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Order intake is subdued because of high interest rates and cost-of-living increases, which have impacted demand. Volumes grew by more than 100% in markets including Australia, Thailand, Brazil, Turkey, Malaysia, and Mexico in 2023 and more than 50% in India and Japan. This was calculated assuming normal scrappage rates.
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. However, cost-of-living increases and high interest rates have impacted the market in 2024. Thailand, for example, has lowered the interest rate for automotive loans. billion light vehicles on the road today.
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