Due to some reasons like rapid charging stations, the uncertainty of elections, capital costs and more EV sales declined globally. Electronics vehicle sales are slowing down worldwide due to various impacts, as noted by Goldman Sachs, an investment management firm.

The firm noticed some reasons behind the sales decline such as capital costs, shortage of rapid charging stations, and uncertainty of elections.

According to sales data analyzed by Kelley Blue Book, a vehicle valuation and automotive research company, Americans purchased more than 2 Lakh new electronic vehicles in the first quarter of 2024. In Q1, the EV sales percentage of all new car sales was 7.3%, competitively down from Q4 2023.

It is noticed that the sales decreased 15.2% from Q4 2023 but increased 2.6% year over year in Q1. Likewise, new car sales in Europe slowed down in March for the first time this year due to a drop in EV registrations and the timing of the Easter holidays.

But it is different in India…!!!

At the same time, India is witnessing a high graph in sales of electronic vehicles. It is noticed that the market crossed 1.7 million units in the fiscal year 2024, according to a report by JMK Research & Analytics.

Passenger vehicle sales in India is increased by 10% YoY in 2023, however, the country’s sales of EVs doubled to make up 2% of total PV sales.

According to the market research firm, Counterpoint Research, the country's EV sales are anticipated to rise by 66% in 2024, and their market share in the passenger car segment will double from 2% to 4% in 2023. Additionally, it predicts EV sales will be one-third of all PV sales in India.