China Dominates Global EV Sales Growth in 2024

31 Dec 2024 CW Team

Global electric vehicle (EV) sales skyrocketed in the first half of 2024, with China driving nearly 80% of the growth. According to a report by the International Energy Agency (IEA), global EV sales hit over 7 million, a 25% increase compared to the same period in 2023. This surge brought the global share of EVs in the car fleet to a projected 5% by the end of the year.

China's dominance in the EV market is evident, with sales rising from over 3 million in 2023 to more than 4 million in the first half of 2024. While China remained the primary driver, other regions also saw strong growth. EV sales outside China grew by more than 10%, with Brazil, Indonesia, Mexico, and parts of the Middle East and Caspian regions experiencing notable gains.

However, the growth in developed markets was more mixed. The European Union saw flat sales, with Germany’s decline offset by a 3% increase in other EU countries. Meanwhile, the UK recorded a 15% rise in EV sales, and the US experienced a nearly 10% growth.

A key trend in the EV market is the rising popularity of plug-in hybrid electric vehicles (PHEVs), which now make up over 35% of total EV sales. China saw a remarkable 70% surge in PHEV sales, driven by range-extended electric vehicles (REEVs) that offer longer driving ranges—averaging 130 kilometers compared to 80 kilometers for standard PHEVs. In the US, PHEV sales grew by 25%, while battery electric vehicle (BEV) sales only increased by 5%.

The IEA highlights the importance of expanding recharging infrastructure to combat range anxiety and sustain the growth of the global EV market.

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