Overview of the EV market in 2024 and future outlook

Advances in autonomous driving technology and the development of charging infrastructure will make travel much safer and more convenient than ever before.

Since the launch of the Toyota Prius, a so-called "HV (Hybrid Vehicle)" equipped with two power sources, an engine and a motor, the electric vehicle market has grown rapidly.

It is predicted that approximately 17 million units will be sold worldwide in 2024. This represents more than 20% of new car sales worldwide.

China, Europe, and the United States are the major markets, and the share of electric vehicles in each market is expected to reach 45%, 25%, and 11%.

As a result, the expansion of charging infrastructure has become an important issue, but technological advances such as high-power charging with built-in cooling systems, solar charging, and wireless charging are making EV charging faster and more efficient.

In addition, digitalization is progressing, with EVs linking with smartphones and other devices to provide real-time traffic and weather information.

The fusion of mobility and other things seems to be starting to be seen in various places. This will make the driving experience more convenient and interactive.

Sustainable Mobility

In the United States and Norway, the used EV market is also revitalized. As early EV users trade in for newer models, more used EVs are available on the market, further promoting the spread of EVs and making it possible for more people to purchase EVs at affordable prices.

The US Inflation Reduction Act, which provides tax credits and subsidies for clean energy projects and EV purchases, is also a factor in promoting the revitalization of the market.

The growth of the used EV market will ultimately extend the lifespan of EVs and improve sustainability in terms of recycling and waste management.

Tesla, which will account for 45% of all electric vehicles in the US market in 2023, has a mission to "accelerate global energy consumption to be sustainable."

Based on this mission, the company has contributed to reducing environmental impact through the spread of electric vehicles and renewable energy, joining the ranks of the Magnificent Seven.

In addition, the company is also focusing on the development of autonomous driving technology, and offers features such as Autopilot and FSD (Full Self-Driving).

These technologies are improving vehicles' autonomous driving capabilities, enhancing safety, and steadily evolving to a state where convenience and safety are both ideal.

Connected cars and advances in AI technology

▶︎Levels of autonomous driving [Source] Ministry of Land, Infrastructure, Transport and Tourism

Connected cars that are connected to the Internet and other devices and can send and receive data are becoming more popular, and regardless of whether users are willing to pay extra for initial options, the number of functions that meet consumer needs, such as maintenance information and safe route suggestions, is increasing as vehicles are connected to the Internet.

In addition, AI technology is being used to improve battery management and the safety of autonomous vehicles, which has improved driving safety and brought the realization of more advanced autonomous vehicles closer.

As of 2024, vehicles equipped with level 2 and level 3 autonomous driving functions that allow the driver to completely leave driving operations to the vehicle in limited environments such as highways will be released on the market.

Autonomous driving technology also plays an important role in building smart cities, and future advances in AI technology and legal developments in each country are expected to improve traffic efficiency and reduce accidents.

Expansion of the EV market in China

The EV market is also expanding steadily in China, which was mentioned earlier. In particular, it is expanding its share in the European market, and is considered to be competitive in terms of cost performance and quality.

Specializing in the manufacture of rechargeable batteries, BYD entered the automotive industry by acquiring Xi'an Qinchuan Automobile Company. This has transformed the company from a battery manufacturer to an automobile manufacturer, and the sedans it produces appear to have better performance than their European counterparts.

Although it has been gradually scaled back, the success of Chinese EV manufacturers has been supported by strong government support, which launched a subsidy program to support NEVs (new energy vehicles) in 2009 and implemented the first NEV industry development plan in 2012.

Further technological innovation and policy coordination are required in the mobility field after 2024. With the spread of EVs, the use of renewable energy will become increasingly important, and clean energy will be integrated with EV charging infrastructure, gradually making carbon-neutral transportation a reality.

In addition, advanced autonomous driving technologies categorized as level 4 and level 5 will be put into practical use, and the digitalization of transportation infrastructure will progress toward the construction of smart cities, dramatically improving traffic safety.

In addition, sustainability will be emphasized through the use of sharing services and other methods, and more environmentally friendly means of transportation will become widespread. Governments and companies will work together to accelerate efforts to realize a low-carbon society.

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