Global Electric Vehicle Sales Exceed 17 Million in 2024
Global electric car sales surpassed 17 million in 2024, with over 20% of new cars sold worldwide being electric. China maintained its lead among major markets, with electric car sales exceeding 11 million. The rapid growth in electric car sales has significantly impacted the global car fleet, with the electric car fleet reaching almost 58 million at the end of 2024.
Regional Trends
- China: Electric car sales increased by almost 40% year-on-year in 2024, driven by growing price competitiveness and government incentives. The share of electric car sales reached nearly 50% for the full year.
- Europe: Electric car sales stagnated in 2024 as policy support waned in major car markets. However, the UK saw a 30% electric car sales share, driven by the Vehicle Emissions Trading Scheme.
- United States: Electric car sales increased to 1.6 million in 2024, with a growth rate of 10%. The introduction of the Clean Vehicle Tax Credit boosted sales.
Emerging Markets
Electric car sales doubled in several emerging markets, driven by policy incentives and affordable electric cars from Chinese OEMs. Countries such as Brazil, Costa Rica, and Colombia saw significant growth in electric car sales.
Outlook for 2025
Electric car sales are expected to exceed 20 million in 2025, representing one-quarter of total car sales. China is expected to sell over 14 million electric cars, driven by the extension of the trade-in scheme for older vehicles. The European Commission’s announcement to grant OEMs flexibilities in meeting 2025 CO2 targets is expected to drive up electric car sales.
Government Spending and Incentives
Government spending on electric cars has declined as a share of total spending, from 20% in 2017 to less than 7% in 2024. China introduced a trade-in subsidy with a higher premium for EV purchases, while the US has seen changes to the Clean Vehicle Tax Credit. The phase-out of subsidies in Europe has had varying consequences on EV market shares.
