The IEA (International Energy Agency) released its Global EV Outlook report this week noting that electric vehicle sales will surge in 2024 globally.
Electric Vehicle Sales will Surge as EVs enter a New Stage of Growth
According to the EV Outlook report for 2024, electric vehicle sales will go up more than 1/5 globally with the majority of the surge powered by drivers in China.
The IEA’s report estimates that by 2035 half of all cars sold globally will be electric vehicles.
“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.”
– IEA Executive Director Fatih Birol
The report also says that the number of EV charging stations worldwide will reach 15 million by the end of the decade. This increase in EV charging stations globally is due in part to government policies supporting the growth of EV charging networks.
While some carmakers haven’t been as bullish lately on electric vehicles, the IEA reports that the EV market is growing rapidly. Global sales of electric vehicles in the first quarter of 2024 are up 25% from the same time period in 2023. And the number of electric vehicles sold during the first quarter of 2024 is roughly equivalent to the number of electric vehicles sold in all of 2020.
Policies Supporting Electric Vehicles Building Confidence in Electrification
The IEA report says that global government policies like the Inflation Reduction Act are boosting investment in the electric vehicle industry. With the growing investment in electric vehicles, confidence is building globally in electrification. As more money goes toward investing in the EV supply chain, more people are likely to consider electric vehicles as a viable purchase option.
Read the full Global EV Outlook Report for 2024 from the IEA here.