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What’s Holding Back Electric Car Sales In Greece And Boosting Hybrids

by THEFUTURE.TEAM

January 24, 2025

The shift from gasoline-powered cars to electric vehicles (EVs) in Greece has gained momentum in recent years, though challenges still persist. A telling sign of this transition is the noticeable drop in gasoline car sales in 2024. From 2023 to 2024, the share of gasoline vehicles in the Greek market dropped by 6.2 percentage points. In 2023, gasoline cars accounted for 41.9% of new registrations, but by 2024, that figure had fallen to 35.7%.

In contrast, hybrid vehicles—those combining an internal combustion engine and an electric motor—saw a significant surge in registrations, with their share increasing by 11.4 percentage points. Hybrids went from 30.9% of the market in 2023 to 42.3% in 2024. Hybrids have become the dominant choice for Greek consumers, offering a bridge between traditional gasoline-powered vehicles and fully electric ones. The key factor here is the lack of a robust charging infrastructure for electric vehicles in Greece, which makes it difficult for consumers to rely on electric cars for long-distance travel and ensures their practicality is limited.

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Plug-in hybrids (PHEVs) and fully electric vehicles (EVs) also gained ground in 2024, seeing an increase in registrations by 1.1 percentage points. Their share grew from 11.3% to 12.4%. Meanwhile, diesel cars, once a dominant presence in Greece, saw a steep decline, with their market share dropping by 6 percentage points, from 13.1% in 2023 to just 7.2% in 2024.

Smaller shares were seen for LPG vehicles, which held steady at 2.5% of the market, and for natural gas cars, which have virtually disappeared from the market, dropping from 0.3% in 2023 to 0% in 2024.

Looking at European Union data for the period from January to November 2024, gasoline cars accounted for 33.7% of new car registrations, hybrids made up 30.7%, plug-in and fully electric cars combined reached 20.4%, while diesel cars dropped to 12.1%. LPG and natural gas vehicles together held a modest 3.1% of the market share.

Toyota’s Triumph – Tesla’s Challenge

The rise of hybrid cars has undoubtedly benefited manufacturers like Toyota, which have continued to invest in hybrid technology alongside their electric vehicle offerings. Even Tesla, which has long focused exclusively on electric cars, is monitoring this shift closely. In a recent financial report, the company acknowledged that the growing demand for hybrids has somewhat hindered the adoption of fully electric cars.

A significant factor contributing to the preference for hybrid cars is the higher upfront cost of electric vehicles. Even with subsidies in place, electric cars tend to be more expensive for consumers. This price differential, combined with concerns about the limited availability of charging stations, has made hybrid cars an appealing option.

Why Electric Car Sales Aren’t Soaring Globally

The reasons behind the slower-than-expected growth of electric vehicle sales aren’t limited to Greece. A study conducted by McKinsey, the 2024 Mobility Consumer Pulse, revealed that a large portion of electric vehicle owners in the US (46%) would consider switching back to an internal combustion engine (ICE) car in their next purchase. The survey, which included 37,000 consumers across 15 countries (including Australia, the US, Brazil, China, France, Germany, and Japan), found that 29% of respondents worldwide were considering abandoning their EVs.

Australia, in particular, had the highest percentage of electric vehicle owners (50%) expressing a desire to switch back to gasoline cars, driven primarily by concerns about vehicle autonomy and the lack of public charging infrastructure.

In Greece, too, charging infrastructure remains one of the key barriers to widespread electric car adoption. As per the McKinsey survey, 35% of electric vehicle drivers considering a switch to internal combustion engine cars cited the lack of charging points as a primary reason. An additional 21% said they found the stress of searching for available charging stations intolerable.

The Road Ahead

Despite these challenges, the shift towards hybrid and electric cars in Greece and globally is undeniable. Hybrid vehicles, for now, remain the practical choice for many consumers, acting as a stepping stone to fully electric mobility. However, for electric vehicles to gain mainstream acceptance, critical infrastructure improvements, such as more charging stations and longer battery ranges, are essential.

The future of mobility is electric, but the path to full electrification may take longer than expected, with hybrid vehicles continuing to play a pivotal role in the transition.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

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Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.