Global demand for electric vehicles is accelerating at a rapid pace

A new report released by the International Energy Agency shows that the growth trend in the electric vehicle market is primarily limited to the United States, as reported by Zamin.uz.

In other regions of the world, interest and demand for these modern means of transport are rising in uneven waves. By the end of last year, over 20 million electric vehicles were delivered to owners worldwide, capturing a quarter of the total automotive market.

In particular, growth rates in China have reached record levels, while trade volume in Latin American countries increased by 75 percent. In the United States, however, the situation remains somewhat complicated and unstable.

Here, the market share of electric vehicles has stalled at around 10 percent. Experts assess this situation as development in two directions: in some countries, the sector is experiencing rapid growth, while in others, a decline is being observed.

The slowdown in the U.S. market is attributed to the reduction of tax incentives and various restrictions imposed on Chinese automobile manufacturers. These conditions are creating serious difficulties for newly established companies and prompting major brands to reconsider their operational approaches.

The majority of electric vehicles sold in the Chinese market are cheaper than those running on traditional fuel, which has become a key factor driving the market. Chinese manufacturers are not only strengthening their positions domestically but also in Southeast Asian and European countries.

For example, in Thailand, electric vehicle prices in recent years have nearly matched those of conventional cars. This disproves the notion that new technologies are inherently expensive for developing countries.

Despite this, such rapid growth rates may slow down slightly in the future. Chinese exporters have delivered more products to foreign markets than demand required, which could lead to an accumulation of unsold vehicles in dealerships.

Moreover, many countries are considering introducing new customs duties on inexpensive imported electric vehicles to protect their domestic producers. Such measures could influence international trade relations and price formation in the years to come.