2024 Electric vehicles sales to soar

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Electric Vehicles Poised for Record-Breaking Year in 2024

2024 is shaping up to be a pivotal year for electric vehicles (EVs), with experts predicting a surge in demand and record-breaking sales. Data analysts at Stocklytics.com forecast a staggering one million EVs sold per month globally, marking a tenfold increase over 2020 figures.

This translates to one in ten new cars sold worldwide being electric,
pushing the annual total to a whopping 12 million, compared to 10.46 million in 2023
and a mere 3.48 million in 2020.

Factors Driving the EV Boom

Several factors are contributing to this electrifying growth:

Increased EV offerings: Car manufacturers are rapidly expanding their electric vehicle lineups to cater to growing demand and comply with stricter emissions regulations.

Emergence of new brands: Chinese automakers like BYD, GWM, and MG are making waves with their affordable and innovative electric models.

Accelerated adoption: As concerns about climate change and air pollution mount, consumers are increasingly turning to EVs as a cleaner and more sustainable transportation option.

Looking Ahead: A Bright Future for EVs

The future of EVs appears bright, with analysts predicting continued acceleration in sales. They project annual sales to reach 17 million by 2028, representing a 40% increase over 2024. This translates to a burgeoning industry valued at US$900 billion by 2028, up from US$628 billion in 2024.

Regional Variations

While the global EV market is expected to be dominated by China (accounting for 57% of sales in 2024 and 51% by 2028), other regions are also experiencing significant growth.

Australia, for instance, witnessed a 250% increase in EV sales in 2023, with the Tesla Model Y leading the charge. Meanwhile, New Zealand achieved a historic milestone in December 2023, with electric cars exceeding 50% of all new car sales for the first time.

The Road Ahead

Despite the promising outlook, challenges remain. Range anxiety, limited charging infrastructure, and higher upfront costs continue to be hurdles for some potential EV buyers. However, ongoing advancements in battery technology, expanding charging networks, and government incentives are paving the way for wider EV adoption.

Overall, 2024 is poised to be a watershed year for electric vehicles. With record-breaking sales projections, a diverse and ever-expanding EV landscape, and increasing consumer interest, the future of transportation appears increasingly electric.