2024 Electric Vehicle Outlook: Insights for Strategic Decision-Making
The electric vehicle (EV) market is rapidly expanding due to increasing environmental concerns and advancements in battery technology. Government incentives and growing consumer demand for sustainable transportation solutions are driving this sector forward.Â
| Electric Vehicle Market Statistics (2024)  | Predictions and Insights  | Source  |
|---|---|---|
| 1. The US has released USD 1.3 billion in funding in 2024 to expand the national EV charging network  | The investment will boost the EV by accelerating EV charging stations.  | Contact us to view the source. |
| 2. The EU announced that until 2024, fully electric cars are exempt from road tax, and plug-in hybrids receive a 50% tax reduction. In 2025, battery electric vehicles (BEVs) will pay 25% of the road tax, with the rate increasing to 100% from 2026. Due to their weight, BEVs will incur higher road tax fees than internal combustion engine (ICE) cars.  | The gradual increase in road tax for BEVs may impact their cost-effectiveness, influencing consumer decisions as tax benefits diminish over time. | Contact us to view the source. |
| 3. Plug-in hybrid electric vehicle (PHEVs) sales in China surged by 70% in the first seven months of 2024 compared to the previous year. | The significant rise in PHEV sales indicates growing consumer interest in hybrid solutions as a bridge between traditional and fully electric vehicles in China. | Contact us to view the source. |
| 4. EV sales in the United States and Canada increased by 7.1% in July 2024. | The steady growth in EV sales across North America reflects the region’s gradual shift towards electric mobility, driven by consumer interest and supportive policies. | Contact us to view the source. |
| 5. In Europe, monthly EV sales decreased by 7.8% in July 2024. | The European EV market is experiencing a temporary slowdown, potentially due to economic factors or market saturation, contrasting with growth trends in other regions. | Contact us to view the source. |
Electric Vehicle Market – Key Takeaways
Technological innovations and infrastructure developments boost the EV market. Ongoing improvements in battery life and charging efficiency will further accelerate adoption and shape the future of transportation.