Global EV Sales Reach Record High in 2024, China Leads While Europe Struggles

Electric vehicle (EV) and plug-in hybrid electric vehicle (PHEV) sales hit an all-time high in 2024, with global sales surging by 25% to a total of 17.1 million units. The impressive growth was largely driven by China, where sales grew by 40%, making up a significant portion of the global market.
According to Rho Motion, a leading research firm specializing in EVs and batteries, while the global market saw strong growth, regional performance varied, with some areas like Europe facing declines. Charles Lester, Rho Motion’s data manager, highlighted the contrast, stating, “Despite global growth, regional disparities have become more pronounced. China led the way, but Europe faced challenges.”
China’s growth was boosted by government incentives, a wide range of models from companies like BYD, and a surge in PHEV sales, which saw an 81% increase compared to a 19% rise in BEVs (battery electric vehicles). Tesla’s success continued in China, with the Model Y becoming the best-selling EV, selling nearly 480,000 units. The recent release of the updated Model Y, dubbed “Juniper,” also garnered 50,000 preorders within a single day.
In North America, the U.S. and Canada set new records for EV sales, reaching 1.8 million units, a 9% year-over-year growth. Meanwhile, Europe experienced a slight downturn in sales, although there were some positive pockets, particularly in the UK.
Here’s a summary of the key market data for 2024:
Region | EV Units Sold | % Change (2024 vs. 2023) |
---|---|---|
Global | 17.1 million | +25% |
China | 11 million | +40% |
EU & EFTA & UK | 3.0 million | -3% |
USA & Canada | 1.8 million | +9% |
Rest of World | 1.3 million | +27% |
Overall, 2024 was a landmark year for the global EV market, with China continuing to lead the charge, while other regions like Europe face challenges in maintaining growth.