According to Reuters, on April 23, the International Energy Agency (IEA) predicted that although some markets face economic challenges, electric vehicle sales will still achieve strong growth in 2024, but price and charging infrastructure will be the key to the future growth of the electric vehicle market.
According to IEA,IEA ‘s forecast, global electric vehicle sales will reach 17 million this year, compared with 14 million in 2023, accounting for more than 1/5 of global new car sales.
Of these, 10 million will come from China, the world’s largest car market.
In its annual report on the Global Electric vehicle Outlook (Global Electric Vehicle Outlook), IEA noted that “thin profits, fluctuating battery metal prices, high inflation and the phasing out of purchase subsidies in some countries have raised concerns about the growth rate of the electric vehicle industry, but global sales figures remain strong.
” According to IEA, global electric vehicle sales rose 25% in the first quarter of this year compared with the same period last year, the same as the increase in the first quarter of last year (compared with the first quarter of 2022), but this year’s increase was achieved from a higher base.
In addition, electric vehicle sales in the first quarter of this year are equivalent to the total sales for the whole of 2020.
However, IEA says the penetration of electric vehicles in the overall car market will vary from region to region: about 1/9 of total car sales in the US, 1/4 in Europe and nearly half in China.
Among them, the “generally weak outlook for passenger car sales and the gradual elimination of subsidies in some countries” have hindered the popularity of electric vehicles in Europe.
Compared with traditional cars, IEA believes that price is still the key to the growth of the electric vehicle industry, and prices vary widely in different regions.
In Europe and the United States, internal combustion vehicles are still more affordable than electric cars, while in China, nearly 2/3 of electric cars sold last year were cheaper than conventional cars.
“as battery prices fall, competition intensifies and carmakers achieve economies of scale, electric cars will become cheaper and cheaper,” IEA said.
In addition, using the charging infrastructure to meet the growing demand will also be a key challenge.
By 2035, the number of global public charging stations needs to increase fivefold.
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