Global EV Outlook 2024 Moving towards increased affordability INTERNATIONAL ENERGY AGENCY The IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 31 member countries, 13 association countries and beyond. This publication and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Source: IEA. International Energy Agency Website: www.iea.org IEA member countries: IEA association countries: Australia Austria Belgium Canada Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Japan Korea Lithuania Luxembourg Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic Spain Sweden Switzerland Republic of Türkiye United Kingdom United States Argentina Brazil China Egypt India Indonesia Kenya Morocco Senegal Singapore South Africa Thailand Ukraine The European Commission also participates in the work of the IEA Global EV Outlook 2024 Abstract Abstract The Global EV Outlook is an annual publication that identifies and assesses recent developments in electric mobility across the globe. It is developed with the support of members of the Electric Vehicles Initiative (EVI). Combining analysis of historical data with projections – now extended to 2035 – the report examines key areas of interest such as the deployment of electric vehicles and charging infrastructure, battery demand, investment trends, and related policy developments in major and emerging markets. It also considers what wider EV adoption means for electricity and oil consumption and greenhouse gas emissions. The report includes analysis of lessons learned from leading markets, providing information for policy makers and stakeholders on policy frameworks and market systems that support electric vehicle uptake. PAGE | 3 IEA. CC BY 4.0. This edition also features analysis of electric vehicle affordability, second-hand markets, lifecycle emissions of electric cars and their batteries, and grid impacts from charging medium- and heavy-duty electric trucks. Two online tools are made available alongside the report: the Global EV Data Explorer and the Global EV Policy Explorer, which allow users to interactively explore EV statistics and projections, and policy measures worldwide. Global EV Outlook 2024 Acknowledgements Acknowledgements, contributors and credits The Global EV Outlook 2024 was prepared by the Energy Technology Policy (ETP) Division of the Directorate of Sustainability, Technology and Outlooks (STO) of the International Energy Agency (IEA). The project was designed and directed by Timur Gül, Chief Energy Technology Officer. Araceli Fernandez Pales, Head of the Technology Innovation Unit, provided strategic guidance throughout the development of the project. Elizabeth Connelly co-ordinated the analysis and production of the report. The principal IEA authors were (in alphabetical order): Oskaras Alšauskas, Elizabeth Connelly, Mathilde Huismans, Ethan Jenness, Javier Jorquera Copier, Jean-Baptiste Le Marois, Teo Lombardo, Shane McDonagh, Vera O’Riordan, Apostolos Petropoulos and Jules Sery. Yoshihisa Tsukamoto and Biqing Yang contributed to the research on EV supportive policies and OEM electrification plans. Vedant Sinha contributed to analysis on EV price parity and data management. Anthony Vautrin contributed to the analysis on total and net load impacts of electric truck charging. Valuable insights and feedback were provided by senior management and other colleagues from across IEA, including Laura Cozzi, Keisuke Sadamori, Brian Motherway, Alessandro Blasi, Toril Bosoni, Dennis Hesseling, Stéphanie Bouckaert, Alexander Bressers, Federico Callioni, Shobhan Dhir, Ciaran Healy, Thomas Spencer and Jacques Warichet. Per-Anders Widell provided essential support throughout the process. Lizzie Sayer edited the manuscript. Special thanks go to Prof. Andreas Ulbig and his team at RWTH Aachen University (Andreas Bong and Chris Vertgewall) for their analytical input on electric heavyduty vehicle integration in electricity grids. Thanks go to the IEA’s Communications