A major pillar of the energy transition, electric vehicles (EV) are posed as the key to reducing, and eventually eliminating, the large volumes of carbon dioxide vehicles emit each year.
Transportation is currently the second-largest contributor to carbon emissions, and cars make up a whopping 48% of global transportation CO2 emissions. But with the advent of EVs, there is significant potential to reduce transportation’s carbon footprint and get that much closer to reaching a global net-zero state.
And while gas car sales currently significantly outnumber EV sales, the balance seems to be tipping in favor of EVs with each passing year. In 2023, EVs accounted for 7% of new vehicle sales—a number that is likely to grow as battery technologies improve and EV prices become more affordable.https://www.afaxpower.com/about-us
At the same time, competition in the EV market is heating up, as more and more car manufacturers are investing in the development and launch of their own EVs. This will likely lead to smaller companies being acquired by or merging with larger, more established players.
In 2024, the EV sector is poised for growth, gaining market share both in the U.S. and abroad, though certain headwinds persist. Below, we dive into the top EV trends of 2024, including the charging landscape, emerging players, and much more.
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