Global EV sales reach record 17.1 Million in 2024: Which regions come out on top?

  • Global EV sales reached 17.1 million in 2024, a 25% increase from 2023, with December setting a new monthly record of 1.9 million units sold.
  • China saw 40% growth, North America grew by 9%, and the UK saw a 20% rise, while Europe’s market declined by 3% due to subsidy cuts.
  • Government incentives continue to drive growth, but potential policy changes in 2025 could pose challenges to continued expansion.

Strong growth in China and North America mark landmark year for EV sales in 2024

According to Rho Motion’s latest findings, 2024 was a landmark year for electric vehicles (EVs), with global sales soaring to 17.1 million units. This represents a 25% increase compared to 2023. December alone saw over 1.9 million EVs sold, setting a new monthly sales record.

The Chinese market led the way, achieving a remarkable 40% growth in 2024, totalling 11 million EVs sold. This surge was largely driven by the rise in plug-in hybrid electric vehicles (PHEVs), which saw an 81% increase. BYD, China’s largest EV manufacturer, continued its dominance, selling over a third of the country’s new EVs. The company is also looking to expand into Europe, with plans to begin production in Hungary in 2025.

- Advertisement -

In Europe, however, the market contracted by 3% overall, mainly due to the removal of EV subsidies in key countries like Germany. The UK, on the other hand, saw a nearly 20% increase in sales, fueled by the zero-emission vehicle (ZEV) mandate. Norway continued to lead in EV penetration, with over 90% of new car sales being electric.

North America saw a 9% increase in sales, with a record 185,000 EVs sold in December. However, future growth may be at risk in 2025, as the potential reversal of EV tax credits and emission standards could hinder the market’s momentum.

Governments around the world continue to play a crucial role in accelerating EV adoption through subsidies and mandates. 2025 is pivotal in the transition to EVs, as we barrel towards the ZEV mandate deadlines. The overall growth trend is strong, now the emobility industry must do all it can this year to push the EV market share higher.

Related Articles