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E-Mobility 2024: Why Electric Cars are Booming Despite Challenges

Global trends, growth, and top regions show that despite challenges, 2024 was a successful year for electromobility – the performance of electric cars remains strong. Learn how market trends can be categorized, and which regions are currently growing the fastest.

Records in 2024

Last year's sales figures for electric vehicles are breaking records. According to the research company BloombergNEF , global EV sales surpassed the 16.5 million mark by the end of 2024 – up from 13.9 million in 2023. The global market share for new cars is thus 20%. The European market, however, seems somewhat undecided: in some countries, sales have declined, while in others, electric vehi-cles are just starting to take off. Let's take a look at the development up to November 2024 compared to 2023.

Country Comparison - How has the European market developed?

Declines: Germany (-26% battery electric vehicles), Sweden (-9%), and Austria (-6%).

Growth: Denmark (+48%), Belgium (+38%), UK (+18%). In Norway, for the first time, over 50% of the whole car fleet is electric ( The Guardian ).

Various factors have contributed to these developments: the reduced supply of affordable electric car models, challenges faced by major automakers, uncertainties regarding energy prices and regulations, as well as pessimistic headlines.

Conclusion: Challenges are slowing down some markets, but the growth figures show the enormous potential of electromobility in Europe ( ACEA ).

Switzerland - Challenges and Opportunities

Switzerland has long been a pioneer in electromobility. However, in 2024, sales of plug-in vehicles (battery electric + plug-in hybrid) have decreased by almost 12%, and the Swiss car market as a whole has seen a decline of 5%. Despite this setback, their market penetration in Switzerland is around 28%, well above the EU average of 20%. Only a few countries were outperforming Switzerland, such as Sweden (58%), Denmark (55%), the Netherlands (47%), Belgium (37%), and, of course, Norway, the global leader with 92%. Nevertheless, there are many reasons to remain optimistic. The Swiss EV market is well-positioned to grow again in the future:

CO₂ Reduction: The long-term advantage of CO₂ reduction offered by electric cars remains undisputed.
Targets: In the coming years, further CO₂ reduction targets will be introduced in Europe, which will boost the development of electric vehicles and the expansion of charging infrastructure.
Reduced Costs: The cost of battery packs is expected to continue decreasing (-25% in 2024) narrowing the gap between the upfront costs of battery electric vehicles and conventional cars.
Innovation: As a country known for embracing innovation, Switzerland is poised to benefit from a growing range of electric car models, offering consumers more choices.
Electric Trucks: Although Switzerland's innovative role in the electric car sector faced challenges in 2024, the country demonstrated remarkable progress in the field of electric heavy-duty vehicles. New registrations of electric trucks surged significantly, achieving an impressive growth rate of 49% by the end of the year. Over 11% of newly registered trucks were electric, positioning Switzerland as a global leader in this segment—not just in Europe, but also on the world stage.

The Key Insights

Globally, things are looking up: for 2024, 16.5 million electric vehicles were sold worldwide, a significant increase compared to 13.9 million in 2023. This growth spurt leads to electric cars achieving a global market share of 20%. China remains the leading market, holding an impressive 40% of the global EV share. These figures highlight how robust and resilient the electric vehicle market is.

We are excited about the progress and innovations that 2025 will bring!

(10.01.2025)

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