New energy vehicles refer to vehicles that use new power systems as the main power and use new energy sources in part or in full, including pure electric vehicles, plug-in hybrid electric vehicles, fuel cell vehicles, etc. New energy vehicles have the advantages of energy conservation and emission reduction, improving energy security, and promoting industrial upgrading, and are an important development direction.
Globally, the new energy vehicle market is showing a rapid growth trend. According to the International Energy Agency, in 2023, global sales of new energy vehicles reached 15.3 million units, a year-on-year increase of 325%, with a market share of 186%。It is expected that by 2024, global new energy vehicle sales will be close to 20 million units, and the market share will reach 242%。
Among the regional markets, China, Europe, and the Americas are the main drivers of new energy vehicles. China is the world's largest market for new energy vehicles, with sales of new energy vehicles reaching 10 million units in 2023, accounting for 65 percent of the global market4%。China has long given strong policy support to new energy vehicles, and at the same time, China's technological innovation and market competition have also promoted the rapid development of new energy vehicles. It is expected that by 2024, China's new energy vehicle sales will exceed 13 million units, and the market share will reach 471%。
Europe is the world's second-largest market for new energy vehicles, with sales of new energy vehicles in Europe reaching 2.4 million units in 2023, accounting for 15 percent of the global market6%。In order to combat climate change and reduce dependence on oil, European countries have formulated strict carbon emission regulations and incentive policies, and at the same time, European infrastructure construction and consumer demand are also conducive to the popularization of new energy vehicles. It is expected that by 2024, the sales of new energy vehicles in Europe will reach 3.5 million units, and the market share will increase to 281%。
The Americas are the third largest market for new energy vehicles in the world, with sales of new energy vehicles in the Americas reaching 2.1 million units in 2023, accounting for 135%。The United States is a major market in the Americas, and under the leadership of Biden, the United States has launched a series of policy measures aimed at accelerating the development of new energy vehicles, including providing subsidies for car purchases, strengthening infrastructure construction, and expanding federal fleet procurement. In addition, technological innovation and market competition in the United States have also provided impetus for the growth of new energy vehicles. It is expected that by 2024, the sales of new energy vehicles in the Americas will reach 2.9 million units, and the market share will increase to 146%。
From the perspective of technology and products, new energy vehicles are facing the development trend of diversification and differentiation. In terms of powertrains, BEVs, plug-in hybrids, and fuel cell vehicles have their own strengths and limitations, and will compete and collaborate according to different market needs and application scenarios. In terms of battery technology, lithium-ion batteries are still the mainstream, but they are also facing challenges in terms of cost, safety, cycle life, etc., so the research and development and application of new battery materials and structures will be an important direction. In terms of charging technology, multiple methods such as fast charging, wireless charging, and battery swapping will coexist, providing consumers with more choices and convenience. In terms of intelligence, new energy vehicles will be deeply integrated with the Internet, big data, artificial intelligence and other technologies to realize functions such as Internet of Vehicles, automatic driving, and intelligent travel, and improve user experience and efficiency.
In short, new energy vehicles are an important development direction in the future, and they are also an important force for change in the global economy and society. In 2024, the new energy vehicle market will usher in greater growth and more opportunities, but it will also face more challenges and competition. The development of new energy vehicles requires the joint efforts and cooperation of all countries**, enterprises, society and consumers to achieve sustainable transportation and energy transition.