Electric car sales to grow despite market challenges and lack of charging infrastructure

The International Energy Agency predicts that sales of electric vehicles will grow significantly in 2024, even in the face of economic difficulties in some markets.

Here's What We Know

The IEA forecasts that electric vehicle sales will increase to 17 million this year, up from 14 million in 2023. This means that more than one in five cars sold globally will be electric, which will lead to a decrease in demand for oil for road transport.

However, the availability and infrastructure of charging stations remain key to future growth. Despite high inflation and reduced incentives to purchase, which have led to some market turbulence, global EV sales remain encouraging.

However, the distribution of this growth differs by region. In Europe, for example, growth is expected to be moderate due to a weak outlook for overall car sales and the gradual withdrawal of subsidies.

Affordability remains important for further growth in the EV sector. Even in countries where prices for electric vehicles are declining, they remain higher than for traditional cars. Charging station infrastructure is also important, as the number of charging stations is expected to increase sixfold by 2035, according to the IEA.

Source: Reuters