More than one in five cars sold worldwide in 2024 will be electric

More than one in five cars sold worldwide in 2024 will be electric vehicles (EV’s) according to the forecasts of the International Energy Agency (IEA).

The agency’s latest report on the ‘Global Outlook for EV’s’ published today, found that global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year.

Moreover, the number of electric cars sold globally in the first three months of 2024 (Q1 2024) is roughly equivalent to the number sold in all of 2020, the report revealed.

Last year, global electric car sales amounted to almost 14 million vehicles.

“Substantial investment in the electric vehicle supply chain, the surging demand, ongoing policy support and declines in the price of EVs set to remake the global auto industry and significantly reduce oil consumption”, the IEA report stated.

Furthermore, if the energy and climate pledges announced by countries are fully met on time, two in three cars sold in the world would be electric by 2035, the agency predicted.

However, projections of the world’s transition to EVs may be hindered by factors such as affordability.

Therefore continuous improvement of battery technologies and the availability of battery charging infrastructure in public spaces is key for growth in the auto industry, the report stated.