Electric Vehicles: A Deep Dive into the Statistics and Trends for 2024

We're entering a new age of transportation, and the electric vehicle (EV) market is growing faster than ever before. In 2022, global EV sales topped 10 million, jumping up 55% from the year before.

EVs have become a game-changer. As we delve into this exciting new era of mobility, it's crucial to understand the statistics and trends shaping the industry. By 2024, it's forecasted that 25% of all new passenger car registrations will be electric, exceeding 17 million units in sales globally. 

The global EV market, valued at £291.5 billion in 2023, is projected to more than double to £714.9 billion by 2030. 

Technological advancements, environmental consciousness, and supportive government policies fuel this rapid growth. As we look ahead to 2024, understanding the statistics and trends shaping this industry is crucial.

We aim to provide you with a comprehensive understanding of the EV landscape, equipping you with the knowledge to navigate this rapidly evolving sector.

The global electric vehicle (EV) market is experiencing a significant surge, with sales expected to reach 14.1 million units in 2023, a 34% growth compared to 2022. 

This growth is projected to continue, with EVs forecasted to account for 23.5% of the global light-vehicle market by 2025 and 45.3% by 2030. 

The top countries leading the EV market include Norway, where all-electric vehicles made up 80% of passenger vehicle sales in 2022, followed by Iceland (41%), Sweden (32%), the Netherlands (24%), and China (22%, equating to 4.4 million sales. Norway boasts the world's highest market penetration per capita, with EVs making up 86.2% of new car sales in 2021. 

To provide a clearer picture of the global EV market, here is an intriguing overview from 2022 - 2030

Based on statistics from IEA and Statista 

The market size is valued at £388.1 billion in 2023 and is projected to reach £951.9 billion by 2030, with a CAGR of 13.7%. 

The top three players in the global EV industry in 2022 were BYD, Tesla, and Saic-GM-Wuling, with Tesla being the world's largest EV manufacturer.

In 2023, the market exceeded 10 million units, with a penetration rate of 14%, and it is expected to reach 14 million units with a penetration rate of 18% in 2024

The EV market is evolving rapidly, with models available in various vehicle types, from compact cars and sedans to sport utility vehicles (SUVs) and pickup trucks. According to Euromonitor's mobility forecasts, 25% of all new passenger car registrations will be electric in 2024, exceeding 17 million units in sales globally.

With EVs at the forefront, offering a greener alternative to traditional combustion engine vehicles. In the UK, the average cost of an electric car is around £50,000, ranging from £22,225 to a staggering £157,160. 

Here's a quick breakdown of these four types:

In 2023, global EV sales, including BEVs and PHEVs, are forecasted to reach 14.1 million units, marking a growth of 34% compared to 2022. The United States saw a 55% increase in electric car sales in 2022 relative to 2021, led by BEVs. In the same year, the share of electric cars in total sales tripled from around 4% in 2020 to 14%.

This growth is particularly notable in Europe, where BEVs and PHEVs accounted for 20.7% of new light-vehicle market sales in 2022.

The number of electric cars on the world's roads rose to 26 million in 2022, a 60% increase from 2021, with BEVs accounting for over 70% of this total annual growth.

In 2022, 14% of all new vehicles sold globally were electric, a significant increase from around 9% in 2021 and less than 5% in 2020. This trend is expected to continue, with projections indicating that electric cars could account for 18% of total car sales across the entire calendar year of 2023. 

In the United States, the market share of fully electric vehicles (BEVs) reached a new record of 7.9% in Q3 2023, up from 6.1% a year ago. Meanwhile, in China, the world's largest car market, the share of electric cars in total sales was 22% in 2022.

However, the adoption of electric vehicles varies significantly across different countries. For instance, in Norway, all-electric cars made up 80% of passenger vehicle sales in 2022, while in the United States, the figure was 6%

Here is a table summarising the Proportion of electric cars sold in different countries and regions:

As we look ahead to 2024, several models stand out for their impressive specifications. 

In 2024, the EV market will see the introduction of several exciting models. Tesla, a pioneer in the EV industry, is expected to launch the Cybertruck, a futuristic all-electric pickup truck. Rivian, a rising star in the EV market, is set to release the R1T, a luxury electric pickup with impressive off-road capabilities.

Here's a summary of the leading electric cars for 2024:

Technological advancements are expected to drive the growth of the EV market. Research suggests that EVs could account for 40-60% of all new cars and SUVs sold by 2030. Moreover, solar panel EV charging stations can revolutionise the charging infrastructure. This can directly provide clean, renewable energy to electric vehicles, significantly reducing reliance on fossil fuel-generated electricity.

However, for solar electric cars, the number of solar panels required to charge an EV can vary widely. Typically ranging from 5 to 12 panels depending on the vehicle's battery capacity, daily mileage, panel wattage, and average sunlight exposure.

The year 2024 promises to be pivotal for advancements in EV battery technology. These advancements in battery technology are expected to impact the EV industry profoundly.

For instance, General Motors is researching lithium-metal battery chemistry to increase range and lower the costs of electric cars.

Similarly, a China-based start-up, Gotion High-tech, plans to mass-produce its new lithium manganese iron phosphate (LMFP) battery by 2024, which promises a range of 1,000 kilometres. 

Toyota is also developing new battery technology that will give future EVs a range of up to 932 miles (1,500km). From 2026, it will introduce new battery technology offering a range of 1,000km (621 miles) by increasing the battery's energy density, reducing weight, and improving vehicle aerodynamics.

This could lead to a significant increase in the adoption of EVs, with Goldman Sachs Research estimating that EVs could account for 21% of total global vehicle sales by 2025 and 47% by 2030.

In 2024, the focus will be on incorporating new chemistries in the EV battery, especially the cathode, which minimises the use of expensive metals such as lithium carbonate, nickel, and cobalt. This shift towards cheaper EV batteries is expected to significantly reduce the cost of EVs, making them more accessible to a broader range of consumers.

Battery pack prices are expected to fall by an average of 11% annually from 2023 to 2030. This price drop is anticipated to be particularly large in 2024. Goldman Sachs Research predicts battery prices will fall to £75 per kilowatt hour (kWh) of storage capacity by 2025 — a 40% decrease from 2022.

Some electric vehicles and their usable battery capacities:

Electric Vehicle Usable Battery Capacity

Most electric vehicles today use lithium-ion batteries, which offer high energy density, long cycle life, and a high power-to-weight ratio. These batteries have significantly improved the range of electric vehicles, with models like Tesla's Model S and Audi's e-tron SUV capable of travelling more than 200 miles on a single charge.

The future of EV battery technology looks promising. With the anticipated advancements, we can expect EVs to become more affordable, efficient, and environmentally friendly. 

60% reduction in CO2 emissions from battery production

Lithium manganese iron phosphate (LMFP) batteries with 1,000 km range

Sulfur batteries with tripled range and high-speed charging

Charging infrastructure is another critical aspect of EV technology. 

Currently, Level 1 and Level 2 chargers can take anywhere from 40-50+ hours and 4-10 hours to charge a Battery Electric Vehicle (BEV) to 80% from empty. 

On the other hand, Direct Current Fast Charging (DCFC) equipment can achieve the same in just 20 minutes to 1 hour.

The advent of fast charging technology, capable of charging an EV battery to 80% in as little as 30 minutes, is set to revolutionise the EV industry, making it more accessible to drivers and increasing the overall range of an EV. 

China has the most significant number of publicly available EVSE chargers, with 1,810,000 chargers, followed by the Netherlands with 111,721 chargers, Germany with 87,674 chargers, and France with 83,317 chargers (IEA) and Statista.

Vehicle-to-grid (V2G) integration is a futuristic concept that turns your EV into a mobile energy storage. Not only can your EV store energy, but it can also feed energy back into the grid during peak demands.

The shift from internal combustion engine (ICE) vehicles to EVs is not just about technology and infrastructure; it's also about people's perceptions, preferences, and purchasing decisions.

In 2023, a survey by the International Energy Agency (IEA) found that 60% of respondents would consider purchasing an EV as their next vehicle, up from 55% in 2022.

In 2023, the average price of a new EV in the UK was £40,000, compared to £30,000 for a new ICE vehicle. 

Other important factors include the availability of charging infrastructure (46%), the driving range of the vehicle (49%), and the availability of government incentives (39%).

Despite this, the total cost of ownership, including fuel costs and maintenance, can be lower for EVs over the vehicle's lifetime.

While the upfront cost of EVs is typically higher than ICE vehicles, the gap is narrowing. The average price of a new EV in the UK in 2023 is £40,000, compared to £30,000 for a new ICE vehicle. However, when considering the total cost of ownership, including fuel and maintenance costs, EVs can be cheaper than ICE vehicles over the vehicle's lifetime.

A recent study by Kantar surveyed 4,000 people across the US, UK, Germany, and Singapore, revealing critical insights into consumer attitudes towards EVs. Meanwhile, an analysis of Indian consumers identified charging infrastructure, government policy, and environmental awareness as significant factors influencing EV purchase decisions. 

This table shows that EVs have a higher purchase price and financing cost but lower fuel/charging and maintenance costs. However, EVs also depreciated more over five years compared to ICE vehicles.

The International Energy Agency (IEA) predicts that the global share of electric car sales could reach 35% by 2030, with China maintaining its position as the largest market for electric cars, accounting for 40% of total sales by 2030. 

In the United States, the adoption rate is projected to reach 7.06% in 2024, with mass adoption (16% of adult drivers) expected by 2028. California is leading the way in the US, reaching mass adoption in 2023.

In Europe, the share of EVs is expected to rise to 20% in 2024, with a forecasted market share of 40% by 2024, according to the European Automobile Manufacturers Association (ACEA). The EV market share in Europe is projected to reach 21.4% in 2023, climbing to 31.1% in 2025, then 68.6% in 2030, and 94.9% in 2035. 

The electric vehicle (EV) market faces several challenges but presents numerous opportunities for growth and expansion in 2024.

Solar electric cars, which integrate photovoltaic cells into their design, offer the potential to harness energy directly from the sun, paving the way for truly zero-emission transportation.

In conclusion, while the EV market faces significant challenges, there are also numerous opportunities for growth and expansion in 2024. 

The key to capitalising on these opportunities will be addressing the current challenges, particularly the high cost of EVs and range anxiety.