Rho Motion, a leading research house into electric vehicles and the energy transition, has published a new report on the prospects for 2024 across the EV and battery markets.

The report’s headline prediction for 2024 is that PC and LDV EV sales will rise to over 17 million units

The report – which will be explained in further detail at the firm’s forthcoming webinar – explores five key areas: the EV market; battery demand; the EV charging market; battery storage, and EV motors and systems.

Snapshots and forecasts featured in the report include:

• Battery energy storage (supporting renewable electricity) is the fastest-growing battery market and the UK in particular is doing well in Europe. As are China and Texas.
• Europe will undoubtedly see a tricky year for EVs as subsidies in Germany and France are cut just as the market is taking off.
• China’s insatiable EV demand and supply continues accounting for over half of the record-breaking growth in the past year.
• US is at a turning point in 2024 for EV market with traditional manufacturers deciding whether to stick or twist. Of course, the Presidential election could cause an upset.

William Roberts, automotive research lead, said: “Our headline figure for 2024 will see global passenger car and LDV EV sales rise to over 17 million units, up from 13.6 million in 2023. This means despite negative sentiment, particularly in western markets, overall, we are still set for another year of strong growth to the number of EVs being sold; backlash against EVs and government support waning still won’t be enough to create a slowdown at the global level.

“2024 will be the first year the UK’s new zero emission vehicle (ZEV) mandate will come into place, requiring 22% of new cars sold to be fully electric, rising to 80% by 2030. This means carmakers selling their cars in the UK need to find ways to convince consumers to continue their uptake of electric vehicles, and it will only get harder each year. This means the offering needs to get more attractive, price gaps to narrow and infrastructure rollout to keep pace.”

To register for the Rho Motion webinar and access its report, please click here.