info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Electric Vehicles Demand To Surge In Market For 2024

By Shubhendra Anand , 19 January, 2024

Electric mobility sees massive consumer acceptance as it solves one aspect of environmental safety concerns. Electric vehicle sales are expected to surge in number in 2024. Due to the clean energy transition focusing on deviation from fossil fuels to achieve the net zero emissions target by the end of 2050. The electrification in transportation anticipates gaining momentum in the year-on-year sales in 2024.
Based on the surveys, electric vehicle sales witnessed a 35 percent year-on-year increase in 2023. The main reasons behind the rise in electric vehicle adoption in the market are decreasing prices of electric vehicles, government initiatives to accelerate net zero emissions with electric cars in different nations, growing technology ease, and many others. Electric vehicles need charging stations, which has halted the consumer’s interest in buying electric vehicles for some time in earlier years. However, an increase in the number of charging stations to support electrification in the transportation sector is an essential factor helping in the expansion of electric vehicles in 2024. The clean energy transition aims to reduce fossil fuel usage, indicating the elevated need for electric cars to fulfill the consumers' demands. The production sector focuses on the heavy output of electric vehicles as the surge in charging stations reduces the tension of fueling electric vehicles.

Globally, the electric vehicles market is expected to expand in 2024, specifically for the United States, and China paves the way for significant electrification in transportation. China appears to be the leading electric vehicle market in 2024 due to its strong supply chain, enhancement in technology, and growing infrastructure, among others. Simultaneously, the United States expects to see a significant expansion of the electric vehicles market in 2024 with heavy investment in the technological advancements of electric vehicles over the past few years. Therefore, the growing production of electric cars will make them affordable by increasing consumer awareness related to the transition to clean energy.

Global Monthly EV Sales ('000 Units)1

EV-ADOPTION-2024.jpg

Latest News

2025.png
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…

Read More

2024.png
Semiconductor Trade Restrictions Threaten EV, AI, and Industrial Progress in 2025

In 2025, the global semiconductor industry is already grappling with new and complex challenges emanating from the trade wars and policy changes between the United States and China. The semiconductor industry, an essential backbone of technology…

Read More

2030.png
Surge in Demand for Semiconductors in 2025 Driven by Boom of Generative AI

The rapid use of generative artificial intelligence (AI) in 2025 has profoundly affected the semiconductor sector, resulting in unprecedented growth for advanced chip technologies. According to estimates made by the Capgemini Research Institute, this…

Read More

condition.png
Texas Faces Challenges to Balance Grid Security and AI Boom in 2025

Texas will face an emerging challenge in 2025 as the electricity grid experiences unprecedented strain from the rapid expansion of artificial intelligence (AI) data centers. Power usage has increased due to technology firms' indiscriminate placement…

Read More

Stocks.png
Tech Turmoil in 2025: Magnificent Seven Stocks Slide as Tesla Leads Market Decline

With the "Magnificent Seven”- Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla leading the fall, the US stock market saw a significant dip in early 2025. Usually seen as market drivers, these IT behemoths found themselves in the correction…

Read More

Author Pic
Shubhendra Anand

Head Research