Global EV Market Surges: A Turning Point In Global Automotive Sales
With A Record 10.8 Million EVs Sold And Electrifying Growth Across Markets, EVs Surge To New Heights With 11% Growth
The electric vehicle (EV) market is experiencing unprecedented growth, with global sales rising 11% in 2024 and marking a considerable transformation in the automotive landscape.
Dramatic Market Transformation
According to the latest Global Electric Vehicle Tracker (GEVT) by New AutoMotive, the automotive landscape has undergone a remarkable shift in just two and a half years. Gas and diesel vehicle market share has plummeted from 78% to 63%, while EVs have nearly doubled their market presence from 10% to 17.4%.
The global EV market hit a milestone in October 2024, with 10.8 million EVs sold – an increase of over 1.1 million compared to the same period in 2023. In October alone, more than one million EVs were sold worldwide, representing a 12% year-over-year increase.
Regional Growth Highlights
In detail, the surge is predominantly driven by major markets:
- China saw a 12% increase in EV sales
- The United States (U.S.) experienced a 22% growth
- The United Kingdom (UK) added more than 5,000 new EVs, representing a 23% rise
Notably, European markets showed particularly impressive growth, with several countries reporting dramatic increases:
- Denmark, Croatia, Czechia, Greece, and Malta saw over 80% sales growth
- Bulgaria and Cyprus experienced more than 50% increases
Ben Nelmes, CEO of New AutoMotive, emphasized the momentum behind electric vehicles. “The data shows the rumors of a slowdown in electric car sales are just rumors,” Nelmes stated. “Electric car sales continue to increase month after month, with global electric car sales showing huge momentum.”
EV Market Implications
The tracker, which covers 85% of the world’s new vehicle sales across 42 major automotive markets, suggests a clear trajectory toward electric mobility. As a result, this sustained growth is crucial for the global transition to more sustainable transportation.
With the rapid adoption, it signals a potential turning point in automotive history with EVs increasingly becoming the norm rather than the exception. As EV technologies improve and infrastructure expands, the shift towards electric mobility appears to be accelerating faster than many previously predicted.
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