The world is turning to electric cars: Sales are on the rise again

The global electric car market started to grow again in October.

According to data from the UK-based research company Benchmark Mineral Intelligence, total sales of battery electric and rechargeable hybrid cars increased by 8 percent compared to the same period last year, reaching 2.09 million units.

In the first 10 months of the year, global sales increased by 5 percent, reaching 17.5 million units.

The recovery in the market was driven by strong demand in Europe, increasing exports from Chinese manufacturers and the low benchmark base in the USA.

Europe was one of the major markets where electric car sales grew fastest in October.

Sales in the region increased by 36 percent compared to the same period last year.

According to Benchmark Mineral Intelligence, government incentives for electric vehicles, rising fuel prices, the European Union's emission regulations and the increase in the number of models introduced to the market were effective in the growth.

In particular, the diversification of electric car options offered to consumers and the rise in the costs of using fossil fuel vehicles supported the demand in Europe.

DOMESTIC MARKET SHOCKED IN CHINA, EXPORTS BROKE A RECORD

In China, one of the world's largest electric car markets, the decline in domestic sales continued.

While the annual contraction in the Chinese market decreased to 12 percent in October, manufacturers turned to compensate for the weakness in domestic demand with exports.

China's new energy passenger vehicle exports reached approximately 600 thousand units, breaking a new record on a monthly basis.

Charles Lester, Benchmark Mineral Intelligence Data Manager, said in a statement to Reuters that the focus of automobile manufacturers in China on exports has significantly increased sales in other regions.

Lester stated that the decline in the Chinese domestic market directed manufacturers abroad, and this made a strong contribution to global electric vehicle sales.

Electric car sales in North America rose 24 percent on an annual basis in October.

However, according to the research, a significant part of the increase in the region was due to the low comparison base in the US market.

October marked the first annual comparison month with a period in which there was no federal tax incentive for electric vehicles in the United States.

Lester said the increase seen in the US market reflects sales stabilizing at a lower level rather than a strong recovery.

85 PERCENT JUMP IN OTHER MARKETS

Electric car sales in markets outside China, Europe and North America increased by 85 percent on an annual basis in October.

Total sales in these regions exceeded the North American market.

According to the research, one of the main reasons for this growth was the acceleration of export activities of Chinese automobile manufacturers.

As domestic demand weakened in China, manufacturers turned to new markets, supporting the spread of electric cars on a global scale.

The data revealed that growth in the electric car market is increasingly shifting to Europe and developing markets, while demand has stabilized at a more limited level in the USA.