV market is still robust, it is getting harder as demand declines and competition rises.
Growth in the Past and Current Decline
Over time, electric vehicles have advanced significantly. Less than 1% of new cars sold in the US were electric vehicles (EVs) in 2016, but by 2023, that percentage had increased to about 8%. The first half of 2024 saw a minor decline in the overall market share of EVs, which put a stop to this continuous growth.
Causes of the Decline
This change in demand can be attributed to three primary factors:
1.High Costs: As the price of used EVs continues to decline, many purchasers are concerned about the initial cost of EVs.
2.Political Uncertainty: Future government actions that may have an impact on the EV business are uncertain due to upcoming elections.
3.Infrastructure for Charging: Another expanding problem is the scarcity of rapid-charging facilities. More drivers are concerned about charging accessibility and driving range as EV usage rises, which could deter prospective purchasers.
