Summary
– IEA projects global electric car sales to reach around 17 million units by the end of 2024
– China is expected to account for about 45% of all car sales being electric by the end of 2024
– US and EU will also see substantial growth in electric vehicle sales, with projections of every fourth car sold being electric in the EU in 2024
– By 2030, every fifth car on the roads in the US and EU and nearly one in three in China will be electric
– IEA predicts that two out of every three cars sold worldwide by 2035 will be electric if countries meet energy and climate commitments
Article
The International Energy Agency (IEA) has released its Global EV Outlook 2024, predicting a significant increase in electric vehicle (EV) adoption around the world. By the end of 2024, global electric car sales are expected to reach around 17 million units, with a 25% increase in sales in the first quarter of the year compared to 2023. The report highlights the growth trajectory of electric car sales and the potential for electric cars to revolutionize the global auto industry and reduce oil consumption for road transport.
China is projected to dominate the electric vehicle market, with electric cars expected to make up about 45% of all car sales in the country by the end of 2024. The United States and the European Union (EU) are also expected to see significant growth in electric car sales, with about one in nine cars sold in the US and every fourth car sold in the EU projected to be electric in 2024. Globally, every fifth car sold this year is expected to be electric, with projections indicating that by 2030, every fifth car on the roads in the US and EU will be electric, and nearly one in three cars in China will be electric.
The IEA report emphasizes that more significant changes are on the horizon due to policy support, declining EV battery prices, and investment in driving the electric vehicle transition. If countries meet their energy and climate commitments on time, the IEA projects that two out of every three cars sold worldwide by 2035 will be electric, avoiding the need for around 12 million barrels of oil per day. The report suggests that the global EV revolution is gearing up for a new phase of growth, with investment in battery manufacturing advancing to meet automakers’ expansion plans, leading to a rapid increase in the share of EVs on the roads.
IEA Executive Director Fatih Birol stated that the global EV revolution is expected to continue climbing rapidly, with almost one in three cars on the roads in China, and almost one in five in both the US and EU, projected to be electric by 2030. This shift is anticipated to have significant implications for the auto industry and the energy sector. The report highlights that the electric vehicle transition is well underway and gathering momentum, with the potential to substantially reduce oil consumption and revolutionize the transportation industry on a global scale.
In conclusion, the Global EV Outlook 2024 by the International Energy Agency paints a promising picture for the future of clean transportation, with electric cars poised to revolutionize the global auto industry and reduce oil consumption for road transport. The report projects significant growth in electric car sales worldwide, with China leading the market and the US and EU also experiencing substantial growth. With policy support, declining EV battery prices, and investment driving the electric vehicle transition, the IEA anticipates a rapid uptake of electric vehicles and major implications for the auto industry and energy sector.
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