Global Electric Vehicle Sales Set to Reach Record High in 2024
Key Points:
- International Energy Agency (IEA) predicts global EV sales to hit 17 million in 2024
- Electric car sales totaled 14 million in 2023
- IEA forecasts one in five cars sold will be a Battery Electric Vehicle (BEV)
Experts Optimistic Despite Slowdown in EV Demand
Despite a recent slowdown in demand for electric vehicles, experts at the International Energy Agency (IEA) remain optimistic about the future of EV technology. They predict that electric vehicle registrations will increase by over 21% in 2024.
Record-Breaking Year for EVs
The IEA projects that a record-breaking 17 million electric vehicles will be purchased globally in 2024, with China accounting for 10 million of those sales. This significant increase from the 14 million EVs sold in 2023 means that one in every five cars sold worldwide will be battery-powered.
Regional Variances in EV Adoption
While China is expected to lead the way with EV sales, other regions will see varying levels of adoption. IEA anticipates that EVs will represent half of all car sales in China, one-quarter in Europe, and one-ninth in America. Developing countries with limited charging infrastructure will have lower EV sales compared to countries with supportive legislation.
Cost Reduction and Future Outlook
One of the main barriers to wider EV adoption is the higher cost compared to traditional combustion-engine vehicles. However, IEA predicts that by 2030, electric vehicles will be priced similarly to ICE-powered cars as economies of scale and advancements in battery technology drive down manufacturing costs.
Impact on Oil Demand and Charging Infrastructure
The surge in EV sales will lead to a decrease in demand for oil used in traditional vehicles. IEA forecasts peak oil demand for road transport in 2025, with a 10% reduction by 2035. In contrast, the need for charging infrastructure will skyrocket, with IEA suggesting a six-fold increase in the global charging network by 2035.
