Engineers at Versinetic, a leading EV charger design consultancy, have carefully analyzed market trends to make key industry predictions for 2024.
Here are their three top forecasts that will shape the EV landscape in 2024 and set the stage for continued industry success.
Steady EV Sales Growth Despite Economic Challenges
Despite economic headwinds, EV sales are projected to continue increasing steadily in 2024, with a potential year-over-year growth of 50-70%. This growth is expected to persist despite challenges such as high energy prices and cost-of-living pressures faced by consumers.
While economic issues may temporarily slow EV adoption, the fundamental factors supporting EV growth are likely to endure. Additionally, supportive government policies in many markets will provide further momentum. A shift in political leadership in the UK, for instance, could accelerate EV sales growth as any new government is likely to emphasize EVs to meet carbon reduction targets.
As economic stability returns, consumers are expected to refocus on long-term fuel savings from driving electric. With the launch of more affordable EV options, a strong rebound in sales is anticipated by 2024.
In summary, while the EV transition may be slowed by short-term economic fluctuations, industry experts agree that underlying EV adoption trends are intact. Consequently, electric vehicle sales growth is forecast to continue rising at a rate of 50-70% annually, despite facing some economic headwinds.
Battery Electric Vehicles Overtaking Hybrid EVs in Sales
It is predicted that battery electric vehicles (BEVs) will consistently outsell hybrid electric vehicles (HEVs) each month moving forward. This transition officially began in January 2023, and BEVs are expected to be the second highest selling powertrain behind mild hybrid petrol cars.
As BEVs experience rapid sales growth, while HEV sales stagnate, this trend is likely to accelerate in 2024. With the launch of more affordable options, total BEV sales could increase by over 70% next year alone.
Meanwhile, with little room to gain market share, HEVs will be increasingly overshadowed by BEVs and face pressure on petrol and diesel car sales. The forecast estimates that BEVs could capture an additional 4% share of total auto sales in 2024.
Battery electric vehicles are set to dominate the fast-growing EV category, with their sales projected to rise by over 70% next year, solidifying their position as the second highest selling powertrain overall. The increasing adoption of BEVs will directly impact petrol and diesel sales, signaling the imminent decline of internal combustion engine (ICE) vehicles.
Addressing Anti-EV Misinformation as a Key Priority
The EV industry is facing a significant challenge from the proliferation of misinformation on social media and other platforms, which is hindering the rapid growth of electric vehicles. False narratives and conspiracy theories are spreading faster than they can be debunked, making it crucial to develop advanced technological solutions to promote truth and combat falsehoods.
In response to this challenge, industry leaders and policymakers are expected to prioritize efforts to curb anti-EV rhetoric. Innovative systems to prioritize factual EV narratives and provide correctives for misinformation are necessary to manage this issue and ensure the continued growth of EVs through 2024 and beyond.
Specifically, combating misinformation related to electric grid capacity will be crucial, as experts have prepared for rising EV numbers for years, and the necessary capacity exists. However, it is essential to effectively communicate this to counter persistent myths and ensure the successful adoption of electric vehicles.
Ultimately, proactive efforts to address misinformation will be vital in ensuring that EV growth stays on track through 2024 and beyond.