In a landmark development for the automotive industry, global electric car sales are on track to reach approximately 17 million units by the end of 2024, according to the latest edition of the IEA’s annual Global EV Outlook. Despite facing challenges in certain markets, the outlook remains optimistic, with electric vehicles (EVs) expected to revolutionize the global auto industry and significantly reduce oil consumption for road transport.
The report highlights that electric car sales are set to remain robust, with first-quarter sales in 2024 growing by about 25% compared to the same period in 2023. Notably, electric car sales in China are projected to reach around 10 million units in 2024, comprising 45% of all car sales in the country. In the United States and Europe, electric cars are anticipated to represent a significant proportion of total car sales, demonstrating the growing global demand for EVs.
The surge in electric car adoption builds on the momentum of a record-breaking 2023, where global electric car sales soared by 35% to nearly 14 million units. This growth was not confined to traditional markets, as emerging markets such as Vietnam and Thailand also witnessed increased adoption of electric vehicles.
The report emphasizes the pivotal role of substantial investment in the electric vehicle supply chain, ongoing policy support, and declining prices of EVs and batteries in driving further growth. Under current policy settings, every other car sold globally is projected to be electric by 2035, with significant implications for the automotive and energy sectors.
IEA Executive Director Fatih Birol underscored the significance of these developments, stating, “The global EV revolution appears to be gearing up for a new phase of growth, with the share of EVs on the roads expected to continue climbing rapidly.” He emphasized the transformative impact of electric vehicles on both the auto industry and the energy sector.
However, challenges remain, particularly regarding affordability and charging infrastructure. While the cost of electric cars is declining, ensuring the availability of public charging infrastructure is crucial for sustained growth. The report highlights the need for a sixfold increase in charging networks by 2035 to meet growing demand.
Accompanying the Global EV Outlook 2024 are the Global EV Data Explorer and the Global EV Policy Explorer, interactive tools that allow users to explore EV statistics, projections, and policy measures worldwide.
