Global electric vehicle sales growth in 2024: According to a report by the International Energy Agency (IEA), China contributed about 80 percent of electronic vehicle growth globally, with EV sales increasing from 3 million in the first half of 2023 to 3 million in 2024. During the same period it increased to more than 4 million.
According to the report, more than 7 million electric cars were sold globally in the first six months of 2024, marking a 25 percent increase compared to the same period in 2023. The report also said that the share of electric vehicles (EV) in the global car fleet is expected to reach about 5 percent by the end of 2024.
Despite China's dominance, other markets also saw growth. EV sales outside China grew by more than 10 percent, with notable growth in countries like Brazil, Indonesia, Mexico, and regions like the Middle East and the Caspian.
However, performance in developed markets was mixed. There was no significant growth in EV sales in the EU, with a decline in Germany, while other EU countries experienced modest growth of about 3 percent. Meanwhile, the United Kingdom reported a 15 percent increase in EV sales, and the United States saw an increase of nearly 10 percent.
It said that “while sales remained flat in the EU, declines in Germany offset growth of about 3% on average”. The report also emphasized the growing popularity of plug-in hybrid electric vehicles (PHEV) compared to battery electric vehicles (BEV), accounting for more than 35 percent of total EV sales in the first half of 2024.
A key trend in the report is the growing preference for PHEVs over battery electric vehicles (BEVs). In China, PHEV sales increased by 70 percent, mainly due to range-extended electric vehicles (REEVs), which offer longer driving ranges due to larger batteries.
“In China, PHEV sales growth was mainly driven by range-extended electric vehicles (REEVs), which offer longer driving ranges due to larger batteries,” it said.
The REEV has an average range of 130 kilometres, while the standard PHEV has 80 kilometres. Similarly, in the United States, PHEV sales increased by 25 percent, while BEV sales increased by only 5 percent.
The report also highlighted the need for better recharging infrastructure to address range anxiety, a key factor influencing EV adoption. As the EV market expands, investment in charging facilities will play a key role in sustaining growth.
Comments are closed.