Electric Vehicle Market Trends 2024: Slowing Growth but Promising Future

by AutoExpert   |  30 May, 2024

Share :

Are you ready to hit the panic button on the whole EVs subject? Hold your horses, cause we have some untangling to do first!

Yep, EV sales are going up as we speak, they're even expected to hit new records for 2024, but that may not last long. Sales went up like crazy last year, but the pace is slowing down month to month.

Electric Vehicle

According to reports, sales for Evs and plug-in hybrids would be 20% higher in 2024 compared to 2023. You'd say that's a lot. We'd say: not really, compared to the 35% growth in 2022 to 2023.

Here's the thing: the early adopters, the techie crowd who loved Teslas, they've mostly been served. Now, the car industry needs to figure out how to convince regular folks, who just want a good car that gets them places, to switch to electric. Affordability is key here. Carmakers gotta find a way to make these things cheaper without going broke themselves.

Electric Vehicle

Speaking of Tesla, they have a big footprint in all this slowdown, including US. Huge numbers of EVs are still being sold, but Tesla's market share decreased to 50% from 60%, and price cuts didn't help much.

But guess what? Other big name automakers are stepping up their game. Some are seeing EV sales jump by 50% or more compared to last year. For example, Ford became the second-biggest EV seller in the US (after Tesla) by slashing the price of their Mustang Mach-E. Sales for that model more than doubled!

Electric Vehicle

There's a catch though: selling cheaper EVs hurts profits. Ford is pushing back some future electric car plans to focus on designing models they can actually make money on. Meanwhile, their rival GM seems to be picking up speed. Their Cadillac Lyriq is selling well, and they're restarting production on another electric car, the Blazer EV. Plus, they have a more affordable EV, the Equinox, coming out soon.

Electric Vehicle

China's a whole other story. They're churning out EVs that could be the affordable option everyone's looking for. But there's a lot of competition there too. Over a dozen Chinese EV makers have gone bust in the past year alone, and more are likely to follow. It's a fight for survival in that market.

Electric Vehicle

The US market will see some consolidation too, but not as dramatic. Basically, this is how big tech disruptions usually go: a bunch of companies jump in, some win, some lose. It's a shakeout phase.

Don't despair though, there's growth on the horizon for EVs. A couple of reasons for this:
•    Governments in Europe are getting stricter about emissions, which could push people towards EVs. Similar things are happening in the US.
•    Automakers might try to squeeze some EV sales into next year to meet those stricter standards.
•    The industry is finally adopting Tesla's charging standard, which should make things easier for EV owners. No more charger confusion!
•    Most importantly, a wave of new electric car models is coming, including some more affordable options. Think a new Chevy Bolt EV or an electric Dodge Charger! Buckle up, because next year could be a big year for EVs.

Electric Vehicle

Top News

Recomended:

How NOT to Hit a Deer (and What to Do If You Actually Hit One) - Photo
Tips & Tricks
How NOT to Hit a Deer (and What to Do If You Actually Hit One)

Picture this: You’re cruising down a quiet road, vibing to your playlist, when suddenly—BAM—a deer materializes out of nowhere like a woodland ninja. Deer don’t care about your

AutoExpert
Understanding and Fixing Common Car Noises: Fall Car Care Guide - Photo
Tips & Tricks
Understanding and Fixing Common Car Noises: Fall Car Care Guide

Alright, let’s get real about those weird car noises. Ever notice how your cаr starts аcting up right when you’re leаst expecting it? October isn’t just for getting scared by ghosts

AutoExpert
Identifying Unmarked Police Cars: A U.S. Driver's Guide - Photo
Others
Identifying Unmarked Police Cars: A U.S. Driver's Guide

Ever wondered how to spot those unmarked cop cars lurking on the streets? After diving into a similar post and seeing a call for a U.S. version, I thought, "Why not give it a shot?" Here'

AutoExpert
Driver's License Status: Why It Matters and How to Maintain It - Photo
Others
Driver's License Status: Why It Matters and How to Maintain It

So, you’ve got a driver’s license. Cool! But here’s the thing: keeping that little card valid (and your driving record clean) is way more important than just avoiding side-eye from c

AutoExpert
Traveling with Pets: Essential Tips for a Safe Car Journey - Photo
Tips & Tricks
Traveling with Pets: Essential Tips for a Safe Car Journey

Oh, hitting the road with your four-legged bestie? Whether it's a sunset drive with your faithful bulldog or a cross-country trek with your adventurous tabby, it’s key to make sure everyone&

AutoExpert
Dealing with a DUI: Impact on Car Insurance and How to Manage - Photo
Others
Dealing with a DUI: Impact on Car Insurance and How to Manage

Hey there! So, you've lаnded yourself a DUI. It stinks, doesn't it? No mаtter where you live, getting a DUI comes with big headаches like hefty fines, possibly losing your license, аnd mаybe e

AutoExpert
Understanding Breathalyzers: What You Need to Know When Stopped - Photo
Tips & Tricks
Understanding Breathalyzers: What You Need to Know When Stopped

Imаgine you’re out, you’ve had a couple of drinks, аnd you find yourself stаring at a breathalyzer the police just hаnded you. Whаt’s going on here? Let’s walk through it like

AutoExpert
Master Parallel Parking with Ease: A Step-by-Step Guide - Photo
Tips & Tricks
Master Parallel Parking with Ease: A Step-by-Step Guide

Heading out to run errands, catch up with friends, or just bouncing around town? Then you know the drill: driving, shopping, and that dreaded task—parallel parking. Don't shy away from that

AutoExpert
Mustang Mach-E Goes Racing: Ford Teases EV Prototype For NASCAR - Photo
Car Show
Mustang Mach-E Goes Racing: Ford Teases EV Prototype For NASCAR

Ford's all about racing, and they're not just looking to crush it at Le Mans in 2027. They’ve also got their eyes on NASCAR, dropping a brand-new Mustang Mach-E prototype designed for th

AutoExpert
The Zagato AGTZ Twin Tail: $700,000, 19 Units, And Unmatched Style - Photo
Tuning
The Zagato AGTZ Twin Tail: $700,000, 19 Units, And Unmatched Style

It’s been a year since Zagato dropped the bombshell with their $700,000 Alpine A110-based AGTZ Twin Tail, and now the first production model has shown up at the Rétromobile exhibition in

AutoExpert