The global PEV (BEV/PHEV) market for the full year 2024 is expected to exceed 15 million units, up 30% from the previous year.

The expansion is likely to be driven by the Chinese market, which is expected to grow due to the Chinese government’s automobile replacement support program announced in April 2024. By country/region, China is expected to increase by 50% to approximately 11 million units, the United States by 10.0% to 1.55 million units, and Western Europe by 5.7% to 2.75 million units.

In the U.S., in addition to the addition of new products, the market is expected to be boosted by factors such as a possible elimination of tax credits (up to $7,500) for electric vehicles due to Trump’s victory in the presidential election campaign, which emphasized the relaxation (or elimination) of environmental regulations, which has led to a rush demand in some sectors. In Western Europe, the UK’s introduction of the ZEV mandate (ZEV regulations) has highlighted the fact that the BEV market is growing, but demand is not keeping pace with the EU’s tightening environmental regulations.

After 2025, government support measures may continue in China, and the overall global PEV market (approximately 18 million units, up 10-20% over the same period) is expected to maintain its expansion trend.