International Energy Agency: Global Electric Vehicle Outlook Report 2024

The International Energy Agency (IEA) has recently released the "Global Electric Vehicle Outlook 2024", predicting that more than one-fifth of the cars sold worldwide this year will be electric vehicles. The surge in demand in the next decade will reshape the global automotive industry and significantly reduce oil consumption in road transportation.

The study found that global electric vehicle sales will maintain strong growth in 2024, reaching around 17 million by the end of the year. Sales in the first quarter increased by about 25% compared with the same period in 2023.

Electric vehicle sales in China are expected to jump to around 10 million units in 2024, accounting for about 45% of China's total auto sales.

The growth builds on a record in 2023. Last year, global electric vehicle sales soared 35% to nearly 14 million. While demand remains concentrated in China, Europe and the United States, growth has also accelerated in some emerging markets such as Vietnam and Thailand, where electric vehicles account for 15% and 10% of total sales, respectively.

If all the energy and climate commitments announced by countries are fulfilled on time, two-thirds of new cars sold will be electric by 2035.

In China, more than 60% of electric vehicles sold in 2023 will already be priced lower than conventional cars. However, in Europe and the United States, the average purchase price of internal combustion engine vehicles remains low, although increased market competition and improvements in battery technology are expected to reduce prices in the coming years.

Ensuring the availability of public charging keeps pace with electric vehicle sales is critical to continued growth, the report says. The number of public chargers installed globally grows 40% in 2023 compared to 2022, with fast chargers growing faster than slower chargers. To meet the levels of electric vehicle deployment promised by governments, the charging network needs to grow sixfold by 2035. At the same time, policy support and careful planning are essential to ensure that the greater demand for electricity from charging does not overwhelm the grid. ≈≈

​The document link will be shared to 199IT Knowledge Planet. Scan the QR code below to view it!