After the rapid record growth in 2023, the electric car boom in Austria is slowing down somewhat for the time being. Sales of purely electric vehicles (BEVs) in the first quarter of 2024 showed a slight decline of four percent compared to the same period last year for the first time since the beginning of 2023. However, the worldwide ramp-up of electromobility continues unabated. This is shown by the “Electric Vehicle Sales Review” from PwC Autofacts and Strategy&, PwC’s global strategy consultancy.
55 percent: Tesla reports biggest decline in profits since 2012
Global electric car market continues to grow
For the analysis, PwC evaluated the new registration numbers in 20 selected markets worldwide. The global electric car market increased by 19 percent in the first quarter of 2024 compared to the same quarter of the previous year. This means that it grew significantly faster than the overall market, which recorded an increase of four percent. Due to continued growth, both pure electric vehicles (Battery Electric Vehicle (BEV) and plug-in hybrids (PHEV) achieved record market penetration levels for the first quarter.
The global market share of BEVs was twelve percent, PHEVs had seven percent. PHEVs and hybrids are currently experiencing a second spring. In the first quarter of 2024, they overtook the pure electric vehicles with global growth jumps of 57 percent (PHEVs) and eleven percent (hybrids).
Opportunities and obstacles for 3D printing for electric cars
Austrians are cautious about BEVs
But in Austria there was a slight decline in BEV sales. A total of around 10,800 purely electric vehicles were newly registered in the first quarter. This corresponds to a market share of 17 percent of the entire electric car market. Last year’s growth, however, was much stronger. In the first quarter of 2023, BEV sales rose by 57 percent. PHEVs also recorded a three percent decline in the first quarter of 2024. Hybrids increased by 18 percent – and at 24 percent they account for the highest market share in the electric vehicle market.
“After an impressive growth trajectory with record values and penetration into the mass market in 2023, we are currently observing a slight decline in purely electric vehicles in Austria. Due to the sharp increase in the cost of living and persistent inflation, consumers have become more cautious, although the subsidies for electric cars have been extended in this country, in contrast to other countries such as Germany and France. “Nevertheless, in addition to a faster expansion of the charging infrastructure, stronger incentives are needed to prevent an even more drastic drop in demand,” explains Johannes Schneider, partner at Strategy& Austria.
accilium: “The transformation of mobility is unstoppable”
BEV market is also sputtering in Germany
In contrast, growth continues in other European markets. In France, BEV sales increased by 23 percent compared to the same quarter last year, and in Great Britain by eleven percent. With a total of more than 84,000 BEVs sold, Great Britain overtook Germany as the previous leader. However, due to the currently stuttering German BEV market (-14 percent) as well as subdued BEV sales in Spain (-16 percent) and Italy (-19 percent), the five largest European sales markets Germany, Italy, Spain, Great Britain and France overall More combustion engines are sold than electric cars again. The reason for the collapse in BEV demand is, among other things, missing or reduced purchase premiums and incentives.
“European car manufacturers continue to be under pressure from several sides. On the one hand, the electrical transformation is sluggish in important domestic markets, but at the same time the Chinese OEMs are attacking exactly there, which can hardly be prevented in the long term even through tariffs. The European manufacturers can only counter with convincing vehicles. German car manufacturers in particular have now understood that they not only have to defend the luxury segment, but also have to score points in the high-volume entry-level segment,” says Schneider. “For this balancing act to be successful, reliable framework conditions are needed. This is the only way companies can plan and master the technology transition.”
Tesla: Dark forecast for 2024 and beyond
Tesla Model Y remains the front runner
The world‘s best-selling battery-powered electric car is still the Model Y from Tesla. In the first quarter of 2024, around 21,000 of these were sold on the European market (Germany, France, Spain and Italy), around 97,000 in the USA and around 100,000 in China. The top three most popular BEV models in Europe also include the Peugeot E-208, which climbed five places with around 11,000 vehicles sold, and the Tesla Model 3 with 10,000 sold.
China remains the undisputed key driver of the global mobility transition. According to the study, total e-car sales grew by 31 percent in the first quarter of 2024, significantly faster than the overall market, which grew by six percent.