Electric cars: collapse in Europe, stagnation in the USA, uncertain growth in China

The market for electric cars is experiencing a complex and uneven phase globally. A recent study by Unimpresa highlights how Europe is witnessing a significant contraction, while the United States is showing stagnation. China, on the other hand, is the only one showing growth, although with significant fluctuations.

Collapse of the electric car penetration rate in Europe

According to data collected by the Unimpresa Study Center, the European electric car market has seen a dramatic decline. After a positive peak in August 2023, with an 8.5% increase in the penetration rate, the market saw a rapid drop, reaching a worrying -5.8% in December of the same year. The beginning of 2024 saw a slight recovery, followed by another decline that brought the penetration rate to -1.9% in May.

United States: A stagnant market

In the United States, the situation of electric cars is equally critical. Starting with a penetration rate of 2% in January 2023, the market has progressively stabilized near zero, with a slight deterioration in May 2024 (-0.2%). This stagnation highlights a lack of innovative drive and insufficient incentives to support the sector.

China: Growth but with ups and downs

In China, the situation is different but not without challenges. The penetration rate of battery vehicles showed a 2% growth in May 2024, although lower than in previous years. After reaching a peak of 5% in February 2023, the Chinese market saw a series of fluctuations, highlighting the need for stronger strategies to sustain growth.

An uncertain future without a national strategy

Unimpresa’s Vice President, Giuseppe Spadafora, emphasizes the lack of a national strategy in automotive, criticizing the absence of a long-term vision. According to Spadafora, it is essential to incentivize research and development in small businesses and review tax credits to support a sustainable transition not only towards electric but also towards other innovative solutions.

The future of electric cars seems uncertain without targeted interventions and a strategic vision. Share your opinion on this topic by leaving a comment in the form below.