According to a report by the International Energy Agency (IEA), China accounted for nearly 80% of the global electric vehicle (EV) sales growth in 2024. EV sales worldwide rose from over 3 million in the first half of 2023 to more than 4 million during the same period in 2024, contributing to a 25% increase in total sales. By the end of 2024, the global share of EVs in the car fleet is projected to reach 5%.
Sales in markets outside China also saw growth, with a 10% increase in countries like Brazil, Indonesia, Mexico, and the Middle East. However, developed regions experienced mixed performance. The European Union saw flat sales, with a decline in Germany offset by a 3% rise in other EU countries. In contrast, the UK and US saw a 15% and 10% growth in EV sales, respectively.
The report highlighted a shift towards plug-in hybrid electric vehicles (PHEVs), which made up over 35% of total EV sales in the first half of 2024. In China, PHEV sales surged by 70%, driven by range-extended electric vehicles (REEVs). Similarly, the US saw a 25% increase in PHEV sales, while battery electric vehicles (BEVs) grew by only 5%. The report also emphasized the need for enhanced recharging infrastructure to support the growing EV market and reduce range anxiety.
