Global EV Sales Expected to Triple in 2024

Global EV Sales Expected to Triple in 2024

Americans are expected to buy close to 1.3 million electric vehicles this year, or 10% of global sales.

According to data presented by Stocklytics.com, global EV sales are expected to hit almost 12 million units in 2024. A Statista survey showed global EV sales have tripled since 2020, rising from 3.1 million to 10.64 million sold vehicles. In 2021 alone, sales surged by 107% year-over-year, followed by a 55% growth in 2022. After a 3% increase last year, the annual EV sales growth rate is expected to triple and hit 10% in 2024, resulting in almost 12 million new EVs on the road.

Statista said it expects global EV sales to keep accelerating in the following years. By 2028, the market is expected to hit over 17 million sold units, or 40% more than this year.

Revenue in the electric vehicle market will also skyrocket in this period. According to Statista, the global EV industry will gross over $623 billion in 2024, or 11% more than last year. This figure is expected to grow by an average of 10% per year and climb to more than $900 billion by 2028.

China will make up 57% of total EV sales in 2024, with 6.8 million sold units. This figure will jump to 8.7 million by 2028, but China’s market share will slip to 51%, Stocklytics says.

Statists show that EV sales in the United States and Europe are far below these figures. Americans are expected to buy close to 1.3 million electric vehicles this year, or 10% of global sales. However, EV sales in the United States are expected to double and hit almost 2.5 million units by 2028, making 14% of the world`s total that year.

Although Europe experienced a slowdown in EV sales in the past two years compared to the exceptional growth seen in 2020 and 2021, it will remain the second-largest electric vehicle market with 3 million sold units and a 25% share in 2024. By 2028, total sales will jump to over 4.8 million, while the European market share will increase to 28%.

Although tax incentives have made electric vehicles like Tesla a bit more accessible, they still cost more than gas cars. Last year, a new EV cost about $52,800 on average and 2024 is expected to see similar prices.

You May Also Like

TurnOnGreen, Endliss Power Team up to Expand EV Charging

TurnOnGreen said it will leverage EPI’s expertise in administering and executing power purchase agreements with commercial clients.

TurnOnGreen, Inc. announced a strategic partnership with Endliss Power Inc (“EPI”), e-commerce and renewable energy company based in San Francisco.

TurnOnGreen said the collaboration marks a milestone for the company as it seeks to expand its networked electric vehicle charging infrastructure across North America, leveraging EPI’s expertise in administering and executing power purchase agreements with commercial clients.

TELO Announces Funding by Neo for Electric Truck Build

Closing the fundraising round further validated TELO’s prediction of where the EV industry is headed, said Jason Marks, co-founder and CEO.

How Regenerative Brakes Operate

Regenerative braking is a hybrid’s first choice for braking.

ChargeLab Study Reveals EV Consumers’ Charging Preferences

While 86% of EV drivers can charge at home, over half still rely on public chargers, according to the survey.

BorgWarner Signs Agreement for LFP Battery Packs

It will be the only non-OEM localized manufacturer with rights to localize LFP battery packs for commercial vehicles.

Other Posts

How Important is Regenerative Braking For EVs?

Regenerative braking helps to increase the overall efficiency and range of the EV, increasing the range of an EV by up to 20%.

Tesla Wheel Bearing Replacement

The process of replacing the hub unit on a Tesla is the same as many cars and light trucks.

REE Automotive, Knapheide Debut Full Vehicle Solution

REE’s first demo P7-C fully by-wire chassis cab has arrived in the U.S. and has completed its upfitting at Knapheide in Quincy, Illinois.

USPS to Buy Six Canoo EVs

The Postal Service will take delivery of six right-hand drive versions of Lifestyle Delivery Vehicle 190 in Q1 2024.