The latest forecasts from global technology intelligence firm ABI Research found that global EV sales are expected to grow by 21% in 2024 and 19% in 2025. This represents a significant decline from growth rates of 31% in 2023 and 60% in 2022, ABI Research said.

“A shortage of chargers and limited ranges are not to blame for this decline. It’s evident from sales data and statements by Original Equipment Manufacturers (OEMs) that the EV market is slowing down and failing to meet its targets,” Dylan Khoo, an electric vehicles industry analyst, said. “While insufficient charging infrastructure and range limitations are often cited as reasons for this slowdown, they don’t fully explain the stagnation, especially considering that these aspects are actually improving rather than deteriorating. Additionally, these explanations fail to consider the region-specific trends driving the EV sector changes.”