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Why are BEV & PHEV sales growth rates decreasing globally?

In our August Trends to Watch Report, we identified that BEV & PHEV sales will continue to grow, but at decreasing rates with variations by region and subtypes.

Yet, Elon Musk once claimed demand for BEVs is 'infinite,' so why so much variability?

We have reached 'the chasm'.

In the U.S. and EU markets, the industry has reached “the chasm.” It’s an inflection point where technology spreads beyond the early market consumers to the majority of mainstream consumers. But selling to the mainstream is harder. As a group, mainstream consumers are less tolerant of tech glitches, less wealthy and more pragmatic as they may only have one car.

The challenge for OEMs is to offer an affordable BEV that is the equal of an ICE vehicle in range and cost of ownership yet is profitable to build.

Wards Intelligence ranked 25 global automakers to see who is bridging the chasm to electric vehicles and who is going off a cliff. To access this report, as well as our other leading electrification data and intelligence services, subscribe to Wards Intelligence.

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Adam Ragozzino covers the rapid advancements in electric vehicle batteries and electric powertrains at Wards Intelligence.

His expertise includes critical mineral trends, chemistry trends, battery technology and electric motor technology.

Have a question on any of these topics that could do with an expert answer? Contact WardsAskAnAnalyst@informa.com.

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