2024 Global Electric Vehicle Market to Slow with Economy

According to reports from Bloomberg and the BBC discuss trends and forecasts for the global electric vehicle market in 2024. The electric vehicle market in 2024 is anticipated to experience a slowdown, followed by a period of accelerated growth in the subsequent two years. This shift from deceleration to accelerated growth is closely linked to the imminent introduction of a significant number of cheaper electric vehicle models.

Predictions for electric vehicle sales by region in 2024:

China: Electric vehicle sales are expected to approach 10 million units, accounting for nearly sixty percent of global electric vehicle sales. However, the growth rate is slowing down, primarily due to market saturation and the overall economic environment’s influence.

Europe: Electric vehicle sales are forecasted to grow by 8%, reaching 3.4 million units. However, market growth is affected by tightening carbon dioxide emission regulations and the withdrawal of subsidies in certain areas.

United States: Predictions are relatively complex. Despite statements from traditional manufacturers such as Ford and General Motors indicating a decline in demand for electric vehicles, electric vehicle manufacturers like Tesla continue to thrive. Other manufacturers such as Hyundai and Kia are also actively advancing in the electric vehicle sector. Electric vehicle sales in the United States are expected to approach 1.9 million units, accounting for 13% of new car sales, but market fluctuations may occur due to political uncertainties.

Emerging economies: Regions like India, Thailand, and Indonesia are expected to maintain growth in 2024.

Other key points:

Commercial vehicle market: Explosive growth is anticipated in electric commercial vehicle sales, increasing from 500,000 units in 2023 to 1 million units in 2024. Commercial vehicles have a higher intensity of use, disproportionately impacting fuel consumption and emissions.

Battery technology and prices: Despite the global electric vehicle sales growth rate decreasing from 33% in 2023 to 21% in 2024, trends continue due to ongoing improvements in battery technology, cost reductions, and the presence of 4 million public charging points globally, laying the groundwork for further growth in 2025 and 2026.

Predictions for 2023 were mostly accurate, but there were errors in battery price forecasts, which actually decreased by 14%, primarily due to declining raw material costs and intense competition among manufacturers. In summary, despite facing some uncertainties, the 2024 global electric vehicle market continues to exhibit a trend of sustained growth and will continue to be influenced by multiple factors such as policies, technology, and market demand in the coming years.

Reference :
Electric Vehicle Market Looks Headed for 22% Growth This Year
Tech Trends 2024: AI and electric vehicle deals
Tesla warns of ‘notably lower’ sales growth in 2024

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