Global EV Sales Surge in 2024: China Leads the Charge Toward 40 Million by 2030

Global Electric Vehicle Sales Hit 17.5 Million in 2024

A Landmark Year for EV Growth

According to the International Energy Agency (IEA), global sales of electrified vehicles—including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs)—are expected to reach 17.5 million units in 2024, reflecting a 28% year-over-year growth. This surge in electric mobility highlights a decisive shift in global transportation trends, with China standing out as the primary driver of expansion.

Battery Electric and Plug-in Hybrid Vehicle Trends

Pure Electric Vehicles Maintain Steady Growth

Sales of pure electric vehicles (BEVs) globally are projected to reach 11 million units in 2024, up from 9.5 million in 2023—a solid 16% increase. The momentum is supported by rising consumer awareness, improved infrastructure, and government incentives in several key markets.

Plug-in Hybrids Witness Explosive Demand

PHEVs are experiencing a particularly strong surge. Global sales of plug-in hybrid electric vehicles will rise from 4.2 million in 2023 to 6.5 million in 2024, a massive 55% year-over-year increase. This reflects growing interest in vehicles that offer electric range without full dependence on charging networks.

Regional Market Highlights in 2024

China: The Engine of Global Electrification

China continues to dominate the EV landscape, both in volume and growth rate:

• BEV sales in China are expected to reach 6.4 million units, a 19% increase from 2023.

• PHEV sales in China will soar to 4.9 million units, reflecting an 82% year-over-year jump.

This growth cements China’s role as the world’s largest and fastest-growing electric vehicle market.

Europe: Stable but Mixed Results

In the European Union, EV performance shows a varied trend:

• BEV sales remain flat at 2.2 million units, maintaining 2023 levels.

• PHEV sales decline slightly by 20,000 units to 980,000 in 2024.

Country-specific results vary:

• Germany: BEV sales drop by 27% to 380,000, while PHEVs grow 5.6% to 190,000.

• France: BEV sales decrease by 3.2% to 300,000; PHEV sales fall by 6.3% to 150,000.

United States: Steady Acceleration

The U.S. electric vehicle market continues to build momentum:

• BEV sales are projected at 1.2 million units, growing 9% year-over-year.

• PHEV sales will reach 320,000 units, up 10% from 2023.

United Kingdom: Robust Growth

The UK market is showing strong double-digit gains:

• BEV sales to reach 380,000 units, a 23% increase.

• PHEV sales to hit 170,000 units, a 21% rise from the previous year.

Future Outlook: 40 Million EVs by 2030

Looking ahead, the IEA forecasts that global EV sales will surpass 20 million units in 2025, based on a 35% increase already recorded in Q1 2025. By 2030, global electrified vehicle sales are expected to reach 40 million units annually:

Projected 2030 Sales Breakdown:

• Battery Electric Vehicles (BEVs): 28 million units

• Plug-in Hybrid Vehicles (PHEVs): 12 million units

Regional 2030 Forecasts:

• China:

  • BEVs: 13 million units

  • PHEVs: 8.2 million units

• Europe:

  • BEVs: 8 million units

  • PHEVs: 1.5 million units

• United States:

  • BEVs: 2.7 million units

  • PHEVs: 670,000 units

  

As global efforts to decarbonize intensify and technology advances, the electrification of transportation appears inevitable, setting the stage for record-breaking growth in EV adoption through the end of the decade.