Electric vehicles will account for 11% of the US car market by 2024, 1 in 5 cars sold globally
According to the report, electric vehicle sales will likely continue to increase in 2024, reaching about one-fifth of new car sales globally and 11% of the US market. International Energy Agency (IEA).
Tight margins, volatile battery raw material prices and the withdrawal of incentives in some countries have led to concerns about falling electric vehicle sales, but the data suggests While sales are still growing, analysts see falling battery prices, EV-friendly policies, and rising sales in emerging markets fueling more sales growth. again.
Rivian R1T at Tesla Supercharger
That conclusion is based in part on record electric vehicle sales in 2023. Last year, electric vehicle market share reached 18%, up from 14% in 2022. Most (60%) were sold in China, followed by followed by Europe (25%) and America (10%). However, analysts predict that growth in other markets could further boost electric vehicle sales.
The IEA notes that more than 20 major automakers, accounting for 90% of global auto sales by 2023, have set electrification targets. According to analysts, there is now sufficient investment in battery manufacturing capacity to meet these targets. With the groundwork laid and tighter emissions regulations in place in many countries, every other car sold globally by 2035 could be a electricity.
Volkswagen ID.4 2024
The IEA analysis mostly agrees with the consensus of other analysts’ predictions for 2024—that electric vehicles will continue to gain market share. Bloomberg earlier this year predicted electric vehicle sales in the US to be 1.9 million units by 2024, accounting for 13% of the new car market. Electric vehicles created more than a third of the U.S. luxury vehicle market, the Energy Information Administration (EIA) said in December 2023.
In the US, EV adoption is already on the rise more polarized by state, a 2023 study found. And while electric vehicle sales in the US are growing size of the gasoline fleetpotentially offset reduced emissions from electric vehicles.
