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Electric cars are not taking off: collapse of the Italian market in January (-56%) and global growth lower than expected

13,6 million electric cars sold in 2023 (+34% compared to 2022) but below the estimates at the beginning of the year. The electric car market is struggling to take off due to various factors. Italy brings up the rear in Europe. But even in the United States and Japan the electric car boom is just a mirage. Will the new incentives be enough to reverse the trend?

Electric cars are not taking off: collapse of the Italian market in January (-56%) and global growth lower than expected

In January 2024, the Italian automotive market records a positive start with 141.946 cars registered (+10,6%) but the sales of electric cars instead, they suffer a heavy burden crollo with only 2.947 vehicles registered, a 56,6% decrease compared to the previous month and 11,6% compared to January 2023. The market share of electric cars drops to 2,1% (compared to 6,1% in December 2023), causing us to slide down in the ranking of the main markets.

Il circulating park of car completely electrical thus reaches the 222.711 unit. I will be enough new incentives to revive the fortunes and relaunch the electric car sector? Meanwhile, waiting for the refinancing in March, they are already gone current incentives for thermal cars have run out (petrol-diesel) with emissions between 61 and 135 g/km of CO2.

In 2023, more than 13 million electric cars will be sold worldwide

Also atglobal level It cannot be said that the situation is rosy. In 2023, electric vehicles have seen significant growth, with 13,6 million units sold, (+34% compared to 2022) conquering 16% of the global market (9,5 million were full electric cars and 4,1 million plug-in). Positive numbers but, according to EV-Volumes.com analysts, lower than the forecasts at the beginning of the year. There are several factors that have led to a lower market share: firstly the China performed below expectations, as did Europe following stimulus cuts in Germany, the UK and Sweden. Even in North America, the pace of growth has slowed, as confirmed by GM CEO Mary Barra last week.

China is the first market for electric car volumes

La China remains the main market for electric cars, with almost 6,2 million vehicles sold (+23,4% compared to 2022) and a share of 23,8%. The market is not uniform across the country: in megacities such as Beijing, Shanghai and Chongqing it reaches 41,2%, while it drops to 32,8% in large cities such as Hangzhou and Shenzhen and to 26,6% in smaller ones.

The electric vehicle boom in China began in the second half of 2022, with the market share doubling to 21,3% from 12,7% in 2021. As a result, theobjective of the Chinese government of reaching a 20% share of electric and plug-in cars by 2025 has been brought forward by three years.

It is precisely thanks to the electric car market that China has also become the top vehicle exporter in 2023.

Electric car: the European market, Italy brings up the rear

THEEurope ranks as the second world market for electric cars, with just over 2 million vehicles sold (+26,8%) and a market share of 16%, two percentage points more than in 2022. In the Old Continent, the situation varies considerably. TO Northern countries dominate sales: Norway reaches 82% (105 thousand units), followed by Sweden and Denmark at 39% and 36% respectively (112 thousand and 63 thousand units). In Germany, fully electric cars represent 18% of the market, with 524 thousand units sold. However, the German market suffered a heavy 23% collapse in sales in December due to a judgment of the German Constitutional Court.

Il Portugal, despite a lower per capita income than Germany, records the same share of 18% (but with 36 thousand units). In French, electric cars make up 17% of sales, with 298 vehicles, despite nuclear energy dominating the sector. Even in UK the market share is 17%, with 315 thousand units sold. In Spain, sales of electric cars grew by 69%, reaching 52 thousand units and a market share of 5,4%.

And theItaly? Our country is among the five main European markets is placed in the queue with an electric car market share of 4,2% and just over 66 thousand registrations. The slowdown in electric car sales in Italy is attributed to not only at the higher prices of battery-powered cars, which cost at least 30% more than petrol vehicles, but also to the delays accumulated by politicians and governments in implementing adequate incentives to promote the adoption of electric vehicles.

Electric car: volumes at 7% in the United States, flop in Japan

In United States, the share of electric cars exceeded 7%, with a total of 1,1 million vehicles sold (+48,7%). However, the diffusion of battery-powered vehicles still remains slow throughout the vast American territory, with enormous disparities between states, often linked to lifestyle and disposable income. California dominates the scene with over 20% market share, followed by Oregon and Washington State, while Colorado and on the Atlantic coast New York and Virginia record a share between 15% and 20%. In almost all Central States, however, the share often stands below 5%.

The situation in Japan is very different, one of the most industrialized and technologically advanced countries. In the Land of the Rising Sun, the share of electric cars is stuck at 1,7% of the market, with less than 89 thousand units sold, even lower than that of a developing country like India, which reached 2,1% last year. .80.000% (almost XNUMX vehicles). This is mainly due to the preference of Japanese manufacturers (Toyota first and foremost) for hybrid and hydrogen cars, who have never really been convinced of full electric as the only solution to reduce global warming.

To explain this is AkioToyoda, president of the Toyota Group: “I am convinced that the Electric cars are one of the most important technologies to reduce global warming, but not the only one. Thanks to the introduction of hybrids 20-30 years ago, Japan is the only developed country to have reduced CO2 emissions by 23%. The important thing is not which technology to switch to because our enemy is carbon and we should all think about how to reduce its emissions." Toyoda claims that, despite the progress of electric cars, they will reach a maximum market share of 30% with the remaining 70% being occupied by hybrid and hydrogen cars.

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