The new report “Global Electric Vehicle Outlook 2024” from the International Energy Agency (IEA) says that global electric vehicle sales will remain strong in 2024, reaching around 17 million by the end of the year.
In the first quarter, sales increased by approximately 25%, an amount equivalent to the number of electrics sold in the whole of 2020.
By region, the forecast for China stands out, where sales in 2024 are expected to increase to around 10 million, representing 45% of all car sales in the country.
In the United States, meanwhile, about one in nine vehicles sold is expected to be electric, while in Europe, electrics are expected to account for about 10% of cars sold.
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Projections
Overall, according to IEA forecasts, more than one in five cars sold worldwide this year will be electric, and one in two cars sold globally will be electric by 2035.
These growth forecasts are based on a record 2023. Last year, global sales of electric cars soared by 35%.
“Instead of gradually slowing down, the global electric vehicle revolution seems to be gearing up for a new phase of growth. The proportion of electric vehicles on the road is expected to continue to increase rapidly,” says IEA Executive Director Fatih Birol.
More than 60% of electric cars sold in 2023 in China were cheaper than their combustion equivalents.
However, the opposite is true in Europe and the United States, and prices with internal combustion engines remained cheaper on average, although intensifying market competition and improving battery technologies are expected to bring prices down in the coming years.
“Even when initial prices are high, the lower operating costs of electric vehicles mean that the initial investment pays off over time,” the report adds.
The number of public charging points installed globally increased by 40% in 2023 relative to 2022, with growth in fast chargers outpacing that of slower chargers.
