Global Sales Of Electric And Hybrid Vehicles To Hit $178.9 Billion In 2024

3 years ago by Inside EVs Staff 5

$178.9 Billion In 2024!!! That's A Lot Of Cash

$178.9 Billion In 2024!!! That’s A Lot Of Cash

Research and Markets, in its latest “Hybrid and Pure Electric Cars 2014-2024: Technologies, Markets, Forecasts” report, states the following:

“E-cars are oversupplied and changing in all respects but in this frenzy of birth and death the future is being created with hybrid cars rapidly gaining market share now and sale of pure electric cars likely to take off in the second half of the coming decade as certain technical and cost challenges are resolved. Toyota and Tesla have hugely benefitted from correct market positioning but now Toyota is betting strongly on fuel cell hybrids and Tesla on mainstream pure electric cars – both graveyards for many companies in the past.”

In the report, the sales prediction is as follows:

“…global sales of hybrid and pure electric cars will triple to $178.9 billion in 2024 as they are transformed in most respects. For example, components are becoming integrated, the range extender as an optional extra breaks down the difference between pure electric and hybrid and car manufacturers vertically integrate and collaborate, competing with their suppliers.”

Unfortunately, hybrids are lumped in with electrics, so there’s no specific prediction linked solely to vehicles that plug in.  However, a tripling of electrified car sales is still something we’d like to see happen over the next 10 years.

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5 responses to "Global Sales Of Electric And Hybrid Vehicles To Hit $178.9 Billion In 2024"

  1. Brian Keez says:

    “E-cars are oversupplied” really?

    “hybrid cars rapidly gaining market share now” It took me seconds to find a report from IHS Polk sating that the market share that hybrids claim shrunk in Q1 2014.

    Tough to find good information with so much marketing garbage in the way. Frustrating.

  2. ItsNotAboutTheMoney says:

    Depends on the definition of hybrid. Sometimes cars with start/stop are called micro hybrids.

    Personally, I don’t see the HEV marking growing much, because the cost differential between HEV and PHEV is just going to keep shrinking, and the cost differential between PHEV and EREV will also shrink. As the cost differentials shrink, consumers will naturally prefer plug-ins and manufacturers will love the way the pkug-ins improve their fleet averages.

  3. John F says:

    Today, pure electric passenger vehicles have proven themselves on the roadways. They have done so in less time than it took to prove the viability of hybrids. Plug-in hybrids and EREVs are a natural product of the BEV and the original hybrids. When the electric vans, trucks, and buses are widely available, they will put an exclamation point on the proof that all electric vehicles are the future of transportation.

    Perhaps its the influence of my prior work in fuel cells, but I am skeptical about their future in transportation. Suggesting that Toyota’s fuel cell investment will pay off in ten years is a wild guess. Fuel cells always seem to to look good in about ten years into the future. Not only will they have to prove the fuel cells, but they will have to prove the viability of using premium fuels — like hydrogen. That will be twice the hurdles needed to prove other electric transportation.

    I am surprised there is no mention of Ford, BMW, or the current leader — Nissan — in the future.

  4. ffbj says:

    Hyperbole: “Toyota is betting strongly on fuel cell hybrids and Tesla on mainstream pure electric cars – both graveyards for many companies in the past.”
    Which companies? Name them. Besides Fisker I can think on no electric manufacturer who went out of business, in recent times, and which companies failed as a result of fuel cell vehicles? Can’t think of one and since they can’t even be called mainstream yet, due to their limited production, it is odd to say that many companies relying on these technologies have failed.
    Poor journalism.

    1. James says:

      “Which companies? Name them. Besides Fisker I can think on no electric manufacturer who went out of business, in recent times.”

      Off the top of my head:
      Coda
      Th!nk
      Pheonix Motors
      Aptera
      Obvio

      I agree with you on the poor journalism, though. 😉