More than one million PHEVs sold in first quarter
The global PHEV and REEV market continues to flourish, with combined sales in all analyzed markets surpassing the one million mark for the first time in any first quarter. China registered 69.6% of those sales, after enjoying PHEV and REEV sales growth of 76.7% in the first quarter of 2024 compared with the same period last year. In the United States, PHEV sales increased 69.7% in Q1 2024 vs. Q1 2023. Sales of hybrids also grew significantly in the US, up by 45.7%.
As Europe expands its domestic BEV production to counter this competitive threat from China, it is inevitable that the EU trade balance will be negatively affected, at least in the short term. As discussed in our Analyst Insight section, the EU imports almost all the raw materials and components required for battery manufacture, as well as most of its cell production equipment.
Top findings
- BEV growth is slowing down, while PHEVs are celebrating a comeback and growing by almost 57% globally
- China remains by far the biggest driver of the e-car market, while the USA is gaining momentum thanks to the PHEV boom
- BEV sales in Germany slump by 14% in the first quarter of 2024, with the UK overtaking it as the largest European sales market
- Europe could become a net importer of car parts and battery cells as early as 2025
Electric vehicle sales data
France, Germany, Italy, Spain, and UK
BEV sales in the top 5 European markets grew by 1.6% in first quarter of 2024 when compared with the same period last year. Looking beneath this headline figure, we see very different performances in the constituent countries. BEV sales grew in France and the UK by 23.0% and 10.6% respectively, but fell in Germany, Spain and Italy by 14.1%, 16.4% and 18.5% respectively.
Prior to this quarter, trends in France, Germany and the UK were broadly following a similar trajectory. However, the market shares in Q1 revealed a significant gap – 17.9% in France and 15.5% in the UK, but only 11.7% in Germany. Indeed, for the first time, the UK overtook Germany in the absolute number of BEV sales (84,000 vs. 81,000 in Q1 2024).
Other European markets
The only significant BEV sales growth in the other European markets in the first quarter of 2024 was registered in the Netherlands, which saw an increase of 19.3% from the same period last year. BEV sales in Sweden, Norway and Austria all fell, while Switzerland enjoyed only a marginal increase.
The PHEV and hybrid segments were responsible for the bulk of EV sales growth in the United States in the first quarter of 2024, up by 69.7% and 45.7% respectively from the corresponding period last year. By contrast, BEV sales increased by just 7.0%.
The hybrid market share now stands at 8.6%, bolstered by a broad product offering and by consumers’ growing willingness to make a cautious first foray into the EV market. Almost one in five vehicles (18.0%) sold in the United States are now EVs – either BEV, PHEV or hybrid.
China
Domestic BEV sales in China increased by 14.8% in the first quarter of 2024 in comparison with the same period in 2023. However, this growth is dwarfed by the rise in the PHEV market, where sales continued to flourish, up by 76.7% from Q1 2023. The total EV market grew by 31.2% in Q1 2024 YoY, whereas the ICE market declined by 4.3%.
Japan
Japan’s BEV sales decreased by 30.1% in Q1 2024 vs. Q1 2023. BEV market share stands at just 1.3%. The EV market is almost completely dominated by the sale of hybrids, whose market share has now grown to 63.9%.
South Korea
BEV sales in South Korea fell by 29.5% in Q1 2024 in comparison with the same period last year. The hybrid market, however, continued to perform strongly, up by 40.9% YoY to secure a market share of 29.6%.
About the „Electric Vehicle Sales Review“ by PwC and Strategy&
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the first quarter of 2024.
Steven van Arsdale also contributed to this report.
