Here’s a quick comparison of the key insights from the latest BloombergNEF Electric Vehicle Outlook 2024 and the European EV Market Briefing June 2024 from Transport & Environment (T&E).
Both reports highlight the growth and stagnation phases in the EV market.
Interesting as we just read the announcement that Volkswagen and Rivian announced plans for a joint venture.
🌍 BloombergNEF Electric Vehicle Outlook 2024
📌 Global EV Sales: Expected to exceed 14 million units in 2024, a growth of 35% year-over-year.
📌 Market Expansion: Record sales in developing economies, with Thailand seeing a 50% increase, India a 45% rise, Turkey a 40% jump, and Brazil a 30% surge.
📌 Policy and Geopolitics: Policy changes and geopolitical tensions impact EV adoption rates.
📌 Battery Prices: Dropped by 90% over the past decade, with a further 10% decline anticipated in 2024.
📌 Technological Advancements: New battery technologies could reduce costs by 15-20% over the next five years.
📌 Challenges: Uncertainty in Europe’s policy support and fluctuating U.S. market conditions ahead of the 2024 presidential election.
📈 European EV Market Briefing June 2024 from Transport & Environment (T&E)
📌 Market Stagnation: Expected stagnation phase due to regulatory cycles; EV sales have plateaued.
📌 Regulatory Impact: EU CO2 targets in 5-year steps create stop-and-go momentum.
📌 Pricing Trends: Average EV price increased from below €30,000 in 2021 to over €40,000 in 2024, with large EVs making up 60% of sales.
📌 Future Growth: From 2025, EV sales are expected to reach 21% of total car sales to meet new CO2 targets, up from 12% in Q1 2024.
📌 Investment and Competitiveness: Europe secured 26% of global EV investment between 2021-2023, trailing North America at 37%.
📊 Key Figures & Charts:
📌 Global EV Sales Trends (BloombergNEF): EV sales are projected to rise to 14 million units in 2024.
📌 Battery Prices (BloombergNEF): LFP battery cell prices declined by 10% in 2023, with further reductions expected.
📌 Price Trends in Europe (Transport & Environment (T&E)): EV average prices increased by €10,000 from 2021 to 2024, with large EVs comprising 60% of sales.
