Global Electric Vehicle Sales Increased by 25%, While in Canada They Fell by a Third
The automotive industry’s transition to electrification has proven more challenging than expected due to shifting customer preferences, regulatory challenges, and specific market needs. Although the growth rate of electric vehicle sales has slowed somewhat, they continue to gain popularity and capture a larger market share.
Global Sales Statistics
North America Lags Behind
According to Rho Motion, 1.3 million BEVs and PHEVs were sold in North America this year, which is only 6% more than last year. For comparison, growth in Europe is 31%, in China — 25%, and in the rest of the world — 44% (approximately 1 million units).
Canada is holding back the development of the entire region: after the suspension of the government iZEV rebate program at the beginning of the year, electric vehicle sales in the country fell by a third. In contrast, the U.S. is experiencing growth, especially in August, due to the upcoming expiration of the federal electric vehicle tax credit on September 30.
Coexistence of Global Trends
In August, global sales of BEVs and PHEVs increased by 15% compared to the same period last year, but this is the lowest figure since January. A total of 1.7 million such vehicles were sold in August, which is 5% more than in July.
China, the world’s largest electric vehicle market, is also showing a slowdown: sales increased by only 6% compared to August 2024, which is below expectations. Last year was distorted by unusual growth in July and August due to an expanded trade-in program for new energy vehicles, so the current figures look more modest.
The difference in dynamics between regions highlights the importance of government support and local conditions for the success of electric vehicles. The performance of Canada and the U.S. shows how sensitive the market is to changes in legislation and incentives. At the same time, even with the slowdown, the overall upward trend indicates that electric vehicles continue to establish themselves as the future of transportation, despite temporary obstacles.