Global EV sales expected to triple in 2024

Global EV sales expected to triple in 2024

Americans are expected to buy close to 1.3 million electric vehicles this year, or 10% of global sales.

According to data presented by Stocklytics.com, global EV sales are expected to hit almost 12 million units in 2024. A Statista survey showed global EV sales have tripled since 2020, rising from 3.1 million to 10.64 million sold vehicles. In 2021 alone, sales surged by 107% year-over-year, followed by a 55% growth in 2022. After a 3% increase last year, the annual EV sales growth rate is expected to triple and hit 10% in 2024, resulting in almost 12 million new EVs on the road.

Statista said it expects global EV sales to keep accelerating in the following years. By 2028, the market is expected to hit over 17 million sold units, or 40% more than this year.

Revenue in the electric vehicle market will also skyrocket in this period. According to Statista, the global EV industry will gross over $623 billion in 2024, or 11% more than last year. This figure is expected to grow by an average of 10% per year and climb to more than $900 billion by 2028.

China will make up 57% of total EV sales in 2024, with 6.8 million sold units. This figure will jump to 8.7 million by 2028, but China’s market share will slip to 51%, Stocklytics says.

Statists show that EV sales in the United States and Europe are far below these figures. Americans are expected to buy close to 1.3 million electric vehicles this year, or 10% of global sales. However, EV sales in the United States are expected to double and hit almost 2.5 million units by 2028, making 14% of the world`s total that year.

Although Europe experienced a slowdown in EV sales in the past two years compared to the exceptional growth seen in 2020 and 2021, it will remain the second-largest electric vehicle market with 3 million sold units and a 25% share in 2024. By 2028, total sales will jump to over 4.8 million, while the European market share will increase to 28%.

Although tax incentives have made electric vehicles like Tesla a bit more accessible, they still cost more than gas cars. Last year, a new EV cost about $52,800 on average and 2024 is expected to see similar prices.

You May Also Like

ZC Rubber unveils new EV series and EV editions of Westlake and Goodride tires

ZC Rubber introduced the Westlake ZuperAce EV, alongside the EV editions of Westlake ZuperAce Z-007 EV Ready and Goodride Solmax 1 EV Ready.

ZC-Rubber-EV-tire-lineup

ZC Rubber launched its latest EV tire lineup at The Tire Cologne 2024. With the theme “E-Mobility Is Coming Your Way," ZC Rubber introduced three products, including the Westlake ZuperAce EV, alongside the upgraded EV editions of Westlake ZuperAce Z-007 EV Ready and Goodride Solmax 1 EV Ready.

The unveiling of the Westlake ZuperAce EV featured ZC Rubber's Vice President, Zhiqiang Jiang and Henry Shen, alongside renowned Arsenal soccer star, Robert Pirès. The manufacturer said the joint appearance underscored the tire's features and highlighted the partnership between ZC Rubber and Arsenal.

Hexagon Agility, Brudeli to deliver NZEVs for U.S. freight transport

The companies plan to introduce the first pilot trucks with this technology in 2026, with serial production slated for 2028.

BRUDELI-Green-Mobility
Isuzu announces NRR EV truck with electric refrigerated body

Available with 3 wheel base options and 4 battery pack configurations, Isuzu says the truck will have a max range of 235 miles.

Isuzu-NRR-EV-TKe300-Reefer
Hyundai shares vision for hydrogen society at ACT Expo

The company says it is leveraging its affiliates’ cross-industry capabilities spanning the entire hydrogen value chain.

Hyundai_Motor-Hydrogen
ZM Trucks debuts five EV truck models at ACT Expo

ZM Trucks Asian-market production models displayed at ACT Expo included the ZM4, ZM8, ZMx FCEV and ZM22.

ZM-Trucks-zm8

Other Posts

Stora Enso and Altris collaborate on a sustainable battery value chain in Europe

The companies plan to drive adaptation of Stora Enso’s hard carbon solution Lignode as an anode material in Altris’ sodium-ion battery cells.

Altris-Stora-Enso
Parkopedia, BMW Group to expand EV POI data

This new functionality includes information such as the precise location of the charger, data including charging availability and more.

Parkopedia-BMW-EV-POI
W Motors, Everrati partner for manufacturing in UAE

Through its Powered by Everrati B2B division, Everrati will develop and supply advanced electric powertrain solutions for W Motors.

Everrati-W-Motors
PepsiCo expands electric-powered fleet in CA

The EV deployment will help the company progress toward its goal to reach net zero emissions by 2040.

PBNA-FORD-E-Transit