Electric vehicle sales will increase significantly in 2024 despite economic challenges in some markets, but affordability and charging infrastructure will be key factors for future growth. This forecast was given by the International Energy Agency (IEA), reports Reuters.
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Global sales of electric vehicles
Sales of electric vehicles are expected to reach 17 million units this year, compared to 14 million in 2023. Moreover, every fifth car sold worldwide will be electric, which will reduce the demand for oil for road transport.
Experts predict that 10 million electric cars will be sold in China alone in 2024.
“Low margins, unstable prices for battery metals, high inflation and the gradual elimination of purchasing incentives in some countries have raised concerns about the pace of industry growth (electric vehicles – ed.), but global sales data remains strong,” says the Paris Energy report. supervisory authority.
Sales of electric cars in the first quarter of this year increased by 25% compared with the same period last year.
The share of electric cars in total sales will vary significantly depending on the region, accounting for about one in nine car purchases in the United States. every fourth in Europe and almost half in China, the IEA predicts.
Diffusion of electric vehicles
The uptake of electric vehicles in Europe is being held back by generally weak forecasts for passenger car sales and the phasing out of subsidies for electric vehicles in some countries.
The affordability of electric vehicles compared to traditional vehicles remains a key driver of sector growth. Moreover, prices vary greatly depending on the region.
Cars with internal combustion engines (ICE) remain more affordable than their electric counterparts in Europe and the United States, while in China almost two-thirds of electric vehicles sold last year , were cheaper than ICE cars.
“Electric vehicles tend to become cheaper as battery prices fall, competition intensifies, and car manufacturers achieve economies of scale,” the IEA said, noting that In some cases – adjusted for inflation – prices stagnated or even increased slightly in 2018 and 2022.
Meeting growing demand for electric cars through charging infrastructure will also be key, the IEA adds, as charging stations for electric vehicles should grow 6 times by 2035.
