Global Electric Vehicle Sales Growth In 2024: China accounted for nearly 80 per cent of Electronic Vehicle growth globally, with EV sales jumping from over 3 million in the first half of 2023 to more than 4 million during the same period in 2024, according to a report by the International Energy Agency (IEA).
As per the report, over 7 million electric cars were sold globally in the first six months of 2024, marking a 25 per cent rise compared to the same period in 2023. The report also noted that the share of electric vehicles (EVs) in the global car fleet is expected to reach around 5 per cent by the end of 2024.
Despite China’s dominance, other markets also witnessed growth. EV sales outside China rose by over 10 per cent, with significant increases in countries like Brazil, Indonesia, Mexico and regions such as the Middle East and the Caspian.
However, in developed markets, the performance was mixed. The European Union saw flat EV sales, with a decline in Germany balanced by a modest rise of around 3 per cent in other EU countries. Meanwhile, the United Kingdom recorded a 15 per cent growth in EV sales, and the United States saw an increase of nearly 10 per cent.
It said “While sales in the European Union remained flat, with a decline in Germany offsetting a rise elsewhere of around 3% on average”. The report also emphasized on the increasing popularity of plug-in hybrid electric vehicles (PHEVs) over battery electric vehicles (BEVs), which made up over 35 per cent of total EV sales in the first half of 2024.
A key trend in the report is the growing preference for PHEVs over battery electric vehicles (BEVs). In China, sales of PHEVs surged by 70 per cent, largely driven by range-extended electric vehicles (REEVs), which offer longer driving ranges due to larger batteries.
It said “In China, the PHEV sales increase was largely driven by range-extended electric vehicles (REEVs) which have longer driving ranges due to larger batteries”.
The average range for REEVs stands at 130 kilometers, compared to 80 kilometers for standard PHEVs. Similarly, in the United States, PHEV sales grew by 25 per cent, while BEV sales increased by only 5 per cent.
The report also highlighted the need for improved recharging infrastructure to address range anxiety, a significant factor influencing EV adoption. As the EV market expands, investments in charging facilities will play a crucial role in sustaining growth.
