Gas-Powered Car Sales To Top 70 Million, Dwarfing EVs

Facebook Tweet LinkedIn

Research firm Counterpoint issued a document titled “BEV Sales to Hit 10 Million in 2024; Hybrids Growth to Beat BEVs, ICE to Decline.” It did not point out that almost 90 million cars are sold worldwide, meaning that nearly 70 million are gas-powered. If it were not for the success of EVs in China, the ratio would have been much worse, giving environmentalists reason to be optimistic but not by much.

BYD To Top Tesla –China’s Role

China will continue to account for most of the EV sales for some time. The researchers wrote, “China will dominate BEV sales with over 50% global share until 2027.”

One point the authors made is optimistic. The sharp growth of EVs in Europe and the US will start next year. This will only happen if Chinese cars, both inexpensive and high-quality, are sold in these regions. Tariffs will keep that from happening. Alternatively, consumers would have to overcome the widespread impression that EVs are expensive, their ranges are too short, and there is a lack of charging stations.

Africa Sales

Another prediction is that EV growth will rise quickly because of sales in Africa, the Middle East, Australia, Southeast Asia, and New Zealand. EV market share in these regions must soar to change the EV market worldwide. Their overall car markets are modest enough to be contributors. Africa may have 1.2 billion people, but auto ownership penetration is not near what it is in the US and Europe.

The sunset of the gas-powered engine is years away.