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Electric cars sales expected to rise to new record in 2024

April 24, 2024

The International Energy Agency is forecasting that one in five cars sold globally is set to be electric. China continues to dominate the global market.

A worker at the Volkswagen factory runs his hand over the electric car, 2020, Germany.
Following a record-breaking 2023, sales continued to grow globally in the first quarter of 2024.Image: Sean Gallup/Getty Images

The International Energy Agency (IEA) said on Tuesday that 2024 will be record-setting for electric vehicles sales, with China leading the market.

The Paris-based energy watchdog forecasted that electric car sales will hit 17 million this year, compared to 14 million in 2023. More than one in five cars sold globally is set to be electric, according to the IEA. 

"Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth," said IEA Director Fatih Birol.

"The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers' ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly."

Sales varying by region

Growth in Europe is slowed by "a generally weak outlook for passenger car sales and the phase-out of subsidies in some countries," according to the IEA. 

Electric cars are expected to hit 45% of all car sales in China, growing strongly in Europe with 25% and in the US with 11%. As for charging networks, they must expand six-fold by 2035, the IEA states.

Lower profit margins and instability of prices for raw materials for batteries, as well high inflation and the termination of subsidy programs had sparked worry about the sector's growth.

An increase in the second-hand market also contributes to the lowering of electric technology access.

According to IEA, in 2030 around one in three cars in China should be electric, and one in five in Europe and the United States.

Electric cars: China's BYD on the rise

ac/fb (Reuters, AFP)