New pattern of global electric vehicle market: China is far ahead, growth in Europe and the United States is showing weakness

According to news on June 19, although the global plug-in electric vehicle market continues to expand, the growth distribution shows an uneven trend. Recent data shows that the three major markets of China, Europe and North America have shown completely different growth trends.

According to electric vehicle research organization Rho Motion's latest report shows that in the first five months of this year, global sales of plug-in cars have exceeded 5 million, a year-on-year increase of 20%. Especially in May, global sales reached 1.3 million vehicles, a year-on-year increase of 20%. However, digging deeper into this growth figure, we find that China has become the main driver of growth. In the first five months of this year, China's plug-in electric vehicle sales surged 31% year-on-year, with growth as high as 36% in May alone.

At the same time, the market performance in Europe (covering the European Union, the European Free Trade Association and the United Kingdom) appears relatively sluggish. According to the editor's understanding, from January to May, sales of plug-in electric vehicles in Europe only increased slightly by 4%, and in May, sales fell by 9% year-on-year. In the North American market, total sales in the United States and Canada only increased by 5% from January to May, and also showed a downward trend of about 3% in May.

Although China occupies a pivotal position in the global plug-in electric vehicle market, its market share exceeds 50% and is growing rapidly. In comparison, the markets in Europe and North America are not only smaller, but their growth has stalled. The reasons behind this are multiple and complex, including the weakening of European subsidy policies and the severe challenges of the overall economic situation.

The market situation this year has become more complicated due to adjustments to trade policies. Europe has imposed higher tariffs on Chinese pure electric vehicles, up to 38.1%, while the United States has previously raised tariffs from 25% to 100% and canceled the US$7,500 federal tax credit for imported electric vehicles. These moves undoubtedly bring more uncertainty to the market.

Rho+Motion further pointed out that the increase in tariffs will directly lead to an increase in the price of electric vehicles imported from China, which will undoubtedly have a negative impact on the popularity and popularity of electric vehicles and may even hinder the realization of the world's established climate goals. In the current global trade environment, how major markets adjust their strategies and respond to challenges will be a key factor in determining the future direction of the plug-in electric vehicle market.

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