Digital Transformation Slows Down the Global Economy
Electric Vehicle Prices Set to Decline in 2024 as Battery Prices Take a Drop
By Shubhendra Anand , 25 January, 2024
Electric vehicle adoption in 2024 is expected to grow throughout the year due to the transition to clean energy. Electric mobility is expected to grow commercially and environmentally in 2024. According to recent surveys, electric vehicle prices are expected to decline and become consumer-friendly as lowering prices will attract more buyers in 2024.
Based on a survey, Tesla, the electric vehicle manufacturer, anticipates lowering the prices of electric vehicles on certain models in 2024. The electric vehicle maker, Tesla, has lowered the prices by 20 percent in 2023. Earlier surveys conducted on the adoption of electric vehicles in the automotive market suggest that EVs can be cheaper by the end of 2027. Electric vehicles are expected to be equal to conventional vehicles in prices in 2024 or before 2027 ends. The consumers' demand for electric vehicles has always been affected by the higher prices in previous years. However, experts believe that demand for electric vehicles is expected to be higher in 2024 due to the transition to clean energy. Electrification in transportation accelerates the process of transitioning to clean energy by reducing the use of conventional vehicles. Since transformation into green energy is responsible for consumers' awareness regarding fossil fuel management, the electric vehicle stands out as the best alternative.
Electric vehicle sales have slowed down in 2023, and it is expected the same issues will prevail in 2024. Therefore, auto industries should manage the cost prices of electric vehicles in order to make it more consumer-friendly to buy such vehicles in 2024. According to a survey, 65 percent of buyers resist buying electric vehicles due to their high prices in the market. Thus, electric vehicle makers need better pricing strategies to cater to the needs of consumers in 2024. The auto industries are focusing again on manufacturing cheaper batteries for electric vehicles with advanced technologies. Batteries play a crucial role in electric vehicles; therefore, a shift to cheaper batteries will lead to greater production with less cost for consumers, which will enhance sales in the market for 2024.
Annual date of electric vehicles in passenger cars for 2018-2023
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Shubhendra Anand
Head Research
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