Global EV market goes K-shaped as the U.S. gets left behind
The global electric vehicle (EV) market is thriving, with sales surpassing 20 million units last year, particularly in China and Latin America. In contrast, the U.S. market is stagnating, holding only about 10% market share due to policy changes and competition from Chinese automakers. The K-shaped growth trend indicates that while some regions flourish, others, like the U.S., face significant challenges.
- ▪EV sales globally exceeded 20 million units last year, capturing 25% of the market.
- ▪Sales in the U.S. are stagnant, with EVs holding around 10% market share.
- ▪Chinese automakers have significantly driven EV sales growth in various regions, including Southeast Asia and Latin America.
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All that doom and gloom about the state of the electric vehicle market? That’s just an American problem. The rest of the world can’t get enough EVs, according to a new report from the International Energy Agency. EV sales surpassed 20 million units last year, capturing 25% of the global market. Growth was highest in China and market share in other regions has also been picking up pace. In Latin America, for example, sales grew by 75%. Meanwhile, sales in the U.S. are stagnant, with EVs hovering around 10% market share. The EV market has gone K-shaped, and automakers of all stripes — legacy and startup — had better pay attention. Sales figures in the U.S.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at TechCrunch.
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