EV Resurgence: Is 2024 the Turning Point for Electric Cars?

by TTAC Staff

Published: January 23rd, 2024

Photo credit: Suwin66 / Shutterstock.com

The electric vehicle (EV) market is experiencing a significant growth in 2024, with expectations for sales of passenger EVs to climb by 21 percent in 2024, reaching 16.7 million units. This growth includes both battery-electric vehicles and plug-in hybrids, with the former expected to account for 70 percent of these sales. This trend reflects a steady rise in the EV sector, despite various external factors and policy changes affecting the market.

Diverse Market DynamicsChina's Dominance

In China, EV sales are anticipated to hit nearly 10 million units, constituting almost 60 percent of the global market. However, the growth rate in China is decelerating, primarily due to market saturation in affluent regions and challenging economic conditions.

Stability in Europe

Europe is likely to witness a stable increase in EV sales, with projections of 3.4 million vehicles, marking an 8 percent rise from the previous year. This stability results from reduced subsidies and the influence of favorable company-car taxation schemes.

Uncertainty in the United States

The U.S. EV market is facing unpredictability with an expected 1.9 million EV sales. Factors such as political polarization and shifts in tax credits could influence this figure.

Growth in Emerging Economies

Countries like India, Thailand, and Indonesia are experiencing notable growth in EV sales, indicating that EVs are not limited to wealthier nations.

Surge in Commercial Electric Vehicles

The commercial EV sector is seeing significant growth, with sales expected to double to 1 million in 2024, up from 500,000 in 2023. This segment plays a vital role, considering the substantial contribution of commercial vehicles to fuel consumption and emissions.

Technological and Infrastructure Progress

Key drivers for EV market growth include advancements in battery technology, declining costs, and the expansion of public charging infrastructure, now boasting 4 million points globally. These developments are crucial for the continued expansion of the EV market, especially with the introduction of more affordable models in Western markets.

Reflection on Past Forecasts

Looking back at previous predictions, there has been a notable accuracy in aspects such as sales figures, market leaders, and infrastructure growth. One significant confirmation is BYD surpassing Tesla as the top producer of battery-electric vehicles.

Market Leadership and Prospects

The competition for EV market leadership is primarily between Tesla and BYD, with both expected to maintain their significant leads over competitors like Volkswagen.

This article was co-written using AI and was then heavily edited and optimized by our editorial team.

TTAC Staff

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Varezhka The biggest underlying issue of Mitsubishi Motors was that for most of its history the commercial vehicles division was where all the profit was being made, subsidizing the passenger vehicle division losses. Just like Isuzu.And because it was a runt of a giant conglomerate who mainly operated B2G and B2B, it never got the attention it needed to really succeed. So when Daimler came in early 2000s and took away the money making Mitsubishi-Fuso commercial division, it was screwed.Right now it's living off of its legacy user base in SE Asia, while its new parent Nissan is sucking away at its remaining engineering expertise in EV and kei cars. I'd love to see the upcoming US market Delica, so crossing fingers they will last that long.
ToolGuy A deep-dive of the TTAC Podcast Archives gleans some valuable insight here.
Tassos I heard the same clueless, bigoted BULLSHEET about the Chinese brands, 40 years ago about the Japanese Brands, and more recently about the Koreans.If the Japanese and the Koreans have succeeded in the US market, at the expense of losers such as Fiat, Alfa, Peugeot, and the Domestics,there is ZERO DOUBT in my mind, that if the Chinese want to succeed here, THEY WILL. No matter what one or two bigots do about it.PS try to distinguish between the hard working CHINESE PEOPLE and their GOVERNMENT once in your miserable lives.
28-Cars-Later I guess Santa showed up with bales of cash for Mitsu this past Christmas.
Lou_BC I was looking at an extended warranty for my truck. The F&I guy was trying to sell me on the idea by telling me how his wife's Cadillac had 2 infotainment failures costing $4,600 dollars each and how it was very common in all of their products. These idiots can't build a reliable vehicle and they want me to trust them with the vehicle "taking over" for me.