(Paris) Sales of electric cars are expected to continue their strong growth in 2024, particularly in China, according to the annual report published Tuesday by the International Energy Agency (IEA).
“The dynamic of electric cars clearly remains in our data, even if it is stronger in certain markets,” said IEA director Fatih Birol in a press release.
“Rather than slowing down, the global electric revolution seems to be preparing for a new phase of growth,” underlines Fatih Birol. “With a wave of investment in battery manufacturing, the supply chain is poised to align with automakers’ ambitious plans.”
Reduced margins, volatile prices of battery raw materials, high inflation and the removal of purchasing subsidies in some countries such as Germany have caused concern about the sector’s growth.
This bout of weakness, however, is concentrated in certain European countries. China, the leading market for the sale of electric cars, is less affected and “global sales remain solid,” notes the IEA.
In the first quarter of 2024, electric sales increased by another 25% year-on-year, a growth similar to that of 2023. Overall, 2024 should still be a record year with an increase in sales of electric cars of 20 %, according to the IEA.
More than one in five cars sold worldwide would be electric, with around 17 million vehicles sold.
The electric market share should notably reach 45% in China, 25% in Europe and 11% in the United States, driven by competition between manufacturers, the fall in battery and car prices, and public aid for electrification.
In China, electric models are already often cheaper than their thermal equivalents. This performance should be achieved by 2030 for most models in other major automotive markets, including Europe.
The second-hand market is also growing rapidly, lowering the cost of access to electric technology.
According to IEA projections, nearly one in three vehicles driving in China should be electric in 2030, and one in five in Europe and the United States.
By 2035, all cars sold worldwide should already be electric, avoiding the consumption of 10 million barrels of oil per day.
This revolution is currently benefiting Chinese manufacturers: they have produced more than half of the electric cars sold in the world, while they only represent 10% of sales of thermal cars.