Electric Vehicle Statistics 2024

As the electric vehicle (EV) market continues to grow at an unprecedented rate, 2024 is shaping up to be a pivotal year for the industry. 

With governments around the world pushing for greener transportation solutions and consumers increasingly shifting towards sustainable alternatives, EV sales are skyrocketing. 

This surge is driving significant advancements in battery technology and expanding the need for efficient charging infrastructure. 

At Lithium Cycle, we play a crucial role in this evolving landscape by providing businesses with a reliable, eco-friendly solution for collecting and recycling lithium-ion batteries from electric vehicles. 

In this article, we’ll explore key statistics shaping the EV market in 2024, highlighting the importance of recycling as a vital part of the electric car ecosystem.

5 Electric Vehicle Statistics For 2024

The Global EV Market Was Valued at £291.5 Billion In 2023

The global EV market, valued at £291.5 billion in 2023, is projected to more than double to £714.9 billion by 2030. 

This growth is driven by:

• Increasing adoption of electric cars
• Advancements in battery technology
• Demand for sustainable solutions
• Expansion of charging infrastructure across European countries, the United States, and other key regions. 

The market’s rapid expansion reflects the ongoing shift from traditional combustion engines to more sustainable alternatives like EVs and plug-in hybrid electric vehicles (PHEVs).

As Of The End Of September 2024, There Are Over 1,250,000 Fully Electric Cars In The UK

As of September 2024, there are more than 1,250,000 fully electric cars on UK roads, representing a significant milestone in the transition toward sustainable transport. 

Electric car registrations in the UK have been bolstered by government incentives, improved public charging networks, and the growing availability of fast charging options. 

In 2023 alone, electric cars accounted for 16.5% of all new vehicle registrations in the UK, a clear indicator of the increasing consumer preference for greener transport.

Electric Motors Convert over 85% Of Electrical Energy Into Mechanical Energy

EVs convert over 85% of electrical energy into mechanical energy, or motion, compared to less than 40% for a gas combustion engine. EVs are not only more environmentally friendly but also more efficient. 

This higher efficiency helps reduce energy consumption, contributing to lower running costs and fewer emissions from passenger cars and commercial fleets alike.

EV’s Have Emissions Up To 43% Lower Than Diesel Vehicles

When compared to diesel vehicles, emissions from electric cars are up to 43% lower, even when accounting for the carbon footprint of electricity production. This is largely due to the increased reliance on renewable energy sources and the continuous improvement in battery technology. 

The share of electric car sales is expected to increase further as the environmental benefits become more pronounced.

The Amount Of Battery Material Available For Recycling Is Expected To Grow Seven-Fold By 2023

With EV sales set to continue soaring in the coming decades, the amount of battery material available for recycling is expected to grow seven-fold by 2030. By 2040, more than seven million tons are expected to be in the market.

At Lithium Cycle, we specialise in recycling lithium batteries from electric vehicles. This allows businesses to have access to a sustainable collection and recycling service. All of the batteries we collect will be disposed of safely and securely, whilst ensuring materials are recycled into new products. This reduces the carbon footprint of EVs and ensures a green solution throughout the entire lifecycle of electric cars.