EV
Market
and Cost
Assessment
Q42024
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The global electric vehicle (EV) market continued to see reductions in supply costs in 4Q2024, in fact, witnessing more significant quarter-to-quarter declines compared to Q3. This downward trend persisted despite the increase in electric crossover sales globally, which continued to grow to account for 53% of the global light-duty EV market, excluding vans.
Driven by battery technology improvements and falling raw material prices, overall EV cost reductions were, in fact, primarily impacted by declining crossover EV costs, with compact EVs also witnessing considerable cost reductions.
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The CleanTech and Battery Supply Chains service (CBSC) provides an in-depth analysis of the supply chains and investments supporting the expansion of electric vehicles and other industries focused on reducing GHG emissions. The data and analysis are designed for clients to easily gain an insightful understanding of these critical industries and the changes they undergo as the global EV and renewables markets develop.