AUTO

Global EV Sales Reached 17.1 Million in 2024, Growing By 25 Percent Over 2023

January 14, 2025

Global EV sales climbed to 17.1 million in 2024, reflecting a 25% increase compared to the previous year.
China led the market with 11 million EVs sold, achieving 40% growth year-over-year.
In Europe, EV sales reached 3 million in 2024, representing a 3% decline from 2023.
The U.S. and Canada saw EV sales rise to 1.8 million in 2024, a 9% increase over the previous year.

The electric vehicle (EV) market just closed out a record-breaking year in 2024, with global EV sales reaching an impressive 17.1 million units, a 25% growth compared to 2023. While the numbers paint an optimistic picture of the industry’s rapid adoption, the story varies significantly by region, revealing challenges and opportunities for the years ahead.

17.1 million EV sales in 2024, according to Rho Motion research, a 25 percent increase compared to 2023 — _{Global EV sales climbed to 17.1 million in 2024, reflecting a 25% increase compared to the previous year, according to Rho Motion research.}

China Leads Global EV Sales Growth in 2024

China took the lion’s share of global EV sales, according to a report by leading global research house, Rho Motion, moving an astounding 11 million units in 2024, which represents a 40% increase over the previous year.

In stark contrast, the European market faced a slight dip, shrinking by 3%, while North America grew modestly by 9%. These numbers highlight the uneven distribution of growth across major markets.

According to Charles Lester, Data Manager at Rho Motion, “While overall the global market has boomed, growing by a quarter over the year, the regional disparities have also grown. Europe’s market has shrunk 3% and China’s grown by 40%.”

European Electric Car Sales Decline as UK Surges with ZEV Mandate

Despite the European Union and surrounding regions reporting over 3 million EV sales in 2024, the market contracted compared to 2023. Germany’s withdrawal of subsidies at the end of 2023 appears to have significantly impacted its EV market.

However, the UK offered a bright spot, seeing nearly 20% growth in EV sales, an achievement attributed to the introduction of the ZEV mandate, which incentivized automakers to prioritize low-emission vehicles.

“Government carrots and sticks are working,” Lester commented. “Meanwhile, the removal of subsidies in Germany had a devastating impact on the whole European market. If the U.S. follows suit, we may see the same there.”

Norway remains an example of success with over 90 percent of passenger EV sales each month by the end of the year. This high level of adoption highlights the impact of long-term incentives combined with well-developed infrastructure.

China EV Sales Surge 40 Percent in 2024

China’s EV market grew by a staggering 40% in 2024, driven by a combination of government support, consumer incentives, and product variety. Plug-in hybrid electric vehicles (PHEVs) gained significant traction, with sales increasing by 81% year-over-year.

This growth highlights the rising popularity of range-extender EVs in the Chinese market, a technology that remains relatively untapped in Western countries.

BYD emerged as the top manufacturer in China, selling over one-third of all new EVs in the region. The company’s ability to offer more than 40 distinct models across multiple brands played a pivotal role in capturing consumer demand.

Looking ahead, BYD plans to expand its presence in Europe, starting with production at its Hungary facility in 2025.

U.S. and Canada EV Sales Up 9 Percent in 2024 Despite Policy Uncertainty

The U.S. and Canada saw consistent growth throughout 2024, ending the year with 1.8 million EVs sold, a 9% increase over 2023. However, the market faces potential turbulence in 2025 as incoming President Trump has announced plans to cut EV tax credits, which have been instrumental in driving adoption.

Despite challenges on the horizon, domestic investments in EV production and battery manufacturing are continuing to expand. The U.S. Department of Energy has approved a $6.6 billion conditional loan for Rivian through its Advanced Technology Vehicle Manufacturing program. This initiative is designed to strengthen the country’s EV supply chain and support the growth of electric vehicle infrastructure.

Porsche Taycan and GMC Hummer EV test drive and demo at Electrify Expo NY — _{EV Test Drive Area featuring a GMC Hummer EV and a Porsche Taycan at Electrify Expo.}

Global EV Growth in 2024 Highlights Importance of Policies and Incentives

The growth of the global EV market in 2024 highlights how strategic policies and consumer incentives play a critical role in driving adoption. As Charles Lester explained, “What is clear is that Government carrots and sticks are working.” At the same time, the differences between regions reveal how vulnerable this growth can be when support systems are reduced or removed.

For consumers, timing is everything. If you are considering buying an EV, it is important to keep an eye on your local incentives and any changes to policies. With North America’s tax credits facing uncertainty and Europe’s emission standards evolving, this could be the right time to make your purchase.

Looking ahead, the market for electrified vehicles is expected to grow steadily. According to Cox Automotive, one in four vehicles sold in 2025 is projected to be electrified in the U.S., with pure electric cars accounting for 10% of total sales. This anticipated increase reflects expanding consumer interest and the growing availability of models to suit a variety of needs.