Igniting the Future: February 2024 Electric Mobility Industry News(I)

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As the global automotive landscape undergoes a remarkable transformation, the surge in EV adoption continues to reshape markets worldwide. From the staggering growth of EV sales in the United States, where figures have soared by an astonishing 385% since 2019, to the milestone achievements seen in the United Kingdom and Malaysia, the momentum towards sustainable mobility is undeniable. Moreover, as governments around the world, such as in the United Arab Emirates, strategically plan for the future of EV infrastructure, it’s clear that the electric revolution is not only imminent but accelerating at an unprecedented pace.

National flag of America

US EV Sales Skyrocket by 385% Since 2019, ICE Vehicle Sales Drop 14%

US BEV&ICEV sales trends-2023 vs. 2022,2021,2019

Comprehensive Reports on US Auto Industry Trends:

  • Exclusive reports cover various aspects, including top automakers’ internal EV share, overall EV market share, growth of the US EV market, trends in auto brand sales, EV market share trends, and model-by-model EV sales growth.
  • Detailed analyses are available, providing insights into the industry from 2019 onwards, allowing for comprehensive comparisons and trend identification over time.

New Focus: EV Market vs. ICEV Market:

  • Responding to reader suggestions, a new focus has been introduced, specifically highlighting changes in the Electric Vehicle (EV) market compared to Internal Combustion Engine Vehicle (ICEV) market trends.
  • Core data from automakers over the years, including estimates for brands with lagging data reporting, enables a detailed examination of the EV market’s evolution.

Impactful Findings: EV Sales Outpace ICEV Sales:

  • Regardless of the time period considered over the past four years, EV sales consistently outperform Internal Combustion Engine Vehicle (ICEV) sales.
  • Notable comparisons include 2023 vs. 2022 (47% EV growth vs. 10% ICEV growth), 2023 vs. 2021 (142% EV growth vs. 3% ICEV sales drop), and even during the challenging year of COVID (356% EV growth vs. 1% ICEV growth in 2023 compared to 2020).
  • Long-term analysis reveals a substantial 385% growth in EV sales in 2023 compared to 2019, while ICEV sales witnessed a 14% decline during the same period.
The national flag of the United Kingdom

UK Registers One Millionth EV in January Amid Surging Fleet Demand

EV driving in the snow

UK Auto Market Performance in January:

  • In January, the UK recorded 142,876 new car registrations, marking an 8.2% increase (10,882 units) compared to January 2023.
  • This performance represents the best for the month since 2020 and continues the trend of growth for the 18th consecutive month.

Fleet Market Drives Overall Growth:

  • Larger fleet market saw substantial growth, rising by 29.9%, contributing to 63.2% of new car registrations.
  • Smaller fleets, with fewer than 25 vehicles, experienced a 17.7% decline in demand.
  • Combined larger and smaller fleet registrations increased by 28.8% to 92,632 units from 72,355 in January 2023.
  • Private retail uptake, however, decreased by 15.8%.

Milestone in BEV Registrations:

  • The UK achieved a significant milestone with a total of one million Battery Electric Vehicles (BEV) registered since records began.
  • In January, 20,935 BEVs were registered, reflecting a 21.0% year-on-year increase, bringing the total BEV registrations since 2002 to 1,001,677.

Market Share and Challenges for EVs:

  • BEV market share for January grew year-on-year to 14.7%, though below the full 2023 performance of 16.5%.
  • Plug-in hybrids (PHEVs) recorded a 31.1% volume growth, capturing an 8.4% market share, while hybrid (HEV) volumes fell by 1.2% with a 13.1% share.

Challenges and Industry Recommendations:

  • Private buyer demand for BEVs fell by 25.1%, prompting calls for government-backed incentives.
  • The Society of Motor Manufacturers and Traders (SMMT) urges government support, proposing a temporary halving of VAT on new BEV purchases.
  • Industry outlook estimates a total 2024 new car market volume of 1.974 million units, with BEV market share forecasted at 21.0%.
Flag of Malaysia

Malaysian Government Formulates Strategic Plan for Advancing EV Charging Infrastructure

EV Infrastructure Development in Malaysia:

  • MGTC is crafting a strategic framework for nationwide EV infrastructure development.
  • Streamlining approval procedures is a priority, led by Deputy International Trade and Industry Minister Liew Chin Tong.
  • MARii and the Department of Standards Malaysia collaborate for uniform, safe, and high-quality EV technology adoption.

Policy Boost for EV Adoption:

  • Budget 2022 introduced key incentives, including full exemptions on import and excise duties, road tax, and sales tax for EVs.
  • Budget 2023 proposes additional incentives, aiming to reinforce EV industry growth and installation of charging systems.

EV Progress and Future Plans:

  • Malaysia targets 10,000 public charging stations by 2025, with around 700 stations already operational.
  • Growing EV industry in Southeast Asia, with neighboring countries eyeing regional EV hubs.
  • Initiatives lead to a surge in EV demand, exceeding 3,400 units in the past year, reinforcing the nation’s carbon-neutral goals under the 12th Malaysia Plan.
The national flag of UAE

UAE's EV Market to Surge: Expected to Reach USD 1.77 Billion by 2028

Scenery in UAE

Surging UAE EV Market:

  • The UAE’s EV market has skyrocketed from USD 60.3 million in 2017 to an impressive USD 329.1 million in 2022, demonstrating exceptional growth.
  • Aggressive government initiatives and the entry of esteemed brands such as Hyundai, Toyota, Tesla, BMW, and Mercedes-Benz underscore the UAE’s commitment to combining luxury with sustainable technology.

Government-Led Growth Initiatives:

  • Visionary government initiatives drive growth, including Dubai’s plan for over 1,000 public EV charging stations by 2030 and the RTA’s target for ‘Zero-Emission Public Transportation’ by 2025.
  • Ken Research emphasizes these strategic efforts as pivotal drivers for the flourishing UAE EV market.

Dominant Market Players in UAE:

  • Tesla, Porsche, and Volvo, commanding 80% of the market share, set industry standards in the UAE’s competitive EV market.
  • Ken Research offers in-depth insights into the strategies and influence of these key players in the flourishing UAE market.

UAE Consumer Preferences and Segmentation:

  • UAE consumers exhibit a strong inclination towards 4W (Type 2/3) EVs, claiming over 90% of the market share, signaling a preference for flexible and eco-friendly transportation.
  • AC chargers, favored for compatibility and easy installation, dominate the charging infrastructure in the UAE.

In conclusion, the global trajectory towards electrification is undeniable, with each milestone and strategic initiative propelling us closer to a sustainable future. As EV markets burgeon and governments rally behind ambitious infrastructure plans, the stage is set for a paradigm shift in transportation.

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