EV Sales Headed for Long-Term Growth

News: Sales

2024-07-15

EV Sales Headed for Long-Term Growth

ALTERNATIVE POWER REPORT

The short-term picture for EV growth is mixed, but long-term prospects look good. EV sales will continue to grow despite the mixed near-term outlook, according to BloombergNEF’s Long-Term Electric Vehicle Outlook (EVO) which indicates that rapidly falling battery prices, advancements in next-gen battery technology, and improving relative economics of EVs with ICE counterparts continue to underpin long-term EV growth globally.

Global passenger EV sales are expected to continue to grow, but at a slower pace in the next few years.

Source: Electrek: Read The Article

PSR Analysis: We have seen articles incorrectly claiming that the EV market is in decline, so it’s a welcome article that lays out clearly why the market is expected to slow but not decline while ICE engines peaked in 2017 and have started a long term decline. PSR

Guy Youngs is Forecast & Adoption Lead at Power Systems Research

2024 Global Motorcycle Market Estimated at $144 Billion

Michael Aistrup

The global motorcycles market size is estimated to be valued at $144.1 billion in 2024 and is estimated to rise at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2033 and to be valued at $288.46 billion in 2033, according to research by Power Systems Research (PSR).

The unit sales of Motorcycles market are expected to reach 61.62 million by 2029 according to PSR. In the United States, the trend in the motorcycle market is shifting towards electric bikes, as consumers become more environmentally conscious.

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2024-06-18

2024 Global Golf Cart Revenue To Hit $1.84 Billion

Michael Aistrup

Power Systems Research estimates the Global Golf Cart Market to be $1.84 billion in 2024 and expects this market to reach $2.81 billion by 2032, growing at a CAGR of 5.65% during the forecast period.

Market Demand Drivers. Theincreased popularity of the game of golf by senior citizens, women, and juniors has increased the demand for golf carts. The increased use of these eco-friendly electric vehicles by government and industry also has pushed demand.

  • Sustainability and Environmental Concerns. Governments, golf courses, and consumers increasingly are emphasizing the need for eco-friendly alternatives. Electric golf carts, with their lower emissions and reduced environmental impact, meet these concerns.
  • The solar golf cart segment is projected to experience rapid growth, primarily due to its eco-friendly nature and lower operating costs.
  • Popular golf destinations and resorts experienced an influx of tourists, and millions of new participants have started golfing for the first time are leading to higher demand for golf carts.
  • Increased participation. More than 2 million newcomers have been added to the industry for eight consecutive years between 2012 and 2019, with the number exceeding 3 million per year between 2020 and 2022.
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2024-05-25

2032 Global ATV-SxS Market To Hit $22.9 Billion

GLOBAL REPORT
Michael Aistrup

According to the latest research by Power Systems Research, the global ATV & SxS market size is valued at $13.54 billion in 2024 and is expected to expand at a CAGR of 6.87% during the forecast period, reaching $22.85 billion by 2032.

ATV stands for “All Terrain Vehicle.” An ATV is an off-road vehicle with handlebar steering and a motorcycle-style seat that can seat a driver and one passenger in tandem. ATVs are designed for a variety of uneven terrain and roads. A side-by-side vehicle (SxS) is an off-road vehicle known for its 4- to 6-wheel design, unique side-by-side bucket seat setup, and steering wheel and pedal drive system.

Source: Power Systems Research

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Agrishow 2024 Reports US$ 2.6 Billion in Business

Fabio Ferraresi
Fabio Ferraresi

Agrishow 2024 posted R$ 13.6 billion (US$ 2.6 Billion) in business, 2.4% higher than that recorded in 2023.

With 520,000 square meters and 800 booths, the almost three-decade-old event in Ribeirão Preto (SP) received 195,000 people for five days, from small, medium and large Brazilian producers to representatives of international companies. Four representatives of our PSR senior team in South America attended the Show to gather information and data.

Considered one of the largest open-air fairs in the world focused on agribusiness, Agrishow is not only a thermometer of the country’s economic activity but also a showcase of the latest in field technology, from agriculture to livestock.

In addition to large harvesters, planters, and state-of-the-art tractors–including electrically powered models—exhibitors displayed innovations in robots and drones, with more and more applications in farming and features such as greater load capacity and remote control.

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Kia To Double Hybrid Sales Amid EV Headwinds

SOUTH KOREA REPORT

Korea’s Hyundai Motor Group is going on the offensive with hybrid vehicles. Its subsidiary Kia plans to introduce HV models in nine of its main models, doubling its current sales volume to 800,000 units by 2028. Kia will temporarily review its investment focus on EVs, where competition is heating up globally, to flexibly respond to market trends.

In early April, Kia’s CEO showed signs of impatience at a business strategy meeting in Seoul, admitting that the EV market is slowing down and pushing back the goal of surpassing sales of 1 million EV units by 2026 to 2027.

At the same time, he announced the expansion of HVs: by 2028, he will introduce HVs in nine major models worldwide, increasing HV sales from 372,000 units (12% of the total) in 2024 to 800,000 units (19%).

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Malaysia Overtakes Thailand in New Vehicle Sales

THAILAND REPORT

Rankings of new vehicle sales in Southeast Asia are shifting, with Malaysia overtaking Thailand to take second place in 2023. The Philippines overtook Vietnam to take fourth place. EV sales continue to grow across the region, particularly in Thailand.

New vehicle sales in six major Southeast Asian countries, including Indonesia and Thailand, totaled 3.34 million units in 2023, down 2% from the previous year. This was the first decline in three years. Rising interest rates weighed on the market. In Southeast Asia, customers with low equity often buy cars with car loans, which was affected by higher lending rates and stricter underwriting.

Despite the headwinds, sales increased in Malaysia and the Philippines. Sales in Malaysia rose 11% to 790,000 units, a record high, and the country became the second largest market in the region for the first time. The introduction of sales tax exemptions for domestically produced vehicles as part of an economic stimulus package provided a boost.

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2024-04-17

Global Lawn and Garden Equipment Market

GLOBAL REPORT
Michael Aistrup

The global lawn and Garden Equipment Market, which includes commercial and residential equipment, is projected by Power Systems Research to reach sales of $46.16 billion by 2030. This is a projected increase of $15.96 billion dollars from 2023 to 2030, an increase of 52.8%.

The global impact of COVID-19 is stating to wane and the market is returning to a normal growth rate. Individual homeowners are still interested in lawn and garden care, just not as much as during COVID-19. More people are returning to recreational activities.

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