The share of gasoline vehicles in the global market has decreased to below 50 percent. This is the first time in the history of the automotive industry that this has occurred, resulting from the rise in fuel prices following the Hormuz crisis and unprecedented increases in gasoline and diesel prices.
Analysis of the electric vehicle market
In recent years, China has managed to raise the share of hybrid and electric vehicles to over 50 percent, and currently, this figure has reached about 55 percent. However, other global markets had not been able to join this trend before the Hormuz crisis, which has significantly impacted global markets.
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According to published data, sales of gasoline vehicles in the first half of 2023 have decreased to 20.25 million units, indicating a 10 percent decline compared to last year. The share of these vehicles in total global vehicle sales has also decreased by 3 percent, reaching 49 percent.
Increase in electric vehicle sales in Europe
In Europe, sales of electric vehicles, including battery and hybrid vehicles, increased by 52.2 percent in August compared to last year. This increase has been particularly noticeable in Germany, the largest car market in Europe, with a 75 percent growth in electric vehicle sales. The price of gasoline in Germany has reached 2.31 euros per liter, equivalent to about 10 dollars per gallon.
Analyses show that in Germany, one-quarter of the vehicles sold between January and August 2023 were electric vehicles. This figure has increased to one-third in August. Additionally, in France, sales of electric vehicles have more than doubled.
Given the recent crisis in the Middle East and rising oil prices, sales of electric vehicles in major markets such as Brazil, India, Australia, and Vietnam have also significantly increased. Analyses by the International Energy Agency indicate that sales of electric vehicles in these countries in the second quarter of 2023 have nearly doubled compared to the same period in 2022.
Despite the challenges ahead, including the need for significant investments in securing the minerals required for batteries and charging networks, the trend of increasing the share of electric vehicles in the global market will continue. Analysts predict that the Hormuz crisis could help strengthen this trend.
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