Digital Transformation Slows Down the Global Economy
Electric Vehicles Demand To Surge In Market For 2024
By Shubhendra Anand , 19 January, 2024
Electric mobility sees massive consumer acceptance as it solves one aspect of environmental safety concerns. Electric vehicle sales are expected to surge in number in 2024. Due to the clean energy transition focusing on deviation from fossil fuels to achieve the net zero emissions target by the end of 2050. The electrification in transportation anticipates gaining momentum in the year-on-year sales in 2024.
Based on the surveys, electric vehicle sales witnessed a 35 percent year-on-year increase in 2023. The main reasons behind the rise in electric vehicle adoption in the market are decreasing prices of electric vehicles, government initiatives to accelerate net zero emissions with electric cars in different nations, growing technology ease, and many others. Electric vehicles need charging stations, which has halted the consumer’s interest in buying electric vehicles for some time in earlier years. However, an increase in the number of charging stations to support electrification in the transportation sector is an essential factor helping in the expansion of electric vehicles in 2024. The clean energy transition aims to reduce fossil fuel usage, indicating the elevated need for electric cars to fulfill the consumers' demands. The production sector focuses on the heavy output of electric vehicles as the surge in charging stations reduces the tension of fueling electric vehicles.
Globally, the electric vehicles market is expected to expand in 2024, specifically for the United States, and China paves the way for significant electrification in transportation. China appears to be the leading electric vehicle market in 2024 due to its strong supply chain, enhancement in technology, and growing infrastructure, among others. Simultaneously, the United States expects to see a significant expansion of the electric vehicles market in 2024 with heavy investment in the technological advancements of electric vehicles over the past few years. Therefore, the growing production of electric cars will make them affordable by increasing consumer awareness related to the transition to clean energy.Global Monthly EV Sales ('000 Units)1
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Shubhendra Anand
Head Research
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