- EVs storm towards half of global auto market dominance.
- IEA’s Global EV Outlook 2024 crushes pessimistic views on EV sales, with projections of 17 million global EV sales in 2024.
- China leads with 10 million EV sales, while the U.S. and EU follow suit, setting the stage for an electric future where EVs could compose 33% of China’s car fleet by 2030, and 20% in the U.S. and EU.
EVs Power Towards Global Dominance
Recent news reports predicting the decline of the EV revolution are way off the mark. In the world’s three largest auto markets, the numbers tell a different story altogether.
The International Energy Agency’s Global EV Outlook 2024 debunks doomsday narratives about EV sales. With projections of 17 million global EV sales in 2024, more than one in five cars sold worldwide will be electric.
This year, EV sales in China, the world’s largest auto market, are expected to reach 10 million vehicles, accounting for about 45% of all car sales in the country. In the United States, the second largest auto market, EV sales are projected to increase by 20% compared to 2023, making up roughly 11% of all new car sales. Meanwhile, in Europe, the third largest auto market, EV sales could rise by 10%, comprising 25% of total sales.
New car sales eventually replace entire fleets, and the IEA forecasts that by 2030, EVs will make up 33% of all cars on the road in China, while in the U.S. and EU, 20% of all cars on the road will be electric.
The skyrocketing demand for affordable, eco-friendly EVs throughout this decade will revolutionise the global auto sector. According to IEA, by 2035, a staggering 50% of all cars sold worldwide will be EVs, slashing oil demand by 6-10 million barrels per day, matching the current U.S. road transportation usage.
The price gap between EVs and fossil fuel-powered cars has closed so rapidly that upfront costs are now almost the same. With affordable electricity replacing costly oil, switching to electric means big savings for drivers.
