Global sales of new e-cars (EVs) rose by a quarter on an annual basis. Their expansion is driven by the fact that they are now cheaper in China than conventionally powered models.
E-cars are successful in the global market
The global electric car market may grow significantly this year. The latest report from the International Energy Agency (IEA) points out that the market is also being pressured by battery price fluctuations, high inflation, and the gradual elimination of subsidies that encourage the purchase of EVs. However, 25 percent more e-cars were sold worldwide in the first quarter of this year than in the same period last year.
Global sales of electric vehicles are predicted to reach 17 million in 2024. In other words, 3 million more can be lost than last year. However, 10 million of these sales may be realized in China. By the way, according to the IEA, 45 percent of the world’s new car sales will be in Asian countries this year, 25 percent in Europe, and 11 percent in the United States. And 18 percent of all cars sold can be electric.
Affordability compared to traditional vehicles remains vital for sector growth, the report stresses. However, in China, electric cars are now cheaper than conventionally driven ones.
In addition, the IEA highlights the need for a rapid and significant expansion of the charging infrastructure.
Used e-models are much more expensive than conventional cars
Otherwise, based on the latest data from Használtautó.hu, internal combustion engines continue to dominate the Hungarian used car market over e-cars. Their higher demand can be explained primarily by the significantly lower prices.
True, the popularity of purely electric cars is constantly increasing. In fact, they now receive more attention than hybrid models.
For example, based on the portal’s 2023 data, their 518,000 petrol and 400,000 diesel car ads received a total of more than 5 million phone calls. In contrast, a total of 58,000 for the nearly 29,000 electric cars and 24,000 hybrids.
It is clear that, due to the size of buyers’ wallets and the resulting price sensitivity, cars with traditional engines are still preferred. The average price of an electric or hybrid car older than 10 years can be more than twice the average price of a gasoline or diesel car older than 10 years. And for models younger than 10 years, we still see a multiplier of one and a half times
– we quoted András Horváth, the site’s expert, recently.
