The BEV/PHEV passenger car (including SUVs, etc.) market in 45 countries around the world maintained its expansion trend with a year-on-year increase of 34.6% to 12.44 million units in 2023. Although the growth rate slowed from 2021 (2.1 times) and 2022 (52.2%), the market size exceeded 12 million units for the first time. 1) government policies and regulations and 2) early adopters are the two major factors supporting the market expansion.

On the other hand, there are some who are concerned about a slowing trend in the market growth rate. In the European market, the reduction or elimination of purchase subsidies, which had supported market expansion, is becoming more noticeable due to budgetary constraints and other factors. The German market, where subsidies have been eliminated, has already seen a negative impact. In the U.S., the growth rate of the BEV/PHEV market has slowed down significantly, as early adopters, who had been the driving force of the market up to now, are believed to have run their course.

In terms of the market environment, there is still a sense of uncertainty about the future due to the state of EV charging infrastructure and issues such as battery raw material procurement and recycling, but there are some positive factors. Some say that low-cost BEVs will be a game changer, and all eyes are on the market to see if the market growth will once again be on a significant expansionary trend. We will continue to report on the current status of the electric vehicle market and the development of EV charging infrastructure networks in more than 40 countries around the world.