2024 Saw 17.1 Million EVs Sold: Driving A 25% Global Growth Surge

Electric vehicle (EV) sales reached new heights in 2024, with global deliveries climbing to 17.1 million units, marking a robust 25% increase from the previous year. This growth, however, reveals a tale of contrasting regional performance, with China’s explosive expansion offsetting slower progress in other major markets.

China dominated the global EV landscape, delivering 11 million vehicles and achieving a 40% year-over-year growth according to Rho Motion. The country’s success stems from a comprehensive approach combining government support, consumer incentives, and diverse product offerings. Notably, plug-in hybrid EVs (PHEVs) saw particularly strong demand, with sales surging 81% compared to the previous year. BYD emerged as a clear leader, accounting for more than one-third of the country’s EV sales with its portfolio of over 40 models across multiple brands.

In contrast, European markets faced headwinds, with sales declining 3% to 3 million units in 2024. This downturn was largely attributed to Germany’s decision to end EV subsidies in late 2023, which significantly impacted the region’s largest automotive market. However, the United Kingdom (UK) provided a bright spot, recording nearly 20% growth thanks to its newly implemented Zero Emission Vehicle (ZEV) mandate. Norway continued to lead in adoption rates, with EVs accounting for over 90% of monthly passenger vehicle sales by year’s end.

The North American market showed steady but modest growth, with the United States (U.S.) and Canada collectively reaching 1.8 million units sold, representing a 9% increase over 2023. This growth was supported by existing tax credits, though the market faces uncertainty as incoming President Trump has announced plans to reduce these incentives.

Despite this potential headwind, the region continues to see significant investments in domestic EV production and battery manufacturing, exemplified by the U.S. Department of Energy’s recent $6.6 billion conditional loan to Rivian through its Advanced Technology Vehicle Manufacturing program.

“While overall the global market has boomed, growing by a quarter over the year, the regional disparities have also grown,” explains Charles Lester, Data Manager at Rho Motion. “Government carrots and sticks are working. In North America, the 9% growth can mostly be attributed to consumer subsidies, and over in the UK, the ZEV mandate has highly incentivized manufacturers to push their low-emission cars.”

Looking further into 2025, industry analysts remain cautiously optimistic. Cox Automotive projects that one in four vehicles sold in the U.S. will be electrified, with pure EVs expected to represent 10% of total sales. However, the market’s trajectory may be influenced by policy changes, particularly in the U.S., where the future of EV tax credits remains uncertain under the incoming administration.

The rest of the world contributed significantly to the global EV market’s expansion, with sales growing 27% to reach 1.3 million units. This broader adoption suggests that the transition to electric mobility continues to gain momentum across diverse markets, despite varying levels of government support and infrastructure development.

Read More: EVs Are Charging Ahead: Global EV Sales Forecast For A 30% Jump In 2025

The record-breaking performance in 2024 underlines the critical role of government policies and incentives in driving EV adoption while highlighting the market’s vulnerability to policy changes. As the industry moves further into 2025, automakers and policymakers alike will need to navigate these challenges while maintaining the momentum toward electric mobility.

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