Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025
Electric Vehicle Prices Set to Decline in 2024 as Battery Prices Take a Drop
By Shubhendra Anand , 25 January, 2024
Electric vehicle adoption in 2024 is expected to grow throughout the year due to the transition to clean energy. Electric mobility is expected to grow commercially and environmentally in 2024. According to recent surveys, electric vehicle prices are expected to decline and become consumer-friendly as lowering prices will attract more buyers in 2024.
Based on a survey, Tesla, the electric vehicle manufacturer, anticipates lowering the prices of electric vehicles on certain models in 2024. The electric vehicle maker, Tesla, has lowered the prices by 20 percent in 2023. Earlier surveys conducted on the adoption of electric vehicles in the automotive market suggest that EVs can be cheaper by the end of 2027. Electric vehicles are expected to be equal to conventional vehicles in prices in 2024 or before 2027 ends. The consumers' demand for electric vehicles has always been affected by the higher prices in previous years. However, experts believe that demand for electric vehicles is expected to be higher in 2024 due to the transition to clean energy. Electrification in transportation accelerates the process of transitioning to clean energy by reducing the use of conventional vehicles. Since transformation into green energy is responsible for consumers' awareness regarding fossil fuel management, the electric vehicle stands out as the best alternative.
Electric vehicle sales have slowed down in 2023, and it is expected the same issues will prevail in 2024. Therefore, auto industries should manage the cost prices of electric vehicles in order to make it more consumer-friendly to buy such vehicles in 2024. According to a survey, 65 percent of buyers resist buying electric vehicles due to their high prices in the market. Thus, electric vehicle makers need better pricing strategies to cater to the needs of consumers in 2024. The auto industries are focusing again on manufacturing cheaper batteries for electric vehicles with advanced technologies. Batteries play a crucial role in electric vehicles; therefore, a shift to cheaper batteries will lead to greater production with less cost for consumers, which will enhance sales in the market for 2024.
Annual date of electric vehicles in passenger cars for 2018-2023
Latest News
Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025
In January 2025, Honda Motor Co., Ltd. and Renesas Electronics Corporation declared a strategic collaboration to create a high-performance system on a chip (SoC) designed for Software Defined Vehicles (SDVs). This cooperation is intended to bolster…
NVIDIA's Mega Omniverse Master Plan: Revolutionizing Robotics and AI by 2025
 In 2025, NVIDIA is set to transform AI and robotics with its Mega Omniverse Blueprint, a framework for designing, simulating, and optimizing robot fleets within the digital twins of industrial environments. This new initiative combines NVIDIA's…
How Vaccines Helped Eradicate Deadly Diseases – A 2025 Breakthrough
Public health has benefited dramatically from vaccinations, which have helped completely eradicate or significantly lower the frequency of lethal illnesses. Vaccines will still be among the most potent weapons available in 2025 to stop global…
Oil Prices Crash in 2025: Biggest Weekly Drop Amid Tariffs & Oversupply
Oil prices stay on track as United States (U.S.) sanctions on Canada and Mexico keep diverting the market and stable supply levels support a significant weekly decline in 2025. Reuters said this is the biggest weekly decline since October…
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025
The automotive industry will benefit significantly from strategic partnerships in artificial intelligence (AI) and its use in cars. AI integration into automobiles is projected to improve considerably in the year 2025 due to the formation of various…
Shubhendra Anand
Head Research
Latest News
NVIDIA's Mega Omniverse Master Plan: Revolutionizing Robotics and AI by 2025
How Vaccines Helped Eradicate Deadly Diseases – A 2025 Breakthrough
Oil Prices Crash in 2025: Biggest Weekly Drop Amid Tariffs & Oversupply
Quadric and Denso Team Up to Progress Automotive AI Semiconductors for 2025
