US loses ground to China and Europe in EV transition
The US is the world’s second largest automotive market for light vehicles (LVs). However, due to a variety of factors, EV uptake within the country has stalled. This is according to JATO Dynamic’s latest report, ‘In the slow lane: EV demand in the US’, which analyses the reasons for lower levels of demand, and how the nation’s transition to electric could play out over the long term.
Global sales of battery electric vehicles (BEVs) increased rapidly between 2019 and 2023, soaring from 1.6% to 11.2% of global LV sales. However, the US has failed to keep pace with China and Europe in the switch to electric. China remains the main driver of growth, accounting for more than half of global demand for BEVs, while Europe follows in second place with 22% of global demand. In contrast, the US accounts for just 12% of global BEV sales.
