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2024 Prediction of the Global Electric Car Growth Outlook
2024 Prediction of the Global Electric Car Growth Outlook
The Electric Vehicle Industry Will Suffer Growth Deceleration as OEMs Fight a Price War
25-Jun-2024
Global
Market Outlook
Description
This Frost & Sullivan analysis provides an outlook for the electric vehicle (EV) industry based on the latest industry data, an outline of current trends, an in-depth examination of future developments, and a breakdown of the main stakeholders in the sector and their performance.
EV sales in 2023 amounted to a total of 14.1 million, of which 70.2% were battery EVs and 29.8% were plug-in hybrid EVs. Fuel-cell EV sales remained the same as in 2022, constituting less than 0.1% of the total EV sales. Global EV penetration increased from 13% in 2022 to 16% in 2022. Asia-Pacific (APAC) has the highest penetration globally, with 23% in the light-duty vehicle segment.
Crucial upcoming EV trends include the introduction of sodium-ion and solid-state batteries in mass-market EVs, gigacasting, falling EV prices, usage of AI, development of vehicle-to-grid (V2G) compatible vehicles, and opportunities in battery repair and replacement. Key OEMs have officially announced the adoption of alternate and advanced battery chemistries, such as sodium ion and solid-state batteries. EV manufacturers are exploring the gigacasting space, considering their affordable EV strategy; however, adoption is not widespread yet.
Due to the discontinuation of incentives, OEMs are forced to lower EV prices to keep up with demand and compete with conventional vehicles. Most markets have either reduced or discontinued cash incentives on EVs. Battery management systems (BMS) and analytics, EV battery second life, and testing and validation will leverage AI and digitization. The development of V2G-compatible vehicles spearheads technological progress and is a priority because next-generation charging infrastructure will demand V2G-compatible vehicles.
EV sales will reach an estimated 18.5 million units globally with a 31.1% year-over-year growth. The pace of this growth will decelerate due to the revision of incentives, mainly in Europe. Charging point installations will surpass 5.2 million by the end of the year, with an estimated ratio of one charging connector for 12 EVs. The global EV penetration will reach 20% penetration in the light-duty vehicle segment, a milestone for the industry. BYD will retain the leadership with a higher margin than in 2023 as it expands its presence in Europe and emerging Asian markets (Japan, India, and Thailand). The battery market will supply approximately 945,000 megawatts/hour of battery capacity and, in this market, CATL will remain the leader, followed by BYD.
Author: Prajyot Sathe
Table of Contents
Electric Vehicle Highlights: 2023 and Top Predictions for 2024
Global EV Market Overview, 2023 and 2024e
Global EV Market Overview, 2023 and 2024e (continued)
EV Growth and Penetration: Top 10 Markets
EV Growth and Penetration: Key OEMs
EV Battery Overview
EV Growth and Penetration: Key OEMs
EV Charging Infrastructure Development: Top 5 Markets
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the EV Industry
Growth Opportunities Fuel the Growth Pipeline EngineTM
Research Scope
EV Segmentation
Top 10 Trends for 2024
Top 10 Growth Opportunities
Global GDP Growth: Mild Global Growth Slowdown from 3.0% in 2023 to 2.6% in 2024 as Key Economies Lose Growth Momentum
Inflation and Interest Rates: Headline Inflation will Continue to Decline; H2 2024 will Shift Towards Rate Cuts for Advanced ECONOMIES
Currency Trajectory: Dollar to Remain Strong in H1 2024; Emerging Market Currencies to Get Boost from Q3 2024 Onwards
OIL Markets: Q1 OPEC+ Oil Production Cuts; NON-OPEC Production to Rise
Labor Market: Moderate Unemployment Uptick; Positive Expectations over Market Sentiment to Support Labor Hoarding
Critical Minerals Supplies: Need for ECONOMIC Resiliency Will Bolster Cross-border and Cross-industry Partnerships
North America: Economic Slowdown AMIDST Discretionary Spending Pullback and Elevated Interest Rates
Western Europe: Moderate Growth Pick-up as Inflation Headwinds Ease Gradually; Rebuilding Fiscal Buffers to Take Precedence
Middle East: Non-oil Growth Driven by Economic Diversification to Limit the Pullback Caused by a Slowdown in Global Oil Markets
Asia: Emerging Economies to Drive Growth Momentum; Fiscal Measures to Support Chinese Economic Recovery
Key Trends in the EV Market for 2024
Na-ion and Solid-state Batteries Enter the EV Mass Market
Gigacasting in EV Manufacturing
Falling EV Prices
AI in EV Charging
V2G-compatible Vehicles
Battery Repair and Replacement
EV Highlights: 2023 and 2024e
European EV Market, 2023 and 2024e
EV Growth and Penetration: Key Countries
EV Growth and Penetration: Key OEMs
The European Powertrain Mix in the Next Decade
EV Highlights: 2023 and 2024e
Americas EV Market, 2023 And 2024e
EV Growth and Penetration: Key Countries
EV Growth and Penetration: Key OEMs
The US Powertrain Mix in the Next Decade
EV Highlights: 2023 and 2024e
Chinese EV Market: 2023 and 2024e
EV Growth and Penetration: Key OEMs
The Chinese Powertrain Mix in the Next Decade
EV Highlights: 2023 and 2024e
APAC EV Market, 2023 and 2024e
EV Growth and Penetration: Key Countries
EV Growth and Penetration: Key OEMs
The APAC Powertrain Mix in the Next Decade
EV Highlights: 2023 and 2024e
MEA EV Market, 2023 and 2024e
EV Growth and Penetration: Key Countries
EV Growth and Penetration: Key OEMs
Growth Opportunity 1: EV Pricing Will Match Pre-incentive Prices and Compete with Conventional Vehicles
Growth Opportunity 1: EV Pricing Will Match Pre-incentive Prices and Compete with Conventional Vehicles (continued)
Growth Opportunity 2: Expansion into EV Emerging Markets
Growth Opportunity 2: Expansion into EV Emerging Markets (continued)
Growth Opportunity 3: EV Battery Repair and Replacement for First-generation EVs
Growth Opportunity 3: EV Battery Repair and Replacement for First-generation EVs (continued)
Conclusions and Future Outlook
Your Next Steps
Why Frost, Why Now?
List of Exhibits
List of Exhibits (continued)
List of Exhibits (continued)
Legal Disclaimer
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Popular Topics
| Deliverable Type | Market Outlook |
|---|---|
| Author | Prajyot Sathe |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Electric Car Market |
| Keyword 2 | Automotive industry predictions |
| Keyword 3 | EV Trends |
| Podcast | No |
| Predecessor | MGF7-01-00-00-00 |
| WIP Number | MH3E-01-00-00-00 |