The E-mobility market in 2023 was full of ups and

Amit
Amit 1/30/2024 8:01:35 AM

The E-mobility market in 2023 was full of ups and downs across major markets. The passenger car EV market grew by around 32%, a fall from 57% growth in the previous year. Most EV sales are concentrated in three key markets—China, Europe, and the United States. In China, NEV market share crossed 36% of total vehicle sales in 2023 with a gradual growth. In Europe, EV Sales increased to around 18.5% of total vehicle sales in Q1, fell to 13% in Q2, recovered to 15% in Q3 and 17% in Q4 2023. In the US, EV Market share increased to ~8% from 5.8% in 2022. Following this trend, demand for EVs is expected to continue growth in 2024, but at a slower rate.

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