Energy experts predict that global electric vehicle (EV) sales will reach record-breaking numbers in 2024, despite a slowdown in demand for EVs. The International Energy Agency (IEA) estimates that around 17 million EVs will be sold in 2024, a significant increase from the 14 million sold in 2023.
China is expected to lead the way in EV sales, with 10 million electric vehicles set to be purchased in the country this year. The IEA forecasts that one in every five cars sold globally in 2024 will be electric, signaling a growing market for EVs.
While some regions like China are embracing EVs, other areas such as Europe and America are lagging behind in terms of electric vehicle adoption. Factors like the phasing out of subsidies in Europe and limited access to chargers in developing countries contribute to the slower uptake of EVs in these regions.
One obstacle to widespread EV adoption is the higher cost of electric vehicles compared to traditional combustion engine cars. However, experts believe that by 2030, EV prices will be on par with internal combustion engine (ICE) cars, thanks to economies of scale and advancements in battery technology.
As EV sales continue to rise, there is a corresponding decrease in the demand for oil used in traditional cars. The IEA predicts that the world will reach peak demand for oil in road transport by 2025, with a significant decline in oil needs by 2035. At the same time, the demand for charging infrastructure is set to increase six-fold by 2035 to support the growing number of electric vehicles on the roads.
