EV Trends 2024

The current global landscape of electric vehicles (EVs) is notably dynamic. Electric Vehicle Sales Surge: In 2023, approximately 20% of all cars sold worldwide were electric, with over 14 million new electric vehicles registered globally. This marks a 35% increase compared to the previous year, with China, Europe, and the United States at the forefront of this movement. Regional Insights: - China: In 2023, electric vehicle sales in China reached 8.1 million, as the nation aspires to establish itself as a leading EV manufacturing center. - Europe: The number of electric vehicle registrations in Europe rose by nearly 20% in 2023, with countries such as Norway, Sweden, and the Netherlands taking the lead. - United States: Sales of electric vehicles in the United States saw an increase of over 40% in 2023, with Tesla's Model Y emerging as a top seller. - India: In India, electric vehicle registrations surged by 70% year-on-year, totaling 80,000 in 2023, bolstered by the government's FAME II initiative, which promotes EV adoption through incentives. Key Developments: - Dominance of Battery Electric Vehicles (BEVs): In 2023, BEVs constituted 70% of the electric vehicle market, although plug-in hybrid electric vehicles (PHEVs) are experiencing faster growth in certain regions. - Rising Competition: Chinese manufacturers such as BYD, Great Wall, and Chery are expanding their global presence, intensifying competition within the EV sector. - Government Support: Various governments are implementing incentives to promote EV adoption, including tax credits, subsidies, and investments in charging infrastructure. These developments reflect a robust and increasing global demand for electric vehicles, driven by supportive government policies, heightened competition, and advancements in technology. Picture Credit : @Canalysresearch