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Summary
- EV sales are projected to continue growing in 2024, reaching around one in five new car sales globally and 11% of the U.S. market.
- Despite concerns about a potential slump, falling battery prices, EV-friendly policies, and increased sales in emerging markets are driving further sales growth.
- Over 20 major automakers have set electrification targets, with analysts predicting that every other car sold globally in 2035 could be an EV.
- Consensus among analysts is that EVs will continue to gain market share in 2024, with predictions of 1.9 million EV sales in the U.S. accounting for 13% of the new-car market.
EV sales are likely to continue growing in 2024, reaching around one in five new car sales globally, and 11% of the U.S. market, according to the International Energy Agency (IEA).
Tight profit margins, volatile battery raw material prices, and the phaseout of incentives in certain countries have led to concerns about an EV sales slump, but data shows that sales are still growing, analysts found, with falling battery prices, EV-friendly policies, and increased sales in emerging markets underpinning further sales growth.
That conclusion is based in part on record 2023 EV sales. Last year, EV market share reached 18%, up from 14% in 2022. Most (60%) were sold in China, followed by Europe (25%) and the U.S. (10%). But growth in other markets could further boost EV sales, analysts predict.
Read the full post at Green Car Reports.
