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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Tane94 Too wagon-ish to succeed in the U.S. See Volvo V60 and V90 and Buick Regal X for reference.
Golden2husky I'd never recommend a modern Ford at this moment in time - not only the continual recalls, but there seems to be a lot of marginal parts and poor engineering ideas (an internal water pump, really?)...Almost overnight I am seeing Cybertrucks with increasing frequency. Teslas in general are thick on the ground around here but was surprised to see the trucks appear so quickly. They need better assembly quality and in the right light, some of the stainless panels seem to be a different hue from the neighboring panel.
Kosmo Millville MN (motocross track). Best in the land, and I could actually afford a vehicle that would do it justice!
Michael S6 Interesting how Toyota is filling every niche. My wife recently test drove a RX350h and this Crown Signia will probably save $5-10 thousand and offer a similar package. Toyota must be making a killing as our local Toyota dealers have hardly any stock.
Nrd515 GM: If you are going to revive the Camaro again, PLEASE do the following:[list=1][*]Make it actually good looking, and avoid the first gen "tribute" disaster of the last 14 years. You managed to take the pretty ugly 2010 to 2106 cars and then make them even uglier for the last years. And you wondered why it didn't sell? Look at the back of the car and you really think that's a good look?[/*][*]Make the car's trunk actually useful for more than golf clubs. [/*][*]Make it slightly larger inside, the last two gens have been almost like being in a small cave. The interior was hideous, too. Boring is fine, as long as it's in black.[/*][/list=1]I am a 2 time Camaro owner ('79 and '86), and a one time Trans Am ('79) owner. Instead of a Camaro, I have owned 2 Challengers.