Gamingdeputy News on April 23, according to the latest “Global Electric Vehicle Outlook” report released by the International Energy Agency (IEA), it is expected that more than one-fifth of global new car sales will be electric vehicles in 2024. In the next ten years, electric vehicles will Demand will continue to soar.
The report points out that rising sales of electric vehicles will reshape the global automotive industry and significantly reduce oil consumption in road transportation. The IEA optimistically predicts that global electric vehicle sales will maintain a strong momentum in 2024, reaching approximately 17 million units. In the first quarter of this year, electric vehicle sales increased by about 25% year-on-year. Compared with the same period last year, the growth rate remained stable, but the base has expanded. It is worth mentioning that global electric vehicle sales in the first quarter of this year have been basically the same as the entire 2020.
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The Chinese market is expected to continue to lead, with sales of electric vehicles in China expected to jump to about 10 million units in 2024, accounting for about 45% of China's total car sales. In the U.S. market, about one in nine new car sales this year is expected to be electric. Although the overall passenger car sales outlook in the European market is weak and some countries have canceled subsidy policies for electric vehicles, electric vehicles are still expected to account for a quarter of new car sales.
This strong growth continues the momentum in 2023. Last year, global electric vehicle sales soared 35% to nearly 14 million vehicles. Although demand is mainly concentrated in China, Europe and the United States, some emerging markets such as Vietnam and Thailand are also showing growth, with electric vehicle sales in these two countries accounting for 15% and 10% of total new car sales respectively.
The report shows that the wave of investment in battery manufacturing shows that the electric vehicle supply chain is constantly evolving to meet the ambitious expansion plans of automakers. As a result, the share of electric vehicles on the road is expected to continue rising rapidly. Based on current policy settings alone, nearly one-third of the cars on China's roads are expected to be electric by 2030, compared with nearly one-fifth in the United States and the European Union.
This shift will have a significant impact on the automotive industry and the energy sector. In China, the acquisition cost of more than 60% of electric vehicles sold in 2023 is already lower than that of fuel vehicles. In the U.S. and Europe, average selling prices for gas-powered vehicles remain cheaper, but fierce competition and improving battery technology are expected to keep EV prices falling in the coming years. The growing number of electric vehicles exported by Chinese automakers (Gamingdeputy Note: China's electric vehicle exports accounted for more than half of total global sales in 2023) will also further reduce the purchase cost of electric vehicles.
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According to the IEA report, ensuring the availability of public charging facilities and the growth of electric vehicle sales is critical to the continued development of the electric vehicle market. In 2023, the number of installed public charging piles worldwide will increase by 40% compared with 2022, with DC fast charging piles growing faster than AC slow charging piles and AC fast charging piles.
However, the IEA also pointed out that in order for electric vehicle ownership to reach the level promised by governments, the charging network needs to grow sixfold by 2035. At the same time, policy support and careful planning are needed to ensure that the power load from charging demand does not overwhelm the grid.