Published on June 3rd, 2014 | by Christopher DeMorro


Report: EV Market Worth $178 Billion By 2024

June 3rd, 2014 by  


The first mass market EV hit dealerships less than four years ago, and we’re already seeing faster adoption rates than that of the first hybrids. Where will the EV market be in a decade? IDTechEx predicts that by 2024, the worldwide market for electric vehicles will be worth more than 178 billion dollars.

That’s a mighty specific number, though not one we’re ready to disagree with. With Tesla Motors leading the way, electric vehicles are quickly becoming the car to have among many influential circles. But it’s about more than just the EVs themselves.

There is an immense amount of resources being dumped into research and development of EVs, batteries, motors, charging, and other  supporting parts and infrastructure. Advances like in-wheel electric motors and batteries built into the body panels of EVs are projects already underway, and with the ability to revolutionize the industry, and make combustion engines obsolete almost overnight.

All told, in the next decade EVs could become a major part of each automaker’s portfolio, and those getting a head start today will be patting themselves on the back for it.

Source: IDTechEx

Check out our new 93-page EV report, based on over 2,000 surveys collected from EV drivers in 49 of 50 US states, 26 European countries, and 9 Canadian provinces.

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About the Author

A writer and gearhead who loves all things automotive, from hybrids to HEMIs, can be found wrenching or writing- or else, he's running, because he's one of those crazy people who gets enjoyment from running insane distances.

  • Michael Berndtson

    It may be helpful for a summary like this to add a range for market size projections. The folks who did this study, I’m almost certain, made assumptions before doing the number crunching. And then did a sensitivity analysis based on their assumptions changing, for whatever reason. Like an asteroid could hit the planet. Or my perpetual motion machines gets built and sold for a trillion dollars.

    For instance here’s my take – EV market is projected to range between $150 and $200 billion by 2024 (ten years from the date of the study). Then list caveats and assumptions applied for the $150 billion number and those that apply to the $200 billion number. I’m also, assuming the $174 billion was a most likely scenario – based on extrapolation of previous growth and some kind projection given assumed future market conditions.

    Non EV and renewable folks are looking for anything to poke holes into. Projections are always an easy thing – if it’s not beneficial to their side. Then I’m stuck having to defend why EV didn’t achieve its potential to a bunch of goofs. Maybe in a bar with Fox News on the TV.

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