In 2024, the automotive industry is seeing significant shifts due to technological innovation and changing consumer preferences. Electric vehicle sales are expected to reach new highs, with global EV sales projected to grow by over 30% from 2023. This rapid growth is driven by both consumer demand for more sustainable transportation options and the market potential that many car brands see. The EV sector is predicted to rapidly rise in 2024. That's why in this blog, we will cover the latest Electric Vehicle trends in 2024. Let's watch out!
1. A Glimpse of the Electric Vehicle Market
The electric vehicle (EV) market experienced significant growth last year, with 14 million units expected to be sold, marking a 33% increase from the previous year. China has embraced the shift toward EVs, with plug-in vehicles now accounting for over a third of the total automotive market.
Here are some key statistics about the EV market:
- The three major global markets for EV sales are the U.S., Europe, and China.
- In the United States, EV sales rose by 60% from 2022 to 2023, going from 1 million to 1.6 million units sold.
- As of October 2023, Tesla commanded over half of the U.S. EV market share. Chevrolet came in second with a 5.9% share, closely followed by Ford at 5.8%.
U.S EV Market Share - Source: Market Watch
These figures reflect the rapid expansion of the EV market and its increasing acceptance among consumers. As EV technology continues to evolve, we can expect this trend to continue, with China leading the way in terms of mass adoption.
2. Electric Vehicle Trends #1: Shared Mobility and Subscription Services
According to Statista, around 5.09 billion people are expected to use shared vehicles by 2027. The number of users is growing, with 88.3% in 2023, and is expected to reach 92.8% by 2027. Shared mobility means using vehicles together instead of owning them individually. This includes sharing cars, scooters, bikes, and more. There are two main types:
- Mobility service with a driver: Apps like Uber and Lyft work like taxis, where multiple people can share a ride. Another type is ride pooling, where people can book the same vehicle separately.
- Vehicle rental: Using an app, people can book and share vehicles like cars, e-scooters, or bikes.
With this new EV trend, more companies are using a subscription model, where people pay based on how much they use the vehicle. Car makers, dealerships, and others are expected to use this model more in the future.
3. Electric Vehicle Trends #2: Integration with Smart Cities
In 2024, one big EV trend is smart cities. Smart cities use technology to make life better for people who live there. Cars are getting smarter too, so they can fit in better with the city.
For example, some cars can connect to traffic lights. Through the use of sensors and real-time data analysis, vehicles can receive information about traffic conditions, road closures, and accidents, allowing drivers to make informed decisions about their routes and travel times. This not only helps reduce congestion on the roads but also enhances safety by minimizing the risk of accidents and collisions. Also, some cities are putting sensors in parking spots. When a car needs to park, it can talk to these sensors to find an empty spot. This saves time for drivers and reduces the amount of pollution from cars circling around looking for parking. So, in 2024, cars are getting smarter and working together with smart cities to make life easier for everyone.
4. Electric Vehicle Trends #3: Luxury EVs - A New Rising Sector
Electric vehicles were considered a niche in the auto industry. But now, they're becoming potential players in the luxury car scene. What makes luxury EVs stand out against other luxury car brands like Lamborghini, Aston Martin, and Porsche isn't just their advanced features, but also the whole lifestyle they represent.
These top-notch electric car companies are offering more than just cars. They're giving their customers special services and events just for VIPs, like private charging spots and exclusive parties. Owning an electric car is starting to mean more than just having a cool car, it's also a way to express your lifestyle.
Currently, electric cars are becoming a rising part of the luxury car market, expected to make up around 15-17% of sales by 2024. The driving force behind this transformation is the burgeoning affluent population in China, propelling the evolution of the luxury car market.
5. Electric Vehicle Trends #4: DC Fast Charging
As more people seek sustainable transportation options, both governments and automakers are pouring money into the infrastructure that supports electric vehicles. DC fast charging, which allows for rapid charging, is leading the charge. Currently, China is a major player in producing fast-charging equipment.
DC fast charging represents a significant advancement in electric vehicle technology, allowing cars to charge much more quickly than traditional AC charging.
DC Fast Charging is one of the potential technologies in the EV sector.
6. Conclusion
The EV market is rapidly growing and is expected to continue in the future, driven by factors such as consumer demand for more sustainable transportation options, government incentives, and technological advancements. The five key trends above shaping the EV industry in 2024 are no limitations, there is still a lot of playing space for its development and growth. The future of EVs is bright, and the industry is poised to continue widely in the coming years.
