Industry forecast

In the current global automobile market, although fuel vehicles still dominate in terms of quantity, the share of electric vehicles is continuously increasing due to their growing sales.

Data perspective

The European Automobile Manufacturers Association predicts that by 2024, pure electric vehicles will account for nearly 20% of new car sales in the EU market, surpassing the projected 14% to 14.5% for 2023.

However, they also anticipate a slowdown in the growth rate of new car sales in 2024 European EV market, dropping from 12% in 2023 to 2.5%.

Despite this expected deceleration in growth rate for 2024, new car sales in the EU market for 2023 have already exceeded their expectations. At the beginning of that year, the European Automobile Manufacturers Association predicted a year-on-year increase of only 5%.

Industry speculation

With an increase in electric vehicle sales, there will be more regulations related to electric cars and a greater demand for supporting facilities such as charging stations.

Luca de Meo, President of the European Automobile Manufacturers Association and CEO of Renault emphasized that from now until 2030 automakers are expected to face more regulations with some conflicting each other; therefore, deployment speed for charging stations needs to be accelerated at a rate seven to ten times faster.

The increased demand for electric vehicles will also drive manufacturers to introduce more models. Luca de Meo mentioned that over the next few years there will be more conventional electric cars available with a range between400 and500 kilometers and these EVs are expected to see significant price reductions.