Global EV Sales to Keep Rising This Year
Bloomberg analysis breaks down market predictions, saying the U.S. is a tough call.
Bloomberg predicts that U.S. EV sales will grow to 13% of new-vehicle sales to nearly 1.9 million units, though it says politics could complicate the growth.
IMAGE: Pexels/Kindel Media
Bloomberg forecasts global electric-vehicle sales, including plug-in hybrids but 70% fully electric, to jump 21% this year to 16.7 million, taking a 20% share of all vehicle deliveries, 14% of that purely electric.
It said that despite legacy automakers pulling back on EV production from earlier ambitious targets, all-EV producers are expanding production and will capture a growing share of the worldwide market.
China will continue to be a big player, selling nearly six in 10 EVs, though Bloomberg expects its growth to slow “due to market saturation in the wealthier regions and tougher economic conditions overall.”
It acknowledged that the U.S. market “is the toughest to call” due to some legacy brands saying EV demand is flagging while EV market leader Tesla continues to have success and other traditional automakers forge ahead.
Bloomberg predicts that U.S. EV sales will nevertheless grow to 13% of new-vehicle sales to nearly 1.9 million units, though it says politics could complicate the growth, particularly political polarization’s affect on public dialogue and news coverage of EVs.
The report calls out China-based BYD as a brand to watch, saying it has the “right portfolio” of affordable EVs for emerging markets. Legacy automakers’ EV options skew toward expensive models, and high prices have been one of the top reasons American consumers give for sticking with gas-powered models.
Originally posted on Auto Dealer Today
More Showroom
New-Vehicle Prices Stay Put
Affordability pressures and model availability shaped new-vehicle sales in September, according to an analysis by Kelley Blue Book.
Read More →
EV Buyer Consideration Shifts
What drives American consumers to purchase an electric vehicle is shifting as the question moves away from Should I?' to 'Which features and experience do I want to have?'
Read More →
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →