Electric vehicles sales remain strong globally new report from IEA confirms

The IEA said that electric vehicle sales will reach 17 million in 2024, which is up from 14 million in 2023, according to its new Global EV Outlook 2024.

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According to the International Energy Agency (IEA), electric vehicle sales are the highest they’ve ever been and will continue to climb. The IEA said that electric vehicle sales will reach 17 million in 2024, which is up from 14 million in 2023, according to its new Global EV Outlook 2024.

Electric vehicles (EV) sales are projected to be one out of nine cars in the U.S., one in four cars in Europe and 45 percent of total percent of total cars sold in China, according to a press release.

“Electric cars are generally getting cheaper as battery prices drop, competition intensifies, and carmakers achieve economies of scale,” the report said. “In most cases, however, they remain on average more expensive than ICE equivalents.”

IEA projects that EVs will make up nearly one in five cars on the roads in the U.S. and the European Union and one in three cars in China. This will mean “more than one-fifth of cars sold globally in 2024 are predicted to be electric,” EcoWatch reported.

“Electric cars continue to make progress towards becoming a mass-market product in a larger number of countries,” the report said. “Tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries have sparked concerns about the industry’s pace of growth, but global sales data remain strong.”

With more EVs being sold globally, oil consumption used for road transportation is said to drastically decrease in the coming decade, according to a press release.

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” Birol said. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth. The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion.”

As EV sales went up approximately 25 percent in the first quarter or 2024 compared to 2023, IEA said there is a need to vamp-up charging infrastructure globally projecting a need for charging networks to increase six-fold by 2035, according to a press release.

“Ensuring that the availability of public charging keeps pace with electric vehicle sales is crucial for continued growth, according to the report. The number of public charging points installed globally was up 40% in 2023 relative to 2022, and growth for fast chargers outpaced that of slower ones,” the press release said. “[P]olicy support and careful planning are essential to make sure greater demand for electricity from charging does not overstretch electricity grids.”

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