Summary
- China saw rapid scaling up of EV sales in 2024, with BYD leading the way
- Europe’s automakers are meeting CAFE standards by selling more EVs
- The US lags behind in EV market share growth compared to China and Europe
- Africa and South America are poised for a rapid electrification of their auto markets
- Chinese EV producers are ready to sell a large number of EVs abroad, while smart countries realize the cost savings of transitioning to EVs.
Article
The biggest story of 2024 in the EV world was the rapid scaling up of EV sales in China, particularly from BYD. The Chinese EV market had been growing for years, but the surge in sales in 2024 was astounding, with more than 50% of new car sales having a plug. In Europe, automakers are increasing EV sales to meet corporate average fuel economy (CAFE) standards. The US lags behind in EV market share growth, showing a reluctance to lead in the transition to electric vehicles.
Looking forward to 2025, the big story in the EV world is expected to be the rapid electrification of auto markets in Africa and South America. Several countries in both continents are primed for an EV boom, with Chinese automakers entering these markets to capitalize on the growing demand. Ethiopia and Zimbabwe are already implementing policies to promote EV adoption, and South Africa is offering tax incentives to encourage local production of electric vehicles. The shift towards EVs in these regions is driven by the potential cost savings and economic opportunities they offer.
Chinese EV producers are poised to sell a large number of EVs abroad, while non-oil countries are realizing the financial benefits of transitioning to electric vehicles. Countries that invest in local manufacturing of EVs and components are also seeing the potential for job creation and economic growth. Electric vehicles are becoming more cost competitive, making 2025 a year that could see significant breakthroughs in the adoption of EVs in various markets.
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In conclusion, the EV market is experiencing rapid growth globally, with China leading the way in sales and adoption. Europe is following suit to meet CAFE standards, while the US is lagging behind in market share growth. The upcoming year of 2025 is anticipated to see a significant shift towards electrification in Africa and South America, driven by policy changes, economic incentives, and the entry of Chinese automakers into these markets. Electric vehicles are poised to become more competitive in terms of cost, signaling a potential breakout year for EVs in various regions.
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