Global EV Sales Expected to Increase by 21% in 2024

Global EV Sales Expected to Increase by 21% in 2024

This represents a significant decline from growth rates of 31% in 2023 and 60% in 2022, ABI Research said.

The latest forecasts from global technology intelligence firm ABI Research found that global EV sales are expected to grow by 21% in 2024 and 19% in 2025. This represents a significant decline from growth rates of 31% in 2023 and 60% in 2022, ABI Research said.

“A shortage of chargers and limited ranges are not to blame for this decline. It’s evident from sales data and statements by Original Equipment Manufacturers (OEMs) that the EV market is slowing down and failing to meet its targets,” Dylan Khoo, an electric vehicles industry analyst, said. “While insufficient charging infrastructure and range limitations are often cited as reasons for this slowdown, they don’t fully explain the stagnation, especially considering that these aspects are actually improving rather than deteriorating. Additionally, these explanations fail to consider the region-specific trends driving the EV sector changes.”

According to ABI Research, there has been a real and significant stagnation in EV sales growth in Germany and the United Kingdom due primarily to the withdrawal of subsidies. This has dictated the narrative for the continent as these are Europe’s largest car markets, but two-thirds of European countries’ growth was higher in 2023 than in the year prior. Sales problems in the U.S. can be attributed to an unsustainable reliance on Tesla, which is faltering as the supply of early adopters dwindles and the market moves toward mass adoption, ABI said.

ABI said that, in China, the market is now in a period of linear growth as EVs achieved a 36% market share in 2023 and are expected to make up over half of all car sales by 2025. BYD has continued to drive down the price of EVs to the point that in many segments they are now the same price or cheaper than their Internal Combustion Engine (ICE) equivalents.

“China has set an example for the world to follow and demonstrated how to win over the public with EVs,” Khoo said. “If automakers can make a wide range of EVs at an attractive price, people will buy them. It is here that Europe and North America are failing, a situation unlikely to be rectified until new battery gigafactories become operational and more models become available in the latter half of the decade.”

These findings are from ABI Research’s The EV Market Slowdown application analysis report. This report is part of the company’s EV research service, which includes research, data and ABI Insights. Based on extensive primary interviews, ABI said application analysis reports present an in-depth analysis of key market trends and factors for a specific technology.

You May Also Like

Honda Launches Fuel Cell Electric Vehicle in Ohio

Production of the 2025 CR-V e:FCEV fuel cell EV begins at Performance Manufacturing Center in Marysville, Ohio.

Honda celebrated the start of production of the all-new CR-V e:FCEV fuel cell electric vehicle (FCEV) at the Performance Manufacturing Center (PMC) in Ohio. It is the only FCEV made in America, as well as the first production1 hydrogen FCEV in the United States to combine an all-new U.S.-made fuel cell system with plug-in EV charging capability, according to the latest press information.

GreenPower Launches EV Star Utility Truck

The EV Star Utility Truck is purpose-built and fully customizable to fit a range of vocational applications and utility use cases.

Automotive, Mining Sectors Meet for Battery EV Conference

The 2024 BEV In-Depth conference explored the EV battery supply chain and zero-emission vehicle advancements.

Highland Named One Of TIME’s Most Influential Companies

Highland was recognized in the category of Pioneers.

Modine Helps Fortify Zero-Emission Bus Fleet in Wisconsin

Racine transit system zero-emission buses are equipped with Modine EVantage to increase longevity and range.

Other Posts

Advanced Cooling System Technologies: Hybrid & EVs

Learn how to keep your hybrid or electric vehicle running smoothly and efficiently.

Mullen Announces Development of Mobile EV Charging Truck

New PowerUP mobile charging system provides increased versatility and 100% zero emissions power generation capable of delivering on demand, mobile DC fast-charging.

Hansen Motorsport, SKF Align for 2024 World RX Season

The Scandinavian Touring Car Championship will premiere the world’s first 100% electric national touring car championship June 8-9, in Gothenburg, Sweden.

Mullen Announces Sale of 50 Bollinger EV Trucks

EnviroCharge will install its mobile clean-propane-powered charging system on the Bollinger B4 chassis cab, an all-new, all-electric Class 4 commercial truck.