2024 Prediction of the Global Electric Car Growth Outlook

2024 Prediction of the Global Electric Car Growth Outlook

The Strong Transition Towards Electrification Will Continue With an Estimated EV Penetration of 18–19% Selling Over 15.2 Million Units

This Frost & Sullivan study provides an outlook for the electric vehicle industry based on the latest industry data; it provides an outline of current trends and an in-depth analysis of future developments, as well as a breakdown of the main stakeholders in the sector and their performance.
EV sales in 2022 amounted to a total of 10.5 million, of which 72.7% were BEVs and 27.2% were PHEVs. FCEV sales remained the same as in 2021, which constituted 0.1% of the total EV sales. Global EV penetration increased from 9% in 2021 to 13% in 2022. APAC continued to record the highest y-o-y growth of 82.7%.

BYD emerged as the new market leader for the first time since the launch of EVs with over 1,858,247 unit sales followed by Tesla which sold approximately 1,314,330 units. Over 479,337 MWH of battery power was supplied globally. CATL continued to be the market leader with a market share more than 29.6%, followed by LG Energy Solution with a 16.4% market share. EV charging point installations surpassed 2.2 million points compared to 1.5 million in 2021 with China accounting for 60% and having the highest number of installations. The key trends in the market include over $400 billion investments freshly announced that will go toward establishing battery manufacturing plants and developing new EV models.

V2G-enabled vehicles with key OEMs such as VW shifting to 100% V2G-enabled vehicles on its MEB platform. Presently, only 4-5 EV models are V2G enabled. Adopting ISO 15118’s standards will ensure communication features encryption, decryption, and two-way authentication. Technical advancements toward batteries developing high power energy and heat dissipation capabilities will be imperative to render them compatible with ultrafast charging.