Global EV sales reaches record high of 17.1 million in 2024
Date
1/14/2025 7:09:34 AM
(MENAFN) Global electric vehicle (EV) sales reached a record high in 2024, totaling 17.1 million units of passenger and light-duty EVs, as reported by Rho Motion, a leading EV research firm. This marked a 25 percent increase from the previous year, fueled by four consecutive months of outstanding sales that pushed the market to new heights.
China was the dominant player in the global EV market, selling 11 million units in 2024, representing a 40 percent growth from the previous year. The country also saw a remarkable 81 percent increase in sales of plug-in hybrid electric vehicles (PHEVs), driven by the growing demand for vehicles with extended ranges and the expansion of the car trade-in scheme during the middle of the year. BYD emerged as the market leader, capturing over one-third of China's EV market share with a diverse portfolio of more than 40 models.
In Europe, EV sales experienced a slight decline, dropping by 3 percent to 3 million units in 2024. The UK outperformed Germany, with over 400,000 units sold, largely due to the implementation of the Zero Emission Vehicle (ZEV) mandate. Norway continued to lead the world in EV penetration, with more than 90 percent of vehicles sold being electric by year’s end. However, Germany faced challenges as the removal of subsidies in early 2024 hurt sales figures.
In North America, EV sales showed steady growth, with the US and Canada collectively selling 1.8 million units, a 9 percent increase from 2023. Despite this, the market outlook for 2025 is uncertain, as President-elect Donald Trump has indicated potential cuts to vehicle tax credits, which have been a key driver in the adoption of electric vehicles.
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