Electric Vehicle Revolution: IEA Forecasts Over 20% of Global Car Sales to be EVs in 2024
In a landmark prediction, the International Energy Agency (IEA) anticipates that more than one in five vehicles sold worldwide in 2024 will be electric. The agency's latest report, the 'Global Outlook for EVs', unveiled today, projects a robust trajectory for global electric car sales, estimating a staggering 17 million units sold by year's end.
Startlingly, the report highlights that the number of electric cars sold globally in the first quarter of 2024 alone matches the entire sales volume of 2020. This acceleration underscores the monumental shift toward electric mobility.
With nearly 14 million electric vehicles sold globally last year, the IEA underscores the pivotal role of substantial investment in the EV supply chain, escalating consumer demand, sustained policy backing, and plunging EV prices in reshaping the automotive landscape while significantly curbing oil consumption.
The IEA's forecast extends further, suggesting that if countries meet their energy and climate commitments on schedule, electric vehicles could dominate the market, comprising two out of every three cars sold worldwide by 2035. However, this transformative journey hinges on addressing affordability concerns.
To ensure seamless transition and sustained growth in the auto sector, continual advancements in battery technologies and the proliferation of battery charging infrastructure in public domains are deemed imperative by the report. These pivotal measures hold the key to overcoming barriers and accelerating the global shift toward electric vehicles.
In conclusion, the International Energy Agency's forecast heralds a transformative era in the automotive industry, with electric vehicles poised to claim a significant share of global car sales by 2024 and beyond. The remarkable surge in electric car adoption underscores not only the momentum driving this transition but also the critical role of investment, policy support, and technological innovation in shaping the future of mobility. As nations strive to meet their energy and climate targets, the electrification of transportation emerges as a cornerstone in the fight against climate change and the pursuit of sustainable development. However, realizing this vision requires concerted efforts to address affordability challenges and bolster charging infrastructure. By embracing these imperatives, stakeholders can unlock the full potential of electric vehicles, paving the way for a cleaner, greener, and more resilient automotive landscape.