Global electric car sales have experienced a significant surge over the past three years, nearly tripling in volume. This growth follows a doubling of sales between 2020 and 2021, primarily driven by registrations in China. According to data from EV-volumes cited by the International Energy Agency (IEA), new electric vehicle registrations reached 17.3 million last year, up from 6.5 million in 2021.
China continues to dominate the electric car industry, with sales increasing by more than 250 percent since 2021. Europe remains the second-largest market, with new registrations rising by almost 40 percent over the same period. The United States also saw significant growth, with electric car sales reaching 1.5 million for the first time. However, the overall market share of electric vehicles in the U.S. remains significantly lower than in China and many European markets.
The IEA notes that China, Europe, and the United States account for more than 90 percent of global electric car sales, indicating that the adoption of e-mobility is not uniform globally. Nevertheless, there are signs of emerging growth in other regions. “Emerging markets in Asia and Latin America are becoming new growth centers, with electric car sales jumping by over 60 percent in 2024 to almost 600,000 – roughly the size of the European market five years earlier,” the IEA reports. In Southeast Asia, electric car sales grew by nearly 50 percent, representing 9 percent of all car sales in the region.
Despite the positive trends, the IEA highlights ongoing challenges for the sector, including affordability issues, concerns about mineral availability, and global trade uncertainty.
The chart illustrates global registrations of electric vehicles, including plug-in hybrids, by region. As the electric vehicle market continues to evolve, these trends suggest a shifting landscape with potential for broader global adoption.
