Olga Klochko, Head of Global Business Monitor, took part in the preparation of the Annual 2024 Issue of GlobBaroHSE

Olga Klochko, Head of Global Business Monitor, acted as an expert in the global automotive industry as part of the work on the Annual Issue of GlobBaroHSE, preparing the section “Electric Vehicle Market - Key Trends in 2024, Prospects of Internal Combustion Engine Replacement and Effects on Hydrocarbon Consumption”.

Among the most important trends of the global electric vehicle market in 2024, the following are highlighted:

1. Strong sales growth (by 25% against 2023), the main contribution to which was made by the PRC market (+40%), in Europe there was a decline (-3%), in North America moderate growth (+9%). However, there was a decline in growth rates, mainly due to low demand for electric vehicles in Europe, provoked by the removal of subsidies, insufficiently developed infrastructure and other factors
2. A vast majority of developed country car companies (Volvo, Toyota, Renault, Stellantis, Mercedes-Benz, Nissan, BMW, Volkswagen, etc.) have reported postponements, funding cuts, curtailment or suspension of production of electric cars during 2024. In addition to unstable demand, the trigger for these decisions was intense competition from Chinese manufacturers and high development costs
3. European and American regulators used trade policy tools to support their car industry in the fight against Chinese exports - the U.S. and Canada imposed 100% duties on electric cars from China, and the European Commission imposed five-year duties of up to 35.3%
4. An important event in the global electric car market in 2024 was the entry of Chinese IT giant Xiaomi, which launched mass production of electric cars, further intensifying competition between Chinese and Western manufacturers

In 2025 and in the medium term, the global electric car market will maintain high growth rates, however, it will face the need to reorganize supply chains and more intensively develop cooperation, including with the IT sector. According to Olga Klochko, the main factors determining the development of the global electric vehicle market in 2025 will be the preservation/strengthening of the superiority of the Chinese automotive industry, protectionist policy of the new U.S. administration and technological innovations.

The full text of the section “Electric Vehicle Market - Key Trends in 2024, Prospects of Internal Combustion Engine Replacement and Effects on Hydrocarbon Consumption” can be found in the Annual Issue of GlobBaroHSE, available on the project page