Are you happy with EV?

That’s something on everyone’s mind. Is it a success, changing the auto industry like a bang? or is it just flop show?

Are we really in the era of EVs? Hybrid electric vehicle or PHEVs? Or even autonomous electric vehicle? As Tesla & BYD are ruling the charts? Do we see really the change in our day to day habits?

The customer survey results and predictions related to hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) in Europe and Asia: – 

According to a report by ResearchAndMarkets, the European HEV and PHEV market is expected to grow at a CAGR of 14.53% during 2020–2025. In 2020, the European Automobile Manufacturer’s Association (ACEA) found that 72% of Europeans believe HEVs and PHEVs are important in reducing CO₂ emissions.

Around 53% of Europeans are considering purchasing an electrified vehicle for their next car.

The China Association of Automobile Manufacturers (CAAM) predicted that sales of new energy vehicles (NEVs), including HEVs, PHEVs, and BEVs, would reach 2 million units in 2021. The actual sales exceeded the prediction, reaching approximately 3 million units by the end of the year.

In China, cities like Chengdu are considered to be changing how to treat PHEVs compared to BEVs. Chengdu hinted at stopping PHEVs from receiving the same preferential treatment as BEVs in terms of road access.

The Chinese Government supports the adoption of NEVs, including HEVs, PHEVs, and BEVs, through various incentives and policies. The focus is also shifting towards BEVs over PHEVs and other zero-emission vehicles.

In the case of Japan, a leader in hybrid technology, it is slower to adopt battery-electric vehicles (BEVs). As per the expert reports in 2021, almost 3 years ago, BEVs accounted for only 1.5% of total car sales in Japan. The market is growing with increasing sales of zero-emission vehicles (ZEVs) like BEVs and hydrogen fuel cell electric vehicles (FCEVs).

In 2022, a significant rise in ZEV sales was observed in Japan, reaching an all-time high of 92,000 units, representing a 109% year-over-year increase. 

As per expert reports, a continued rise of 37.8% in revenue share by 2032 is achievable. 
In 2022, the EU passenger car market saw a decline of 4.6%, with 9.3 million units registered. According to ACEA, the market share of battery electric vehicles (BEVs) will increase in the EU to 12.1% in 2022, up from 9.1% in 2021. 

However, petrol cars remain the best and most popular, even though the growth in EVs is high. 
In France, 1.5 million new cars were registered, with BEVs making up 13.3% of the market.

In Spain, 813,000 new cars were registered, showing a significant increase in BEV registrations. 
The EU’s fleet of light commercial vehicles grew by 1.2% in 2022. 

In 2023, 26% of new cars sold in France were battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), a significant increase from 17% in 2022.

France saw a record year in EV sales, with 1,774.729 new BEVs and PHEVs.

The government incentives are huge for France, offering various incentives to promote EV adoption, including a green bonus of up to €7,000 for lower-income families.

The EV market in France is expected to generate revenue of $23.6 billion by 2024, with an annual growth rate of 8.75% from 2024 to 2028.

Well, in my opinion, everyone wants it, but nobody knows how to solve the charging issues in the middle of the road. And that’s a major concern. A lack of charging station, with no so economical costs for the people who are able to afford a vehicle for a good life and not for luxuries.

It is still a concern? Don’t you think?

Sources:- ACEA, China Association of Automobile manufacturers, Bolt Earth, asahi, techxplore, IEA, electrek, Statista, European Commission, cnevpost, chinadaily