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Global car sales reach record highs in 2023, e-car sales to hit 17 million in 2024

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In Short:

The number of electric cars being sold is increasing rapidly, with a projection of reaching 17 million in 2024. This would represent over 20% of all cars globally. Major markets like China, Europe, and the United States are driving this growth. Policy incentives and falling prices are also contributing to the rise in electric car sales, which are expected to continue growing in the coming years.


Electric Car Sales on the Rise, Expected to Reach 17 Million in 2024

Hey there, fellow eco-conscious drivers! Exciting news for all of us who believe in a sustainable future – electric car sales are soaring and are projected to reach around 17 million globally in 2024. That’s more than one in five cars sold worldwide!

Key Highlights:

  • Report: ‘The Global EV Outlook 2024’ by the International Energy Agency (IEA)

In 2023, the world saw nearly 14 million electric cars hitting the roads, accounting for 18% of total car sales. This marks an impressive 35% increase from the previous year, with 3.5 million more electric cars sold.

Major markets are transitioning from early adopters to the mass market, with electric car sales showing robust growth. Chinese carmakers led the way, producing over half of all electric cars sold worldwide.

The top three regions for electric car sales in 2023 were China (60%), Europe (25%), and the United States (10%), making up the majority of total global sales.

Emerging Markets Catching Up:

While emerging economies have been slower in adopting electric cars, countries like Vietnam and Thailand are seeing growth, thanks to policy measures and incentives for electric vehicles and battery manufacturing.

In India, the Production Linked Incentives (PLI) Scheme is boosting domestic manufacturing, while cheaper models from Chinese brands are driving uptake in countries like Brazil, Indonesia, Malaysia, and Thailand.

Continued Progress:

Despite challenges like tight profit margins, fluctuating battery metal prices, and the phase-out of purchase incentives in some places, the electric car industry is steadily moving towards becoming mainstream in more countries.

Early data from the first quarter of 2024 show a 25% growth in electric car sales compared to the same period in 2023. By the end of 2024, we could see market shares of up to 45% in China, 25% in Europe, and over 11% in the United States.

With competition among manufacturers, decreasing battery and car prices, and continued policy support, the future looks bright as we drive towards a greener, more sustainable world!

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