EVs Sales Increase in 2024 – Prices and Charging Infrastructure the Keys for the Future

from one in five cars sold worldwide to be electric, undermining the demand for oil for road transport.

Ten million of these vehicles are expected to be sold in China.

“Tight margins, volatile battery metal prices, high inflation and the phasing out of purchase incentives in some countries have raised concerns about the pace of industry growth, but global sales figures remain strong,” it said. the IEA on the Global Perspectives on Electric Vehicles.

Sales in the first quarter of this year were up 25% over the same period last year. While that figure is unchanged from the first quarter of 2023 compared to the corresponding period in 2022, it comes on top of a larger vehicle base, the IEA said.

First-quarter purchases were equivalent to total sales for the entire year 2020, he noted.

Still, the share of electric cars in total markets will vary significantly by region, accounting for about one in nine vehicle markets in the United States, one in four in Europe, but almost half in China, the IEA predicted.

Adoption in Europe is being held back by “the generally weak outlook for passenger car sales and the phasing out of subsidies in some countries,” it said.

Affordability compared to traditional vehicles remains the key to the sector’s growth, he added, with prices again varying significantly by region.

Internal combustion cars remain more affordable than their electric counterparts in Europe and the United States, while in China nearly two-thirds of electric cars sold last year were cheaper than their traditional counterparts.

Meeting growing demand with charging infrastructure will also be a key challenge, the IEA added, with charging networks due to increase sixfold by 2035.