Electric Car Sales Estimated to Be 17 Million in 2024

A report was published by the IEA shows the trends of electric vehicle sales. According to it:

  • IEA estimates about 17 million electric cars to be registered by the end of 2024, indicating a 20+% year-on-year increase in sales.
  • Nearly 14 million electric cars were registered globally in 2023, marking a 35% increase from 2022 and bringing the total on the roads to 40 million, with 95% of sales in China, Europe, and the US.
  • Electric cars made up around 18% of all car sales in 2023, a significant rise from 14% in 2022 and only 2% in 2018, indicating strong market growth as the sector matures.
  • Battery electric vehicles constituted 70% of the electric car stock in 2023, reflecting their dominant position in the electric vehicle market.

Here are some other insights and trends that are noteworthy from the EV market:

  • $206 billion - EV market in India by 2030, as reported by CEEW
  • €40 billion - Mercedes-Benz Group's planned investment in battery electric vehicles by 2030, as reported by Marklines
  • $141.6 billion - Global electric vehicle battery market size by 2032

Decarbonization Avenues

  • Smart Grids
  • Battery Storage
  • Electric Mobility

    • Keywords

  • battery electric vehicles

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