World record sales tipped for electric vehicles

2024 may be The Year of the Electric Car with experts predicting growth to triple for record sales globally.

Electric vehicles are on track for world record sales in 2024 with demand set to boom according to data analysts Stocklytics.com.

More electric vehicles will be sold than ever in the next 12 months, says Stocklytics.com, predicting record sales around the world of one million cars a month.

That would mean one in ten new vehicles sold on the planet would be electric, with an annual total of 12 million exceeding 2023’s 10.46 million sales – itself triple the number of electric vehicles sold only three years earlier in 2020.

The significant boom in electric car sales has come as car makers bring more electrified cars to their line-ups to meet both growing demand and future emissions targets.

New brands, predominantly from China, have sparked sales – such as BYD, GWM and MG marques in Australia, which have introduced more affordable electric models to local showrooms in the last two years.

According to Stocklytics.com, the boom will continue even if retail prices remain significantly higher for electric cars than internal combustion-powered equivalents.

It also suggests the take-up of electric vehicles will continue to accelerate, with annual sales of 17 million by 2028 – an increase of 40 per cent on its predicted 2024 record.

That will see the value of the electric vehicle industry swell from $US628 billion ($AU957 billion) in 2024 to $US900 billion ($AU1371 billion) over four years, an annual growth figure of 10 per cent.

China is expected to be the biggest consumer of electric cars, making up 57 per cent of sales in 2024, and still 51 per cent by 2028.

Australians bought two and a half times as many electric cars in 2023 as they did the previous year, with around 90,000 sold to make up 7.2 per cent of all vehicles sold, the Tesla Model Y the best electric seller.

Photo by Shen Chunchen/VCG via Getty Images

Across the Tasman, electric car sales made up more than half of all new car sales in New Zealand in December 2023 for the first time.

The milestone came as the newly-elected NZ Government ended the Clean Car Discount – which included rebates for buyers of electric cars – as of midnight 31 December 2023.

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