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The latest International Energy Agency’s (IEA) annual Global EV Outlook, published today, finds that global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year from 14 million in 2023.
IEA Executive Director Fatih Birol, said: “The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.
The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly. Based on today’s policy settings alone, almost one in three cars on the roads in China by 2030 is set to be electric, and almost one in five in both the United States and the European Union. This shift will have major ramifications for both the auto industry and the energy sector.”
The Outlook reports that in the first quarter of 2024, sales grew by about 25% compared with the same period in 2023 – similar to the growth rate seen in the same period a year earlier, but from a larger base.
The number of electric cars sold globally in the first three months of this year is roughly equivalent to the number sold in all of 2020.
In 2024, electric car sales in China are projected to leap to about 10 million, accounting for about 45% of all car sales in the country.
In the United States, roughly one in nine cars sold are projected to be electric – while in Europe, despite a generally weak outlook for passenger car sales and the phase-out of subsidies in some countries, electric cars are still set to represent about one in four cars sold.
This growth builds on a record-breaking 2023. Last year, global electric car sales soared by 35% to almost 14 million. While demand remained largely concentrated in China, Europe and the United States, growth also picked up in some emerging markets such as Vietnam and Thailand, where electric cars accounted for 15% and 10%, respectively, of all cars sold.
Substantial investment in the electric vehicle supply chain, ongoing policy support, and declines in the price of EVs and their batteries are expected to produce even more significant changes in the years to come. The Outlook finds that under today’s policy settings, every other car sold globally is set to be electric by 2035.
