Electric Cars Market Trends

• Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
• Several European countries face population declines, while others grow, indicating a need for targeted policy interventions
• North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
• Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
• Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
• Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
• South Africa's consumer vehicle population shows signs of stabilization
• European countries are experiencing growth in CVP, driven by government incentives for environmentally friendly vehicles
• North America exhibits diverse trends in consumer spending for vehicle purchases (CVP), and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
• South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
• The European region is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
• From 2017 to 2030, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022, but projections suggest a trend toward economic stability and controlled inflation for the region by 2030
• Auto interest rates across Africa, Asia-Pacific, and North America showed significant regional diversity, influenced by a combination of economic policies, market dynamics, and global conditions
• Global efforts to expand and enhance EV infrastructure are signaling a collective push toward electrification
• The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
• The Middle East's battery market: A continuous descent in prices and promising energy trends
• South America’s surging demand for electric vehicle batteries: falling costs and strategic alliances
• The used car sales segment in Asia-Pacific is poised for growth, with China and India leading the expansion, reflecting strong economic signals and shifting consumer demands toward vehicle ownership

• Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
• Saudi Arabia and the United Arab Emirates, both pivotal nations in the Middle East, demonstrated population growth from 2017 to 2023. While there were slight dips for both countries in between, the overarching upward trend indicates their significant roles and attractions in the region
• South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
• Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
• Projections for the coming years indicate a steady growth trajectory for both the UAE's diversified sectors and its role as a regional business hub. This growth can be attributed to the country's focus on diversification efforts and strategic partnerships
• During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
• The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
• In the short term (2022-2023), Saudi Arabia maintained stable consumer spending for vehicle purchases, while the UAE experienced a slight decline, suggesting differing market dynamics
• Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
• Asia-Pacific’s varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
• From 2017 to 2030, the Middle East is expected to display varied inflationary patterns, with countries like Iran facing significant challenges, while others like Saudi Arabia and the UAE will show stability
• Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
• The global MaaS market is growing significantly growth trajectory, indicating sustained expansion across all regions
• Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
• Declining battery prices and government initiatives drive demand for electric vehicles in Europe
• Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
• The global automotive industry will undergo a transformative phase, with a pronounced shift toward electrification from 2023 to 2025, followed by a period of refinement and consolidation in the subsequent years
• For over a year, Russia's invasion of Ukraine disrupted global crude oil and petroleum product markets