Electric vehicles‘ global sales will hit a new record this year amid the imminent surge in demand, stock market analyst Stocklytic forecasts.
According to the report, the EVs will enjoy significant sales growth this year despite their high prices compared to traditional internal combustion engine-powered cars.
Forecasts
Stocklytic forecasts that global electric vehicle sales will hit a record of nearly 12 million units this year alone, indicating 1 million monthly unit sales. Simply put, one in every ten new vehicle sales worldwide would be electric.
The report also cited a Statista survey revealing that global electric vehicle sales have grown almost threefold from 3.1 million in 2020 to 10.64 million units in 2023. It recorded an astounding 107% YoY growth in 2021, followed by 55% YoY in 2022. In 2023, sales growth dropped to 3% YoY.
Nonetheless, it is on track to hit a new record high again of 10% this year to about 11.77 million units. Of that total, battery-electric vehicles accounted for about 7.72 million units. Meanwhile, plug-in hybrids contributed 2.92 million units.
Driving factors
The report stated that the upcoming launch of new electric car models from both established and startup automakers would result in a projected increase in electric vehicle sales this year.
For instance, Chinese companies like BYD, GWM and MG marques in the Australian market have continuously launched cheaper EV models in the past two years. China is even projected to account for 57% of total sales in 2024, with 6.8 million sales units.
Impressively, the demand for electric cars will remain high despite their higher retail price than ICE-powered counterparts.
Stocklytic also projects that global EV sales will continue to grow to 17 million units by 2028, up 40% on its estimated 2024 record. In effect, the EV industry’s value will surge 10% from $US628 billion ($AU957 billion) in 2024 to $US900 billion ($AU1371 billion) in four years.
EV sales in 2023
In 2023, global electric vehicle sales increased 31% in 2023 to 13.6 million units. Of that total, BEVs accounted for 9.5 million units. Meanwhile, PHEVs contributed 4.1 million in sales. In December alone, EV sales reached a record of 1.5 million units.
“The pace of growth is slowing, but that’s what’s expected in growing markets like this. You can’t double every year.”
Rho Motion data manager Charles Lester (via Reuters)
Electric vehicle adoption continues to progress amid the worldwide governments’ efforts to promote more sustainable mobility. That said, it would be exciting to see if the EV industry can successfully hit the forecasted sales unit of 12 million this year.
