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Sluggish EV Sales: An Unsettling Trend in Europe and the U.S.

The Digital Artisan

Aug 30, 2024 — 1 min read

Registrations of battery electric vehicles (BEV) continue to see a declining trend across the European continent. The European Automobile Manufacturers' Association reported a drop in BEV's share of the EU car market from 13.5 percent the previous year to 12 percent in July. This decline is attributed to a decrease in new BEV registrations by 10.8 percent. Despite gains in certain countries, the overall shrinkage, particularly a noticeable drop of 36.8 percent in Germany, seems to worry the stakeholders.

Sluggish EV Market Growth in the U.S.

A similar trend is observed in the U.S. EV market as well. A less optimistic scenario is emerging after J.D. Power lowered its sales forecast for EV growth, dropping from a previously projected 12 percent to 9 percent. Despite this slower growth rate, J.D. Power's prediction for the future of the EV market in the U.S. remains somewhat positive. According to their forecasts, EV sales would account for 36 percent of the country's market in 2030 and rise above 50 percent by 2035.

UK's BEV Registrations and Manufacturing

The UK, however, saw a somewhat encouraging scenario with a 10.5 percent increase in BEV registrations year on year. The manufacturing end, though, observed a drop by 18.6 percent year-on-year in July in electrified (BEV, PHEV, and HEV) vehicle manufacturing. Overall, the UK car production recorded a decline of 14.4 percent. The Society of Motor Manufacturers and Traders attributes these changes in the UK largely to model changeovers and supply chain challenges.

Barriers to EV Adoption

Experts suggest that range, access to charging points, and the cost to purchase an EV are the key barriers that are influencing buyers' decision-making process. The slowdown in EV sales suggests that customers who could afford electrified vehicles and had access to charging infrastructure might have already made their purchasing decisions. For remaining customers, switching to an electric car is a costly affair, and the decision seems to be deferred increasingly.

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BEV Registrations and Market Share in Europe