The global electric vehicle market is experiencing a recovery, with the Chinese market continuing to shine the brightest.

Recently, data from market research firm Rho Motion showed that global sales of pure electric vehicles and plug-in hybrid electric vehicles increased by 30.5% year-on-year in September, reaching 1.69 million units.

Among them, the Chinese market accounts for the majority, with electric vehicle sales in September increasing by 47.9% to 1.12 million units, setting a new record. After experiencing a period of sluggishness, the electric vehicle markets in Europe and the United States are also showing signs of recovery. Earlier this year, European governments reduced subsidies and slowed down the goal of phasing out gasoline and diesel vehicles, leading to a continuous cooling of electric vehicle demand in Europe.

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In September, electric vehicle sales in the United States and Canada increased by 4.3% year-on-year to 150,000 units, and electric vehicle sales in Europe increased by 4.2% to 300,000 units. The United States' third-quarter electric vehicle sales even increased by 11% year-on-year, setting a new historical high, with a market share approaching the milestone of 10%.

Chinese electric vehicle sales in September were dazzling, "and each subsequent month may set a new high."

After sales exceeded 1 million units for the first time in August, Rho Motion data showed that China's electric vehicle sales in September increased by 47.9% year-on-year to 1.12 million units, setting a new record.

Charles Lester, the company's data manager, said that in the Chinese market, the penetration rate growth of pure electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) both exceeded expectations, "By the end of this year, monthly sales may set new highs."

Last week, the China Passenger Car Association stated that China's new energy vehicle domestic retail penetration rate has exceeded 50% for three consecutive months, reaching 53.3% in September, an increase of 16.8 percentage points compared to September 2023.

Data from the Passenger Car Association showed that the new energy passenger car market retailed 1.123 million units in September. From January to September 2024, retail sales reached 7.132 million units, a year-on-year increase of 37.4%. Domestic brands BYD, Li Auto, and XPeng Motors all set their best-ever single-month sales records in September.

Cui Dongshu, Secretary-General of the Passenger Car Association, said in an interview with the media that he is optimistic about the car market in the fourth quarter of this year, "Overall, we believe that the Chinese car market will show a gradually strengthening trend, especially in the fourth quarter, driven by the scrapping and renewal as well as the old-for-new policies in various regions, it will achieve good development."Electric Vehicle Sales in the United States Reach an All-Time High in the Third Quarter, with a 4.3% Increase in Canada in September

Market research firm Rho Motion reports that electric vehicle sales in the United States and Canada grew by 4.3% year-over-year in September, reaching 150,000 units.

Furthermore, data from Cox Automotive's Kelley Blue Book (KBB) indicates that electric vehicle sales in the United States increased by 11% year-over-year in the third quarter to 346,309 units, with the market share of electric vehicles climbing from 7.8% last year to 8.9%. Both sales and market share have set new historical highs.

The penetration rate of electric vehicles in the United States is approaching the threshold of 10%, which is also considered an important milestone in the popularization of electric vehicles in the country. Cox Automotive predicts that 2024 will be the "year of growth" for electric vehicles in the United States.

Stephanie Valdez Streaty, the company's Director of Industry Insights, stated that part of the reason for the growth in electric vehicle sales in the United States is due to government incentives and discounts offered by automakers. She noted that although year-over-year growth has slowed, electric vehicle sales in the United States continue to rise. The KBB report shows that incentives in the United States averaged over 12% in the third quarter, significantly higher than the industry average of 7%.

However, Lester, a data manager at Rho Motion, stated that due to the formal general election in the United States on November 5th, the growth in the U.S. market is slow and steady, making it difficult to predict future trends.

In September, electric vehicle sales in Europe increased by 4.2%, with the UK growing by 24% and Germany by 7%.

Earlier this year, European governments reduced subsidies and slowed down the goal of phasing out gasoline and diesel vehicles, leading to a continuous cooling of demand for electric vehicles in Europe.

However, the electric vehicle market in Europe is now recovering. Rho Motion data shows that electric vehicle sales in Europe grew by 4.2% year-over-year, with a total of 300,000 units sold. This growth is mainly due to a 24% increase in sales in the UK, as well as increased sales in countries such as Italy, Germany, and Denmark.

Lester added that the electric vehicle sales in Germany achieved a year-over-year increase of 7%, which is "absolutely good news." However, the mid-term carbon emission reduction targets set by the EU for next year will pose a new challenge to the EU market.Currently, Rho Motion forecasts that the sales of pure electric and plug-in hybrid vehicles in Europe will reach 3.78 million units in 2025 and 9.78 million units in 2030, representing a 24% and 19% reduction from previous projections, respectively.