Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (February 2024)

Electric vehicle sales in February decrease 0.7% y/y to 681,000 units

2024/03/27

Share of electric vehicles (BEV/PHV/FCV)

  This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 15 countries, including 12 major countries, which account for approximately 83% of global car sales, and three Nordic countries (*Note).

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  12 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy, Thailand

  3 Nordic countries: Norway, Sweden, Finland

  These 15 countries account for about 90% of global electric vehicle sales.

 

 (Note 1) Aggregated on March 22, 2024
              Some corrections have been made to past vehicle data.
              Thailand has been added to the total from January 2024.
              The sales volume (shipment volume) for China are aggregate figures excluding exports.
              Share figures are based on the number of units in thousands.

 (Note 2) Reasons for high electrification rates in Nordic countries
              1. The population’s environmental awareness has always been high.
              2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
              3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
              4. A wide range of electric vehicle models is available.

 

  Sales of electric vehicles in the 12 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (15 countries in total) totaled 681,000 units in February. Year-over-year (y/y), the number of units sold decreased by 0.7%, while sales decreased by 24.2% compared to the previous month (m/m). The share for the single month of February was 16.5%, down 2.5 points from the previous month. Overall vehicle sales fell 4.8% in February compared to the same period last year, and electric vehicle sales were down as well. Cumulative sales for the January to February period increased 28.5% y/y to 1.580 million units, accounting for 17.8% of total vehicle sales.

  Hybrid vehicle (HV) sales in February were 313,000 units, reflecting an increase of 6.1% y/y (down 9.3% m/m). The market share of HVs did not decline as much as that of EVs (electric vehicles), and is on a relatively gradual upward trend, increasing 0.3 points from the previous month to 7.6%. Cumulative HV sales for the January to February period increased 15.2% y/y to 658,000, accounting for 7.4% of total vehicle sales.

  In February, there was movement in Europe related to the development of electric vehicle charging infrastructure. On February 5, the UK Government announced a “Plan for Drivers” to support electric vehicle drivers. This is a subsidy for the purchase and installation of recharging equipment, and is available for installation in state-funded schools and other facilities. On February 14, Ireland announced subsidies for expressways and divided highway networks for the development of electric vehicle charging infrastructure.

 

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