Recent findings on global electric vehicle (EV) sales show that numbers are set to reach a record 16.7 million units in 2024, marking a substantial increase from 13.9 million units sold in 2023 and aligning with forecasts set at the beginning of the year. The data, presented at the BloombergNEF Summit in London highlighted a 26 per cent rise in sales during the first half of 2024, with figures suggesting a 30 per cent jump in September alone.
While growth has slowed compared to previous years – 33 per cent in 2023 and a remarkable 60 per cent in 2022, the EV market’s expansion is impressive considering the larger base of consumers now embracing electric mobility.
The surge in sales includes both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), reflecting shifting consumer preferences. Many automakers, including Volvo, Toyota, BMW, and Ford are focusing more on hybrids, balancing the demand for fully electric models with the flexibility and affordability offered by PHEVs. This shift comes as automakers adapt to changing market conditions and consumer needs.
In Australia specifically EV sales have reached new heights, representing nearly 10 per cent of the national new car market, with popularity expected to almost double by 2026 due to the influx of cheaper electric vehicle models and increased number of charging stations.
Government policies and subsidies continue to play a crucial role in driving EV sales. In China, the world’s largest market for electrified vehicles, strong government incentives and expanding charging infrastructure have encouraged growth.
Europe, however, has faced challenges in sustaining growth. Germany, a key market, saw a sharp 61 per cent decline in EV sales in August 2023, largely due to a rush to buy vehicles before subsidy reductions. However, Europe’s market is expected to rebound as automakers prepare to launch affordable EV models in 2025, aligning with stricter emissions standards.
Despite these regional challenges, the future of the EV market remains bright. As automakers refine their strategies, develop more affordable options and benefit from consistent government support, global electric vehicle sales are on track to strengthen further.
The next wave of growth may come from innovations in design, more competitive pricing and the expansion of charging infrastructure, which will continue to support the transition to cleaner, greener transportation.
Planet Ark does not take responsibility for the accuracy of the original information and encourages readers to check the references before using this information for their own purposes.